The full Union Budget for the year 2009-10 was presented by the new Finance Minister of India, Mr. Pranab Mukherjee on July 6th 2009 at 11 AM. He told that budget speech is not only a speech of financial records but it is also an agreement of the government cost-effective policies.

In this year budget of 2009-10, Congress has emerged as the Single largest party with claiming over 200 seats by it self and was in a position to choose its after-poll allies to form the Government, which saw majority of the parties sending an unconditional support to the UPA Group. The stock market experts believe Pranab Mukherjee should put forward a reform oriented budget but Mr.Pranab has to balance many things keeping the Aam Aadmi in mind.

The budget speech live coverage of financial budget 2009-10 is as follows:

• India infrastructure finance company IIFCL will finance 50% of projects; involving total investment of Rs1 trillion, public investment in infra to get a big boost. Asked my colleagues in the state governments to remove policy bottlenecks
• Highways and railways is being stepped up by 23%; railways Rs15,000 crore growth
• Scheme for urban poor housing to Rs3, 973 crore; Rajiv Gandhi Awas Yojana; slum free India
• Oil and petroleum subsidy: Three-fourths of our oil consumption is met through imports. Task force
• Direct tax reforms: asked the department to work on saral-2 form. We need a tax system that generates revenue on a sustained basis. More reforms spread over 5 years.

The New Income Tax Slab in Indian Budget for year 2009-2010 as per the New Congress Government is as follows:

For Male Tax Payers:

Upto Rs. 1, 60,000 – Nil
From Rs. 1, 60,001 to Rs. 3, 00,000 - 10%
From Rs. 3, 00,001 to Rs. 5, 00,000 - 20%
Above Rs 5, 00,001 - 30%

For Female Tax Payers:

Upto Rs. 1, 90,000 – Nil
From Rs. 1, 90,001 to Rs. 3, 00,000 - 10%
From Rs. 3, 00,001 to Rs. 5, 00,000 - 20%
Above Rs 5, 00,001 - 30%

For Senior citizens Tax Payers:

Upto Rs. 2, 40,000 – Nil
From Rs. 2, 40,001 to Rs. 3, 00,000 - 10%
From Rs. 3, 00,001 to Rs. 5, 00,000 - 20%
Above Rs 5, 00,001 - 30%

To see more information click here.

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