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Highlights of the Union budget 2010-11

The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget has to be passed by the House before it can come into effect on April 1, the start of India’s financial year(1st April – March 31st). Total expenditure pegged at Rs 11.08 lakh crore, an increase of 8.6 per cent over 2009-10 Union Budget. Plan expenditure pegged at Rs 3,73,092 crore and Non-Plan expenditure at Rs 7,35,657 crore in budget estimates. 6 per cent increase in plan expenditure and 15 per cent in non-plan expenditure. The Gross Tax Receipts are estimated at Rs. 7,46,651 crore and Non Tax Revenue Receipts are estimated at Rs. 1,48,118 crore for 2010-11. Income tax slabs for individual taxpayers to be as follows: o Income up to Rs 1.6 lakh – nil. o Income above Rs 1.6 lakh and up...

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