Budget Highlights : 2008

in Economy & Policy

Indian finance minister, Mr. P. Chidambaram presented the budget in the parliament for the fiscal 2008-09.
Highlights of the budgets are:

Personal income tax exemption hiked to Rs 1.5 lakh
Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
Tax exemption for women increased to Rs 1.8 lakh
New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000
Small cars to become cheaper
Reduced excise duty on two, three wheelers
Rs 50 cr for tiger conservation
Govt withdraws banking transaction tax
Sixth Pay Commission report by March 2008
Defence allocation up by 10% from Rs 96,000 cr to Rs 1,05,600 cr
No excise duty on refrigerating equipments
22 Sainik schools get Rs 44 crore
Short term capital gains to be taxed at 15%
No change in surcharge of corporate tax
Rs 624 cr for Commonwealth Games
PAN sole identification in securities market
Debt waiver scheme and relief to small and marginal farmers
Duty reduced on life saving drugs
Rs 750 crore for upgradation of 300 ITIs in 25 districts.

Tax to GDP ratio at 9.2% in 2004 up by 12.5% in 2007-08
Custom duty on steel scrapped
Set-top boxes to become cheaper
Farmers eligible for fresh agri loans post the waiver or one time settlement
Haryana and Chandigarh to introduce smart card based delivery system under PDS
Govt asks commercial banks to add 250 rural household accounts every year in rural and semi-urban banks
FDI in Apr-Dec at $12.7 billion, FII inflow over $18 billion
Jawaharlal Navoday Vidyalaya to be set in 20 new districts for SC/STs
3 IITs to be set up in Bihar, AP, Rajasthan
Special attention, more funds for North East
54 gender budgeting cells set up
Rajiv Gandhi drinking water mission to get Rs 7,300 cr
Rs 3,966 cr for SC/STs schemes
IT industry gets Rs 100 cr for connecting knowledge institutions
NREGS to be extended to 596 rural distt with an outlay of Rs 16,000cr

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