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Budget is defined as An AnnualFinancial Statement of anticipatedrevenues and expenditure of thegovernment.A budget is an important concept inmicroeconomics , which uses a budgetline to illustrate the trade-offs between

two or more goods. In other terms, a budget is anorganizational plan stated in monetary

terms.

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The Union Budget of India, referred to as the Annual

Financial Statement in Article 112 of the Constitution ofIndia, is the annual budget of the Republic of India,presented each year on the last working day of February bythe Finance Minister of India in Parliament.

The budget has to be passed by the House before it cancome into effect on April 1, the start of India's financialyear.

It is also known as the Common Mans Budget.

It shows the expenses and the amount allotted to the RailwaySector during the

financial year.

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2O1O V/S 2011

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UNION BUDGET

Finance MinisterPranab Mukherjeepresented the UnionBudget 2010-11 inparliament.

DATE :-

Friday 26th ofFebruary.

2010 Finance MinisterPranab Mukherjeepresented the UnionBudget 2011-12 inparliament.

DATE :-

Monday 28th ofFebruary.

2011

Presented each year on the last working day of February by IndianFinance Minister in Parliament

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Up to Rs. 1.8 lakhs (Rs. 1.9

lakhs for females)

TAX= 0%

Rs. 1.8+ (1.9 lakhs forfemales) to Rs. 5 lakhs

TAX=10.3%

Rs. 5+ lakhs to Rs. 8 lakhs

TAX=20.6%

Rs. 8+lakhsTAX=30.9%

Upto Rs1.6 lakhTAX= 0%

Rs1.6+ lakh to Rs. 5 lakhTAX= 10%

Rs.5+ lakh to Rs. 8 lakh

TAX=20%

Rs. 8+ lakhTAX=30%

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The Indian Income Tax act contains large number ofexemptions, deductions and allowable depreciationfrom total income.

This results in the emergence of Zero taxcompanies which inspite of having high book profit areable to reduce their taxable income to NIL.

So MAT was introduced under which a company is

required to pay a minimum tax of book profit.

2010 :-Rate of MAT increased from the current rateof 15% to 18% of book profits.

2011:- Rate of MAT increased from 18% to 18.5% ofbook profits.

MAT(MINIMUM ALTERNATIVE TAX)

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Rate reduction in Central Excise duties to be partially rolled backand the standard rate on all non-petroleum products enhancedfrom 8% to 10%.

Restore the basic duty of 5% on crude petroleum; 7.5% on dieseland petrol and 10% on other refined products. Central Excise dutyon petrol and diesel enhanced by Re.1 per litre each.

Some structural changes in the excise duty on cigarettes or

cigars to be made coupled with some increase in rates. Excise dutyon all non-smoking tobacco such as scented tobacco, snuff,chewing tobacco etc to be enhanced. Compounded levy scheme forchewing tobacco and branded unmanufactured tobacco based onthe capacity of pouch packing machines to be introduced.

INDIRECT TAXES: 2010

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The service tax area has been broadened with anamendment which has included two other sectors in itspurview, namely, services provided by air-conditioned

licensed for serving alcohol beverages and accommodationprovided by hotels, etc., for less than three months.

Coaching or commercial training has also been broughtunder the purview of service tax.

As for as central excise is concerned the concessional rateof 4% has been now replaced with the new rate of 5%. Thesame rate shall be applicable for items like pastry and cakes,sugar confectionary, etc.

INDIRECT TAXES : 2011

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RAILWAYBUDGET

Presented byRailway ministerMAMTA BANERJEEin the parliament.

24TH FEB

2010

Presented byRailway ministerMAMTA BANERJEEin the parliament.

26TH FEB

2011

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PLANS FOR INDIAN RAILWAYS BYMAMTA BANERJEE

NEW

PLAN

FUTURE

PLAN

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Use of RFID Technology

Use of ACD(anti collisiondevice)

SMSes service to customerto provide update of trains

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Free travel forcancer patients

in AC 3coach

Launch of newtrains & double-

decker trains

Introduction ofladies specialtrain in the

name ofMATRIBHUMI

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Physically handicapped &

gallantry award winners to getconcessions in Rajdhanis &Shatabdis. They were not

eligible for it earlier

Concession for senior citizensincreased FROM 30% to 40%

Increased security atsensitive stations

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FUTURE PLAN- 2011

A SMS based service for passengers to lodgecomplaints against rail services is likely to start.The number 132 is being finalized

The budget also focused on running of studentspecials keeping in mind the demand duringexaminations

Expansion of Mumbai suburban rail systemto handle more traffic

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IMPACT OF

BUDGET 2011ON KEY

SECTORS

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GADGETS:mobile

phones,refrigerators,

LEDTVs/lights

Steal,paper, rawsilk

Gold andsilver

jewellery

Life savingdrugs,

homeopathicmedicines

-

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AIR TRAVEL: service tax increased Rs. 50 ondomestic & Rs. 250 on international air travel

AC Restaurants serving liquor to get 3% costly

Health checkups, AC Hospitals, Path labs, Doctors,Lawyers under Service tax

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