The ICAI is pleased to note that its suggestion relating to exemption of capital gains in the hands of shareholders consequent to conversion of a company into a LLP, has found favour with the Government.
It is also heartening to note that one out of the three amendments made while passing the Finance Bill, 2010 was in accordance with the suggestion given in the Post-Budget Memorandum, 2010 submitted by the Direct Taxes Committee of ICAI.
Quashing criticism over the changed structure of fertiliser subsidy, Finance Minister Pranab Mukherjee argued the price of urea was increased to ensure farmers got the subsidy at the maximum retail price and more investment flows into the sector.
By providing a subsidy of Rs 49,981 crore for fertilisers, the finance minister pointed out he had enhanced the fertiliser subsidy this year and not withdrawn it.
The government announced a slew of concessions worth up to Rs 400 crore for coffee growers, local tobacco industry, hospitals, cancer drugs and urban housing for poor, among others, as part of the Finance Bill that was passed on Thursday.
FM said he had decided to lower excise duty on hand-made cheroots priced up to Rs three per stick to 10 per cent.
Finance Minister, Shri Pranab Mukherjee, while replying to the debate on Finance Bill-2010 in Lok Sabha today, announced an additional relief package.
Click here to get the extracts from the Finance Minister’s speech:
Finance Minister expressed confidence that the measures announced in the Budget for 2010-11 would revive private investment and put the economy back on a 9 per cent growth trajectory.
“I am optimistic that the measures I have outlined in this year’s budget will revive private investment and put the economy back on the growth path of 9 per cent,” he said at a SIDBI function here.
Amid main Opposition party Congress’ protest over big advertisement budget for the last 10 days of the financial year ending March 31, 2010, the state Assembly today cleared the second supplementary budget by a voice vote.
Rawat said the state government had proposed the supplementary budget to earn publicity through media as it was impossible for the government to use the budget to highlight its achievements.
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