The government said it would provide Rs 16,500 crore financial assistance, over and above Rs 1,200 crore being infused now, to the public sector banks for augmenting their capital.
“An additional sum of Rs 1,200 crore is being infused now. For the year 2010-11, it is proposed to provide a sum of Rs 16,500 crore to ensure that the public sector banks are able to attain a minimum 8 per cent Tier-I capital by March 31, 2011,” FM said while presenting Budget.
It is now proposed that receipts from activities such as “Carrying on of trade, commerce or business or rendering of service in relation thereto for advancement of any other object of general public utility was hitherto not considered as charitable purpose” will be considered as charitable purpose so long if total receipts ….
100% deduction on profits from a Housing Project is available if the project is completed within 4 years from the end of the financial year in which approval from local authority is obtained. This period is proposed to be increased to 5 years.
Deduction to a Hotel / convention centre in National Capital Territory is available if it starts functioning on or before March 31, 2010.
The Union Budget for 2010-11 was presented today by our Finance Minister Pranab Mukherjee.
The government exuded confidence of introducing major reforms on direct and indirect taxes front, in the form of Goods and Services Tax (GST) and Direct Tax Code (DTC) from April 1, 2011.
“I am confident that the government will be in a position to implement DTC from April 2011… It will be my earnest endeavour to implement GST along with DTC next year,” Finance Minister Pranab Mukherjee said in his Budget speech.
Finance Minister Pranab Mukherjee extended by a year the one per cent interest subvention scheme for housing sector and provided Rs 700 crore for it, in the Union Budget 2010-11.
“I propose to extend the interest subvention scheme for housing sector to March 2011,” he said unveiling the budget proposal in the Lok Sabha.
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