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| 01. MAIN |
| Highlights of Union Budget 2011-2012 |
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NEW DELHI: Finance Minister Pranab Mukherjee presented to Parliament India's budget for the coming financial year beginning in April.
Following are the highlights of the budget:
TAXES
* Standard rate of excise duty held at 10 percent; no change in CENVAT rates
* Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers
* For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh.
* Citizens over 80 years to have exemption limit of Rs 5 lakh.
* To reduce surcharge on domestic companies to 5 percent from 7.5 percent.
* A new revised income tax return form 'Sugam' to be introduced for small tax papers.
* To raise minimum alternate tax to 18.5 percent from 18 percent ( Read story ) |
* Direct tax proposals to cause 115 billion rupees in revenue loss
* Service tax rate kept at 10 percent
* Customs and excise proposals to result in net revenue gain of 73 billion rupees
* Iron ore export duty raised to 20 percent
* Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
* Peak rate of customs duty maintained at 10 per cent in view of the global economic situation.
* Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent.
* Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests.
* Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 for international travel in economy class. On higher classes, it will be ten per cent flat.
* Electronic filing of TDS returns at source stabilised; simplified forms to be introduced for small taxpayers.
* Works of art exempt from customs when imported for exhibition in state-run institutions; this now extended to private institutions.
AGENCIES, Feb 28, 2011
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| Eighth International Aerospace Exposition- Aero India |
Defense
Eighth International Aerospace Exposition- Aero India was organized by the Department of Defence Production, Ministry of Defence in association with the Confederation of Indian Industry (CII) at Air force Station Yelahanka, Bangalore from February 9-13, 2011. A number of Russian Companies and dignitaries attended the event. The Russian delegation was lead by Mr. A.V. Fomin, Deputy Director, Federal Service for Military Technical Cooperation of the Russian Federation. The delegation had meetings with senior officers of Ministry of Defence including Shri R.K. Singh, Secretary Defence Production and Shri Vivek Rae , Director General (Acquisition). The delegation also had fruitful interaction with the officers of Public Sector Undertakings and the services.
| Trade & Investment |
Tea Board of India participated in the annual Trade Fair ProdExpo 2011
Tea Board of India participated in the annual Trade Fair ProdExpo 2011 in Moscow from 7.2.2011 to 11.2.2011. Ms. Roshni Sen, Deputy Chairman of Tea Board of India, led a delegation of 5 Indian tea companies to participate in the fair. On the sidelines , a Buyer Seller Meet was organized on 8.2.2011, which was inaugurated by Deputy Chief of Mission. The BSM was attended by President of Association of Russian Tea and Coffee Producers, and representatives of several prominent tea importing companies of Russia. |
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