Union Budget 2011: Highlights, Fiscal Deficit, Spending, Revenue, Subsidies, Growth, Inflation, taxes, Disinvestment

Union Budget 2011: Highlights, Fiscal Deficit, Spending, Revenue, Subsidies, Growth, Inflation, taxes, Disinvestment

Here are the highlights:

* Net market borrowing for 2011-12 seen at Rs 3.43 trillion.

* Revised gross market borrowing for 2010-11 at Rs 4.47 trillion

FISCAL DEFICIT

* Fiscal deficit seen at 5.1 percent of GDP in 2010-11

* Fiscal deficit seen at 4.6 percent of GDP in 2011-12

* Fiscal deficit seen at 3.5 percent of GDP in 2013-14

SPENDING

* Total expenditure in 2011-12 seen at 12.58 trillion rupees

* Plan expenditure seen at Rs 4.41 trillion in 2011-12, up 18.3 percent

REVENUE

* Gross tax receipts seen at Rs 9.32 trillion in 2011-12

* Corporate tax receipts seen at Rs 3.6 trillion in 2011-12

* Tax-to-GDP ratio seen at 10.4 percent in 2011-12; seen at 10.8 percent in 2012-13

* Customs revenue seen at Rs 1.52 trillion in 2011-12

* Factory gate duties seen at Rs 1.64 trillion in 2011-12

* Non-tax revenue seen at Rs 1.25 trillion in 2011-12

* Service tax receipts seen at Rs 82,000 crore in 2011-12

* Telecom fees, auction of broadband spectrum to raise Es 296.5 billion in 2011-12

SUBSIDIES

* Subsidy bill in 2011-12 seen at Rs 1.44 trillion

* Food subsidy bill in 2011-12 seen at Rs 605.7 billion

* Revised food subsidy bill for 2010-11 at Rs 606 billion

* Fertiliser subsidy bill in 2011-12 seen at Rs 500 billion

* Revised fertiliser subsidy bill for 2010-11 at Rs 550 billion

* Petroleum subsidy bill in 2011-12 seen at Rs 236.4 billion

* Revised petroleum subsidy bill in 2010-11 at Rs 384 billion

* State-run oil retailers to be provided with Rs 200 billion cash subsidy in 2011-12

GROWTH, INFLATION EXPECTATIONS

* Inflation seen at 5 percent in 2011-12

* Economy expected to grow at 9 percent in 2012, plus or minus 0.25 percent

TAXES

* Standard rate of excise duty held at 10 percent

* Service tax rate held at 10 percent

* Scope of service tax to be widened

* Minimum alternate tax raised to 18.5 percent from 18 percent

* Iron ore export duty raised to 20 percent

* Personal income tax exemption limit raised to Rs 180,000

* Surcharge on domestic companies raised to 5 percent

DISINVESTMENT

* Disinvestment in 2011-12 seen at Rs 400 billion

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Budget 2011 income tax: How much will you save in tax during FY 2011-12, Tax exemption limit raised to Rs 1.80 Lakh.

Budget 2011 income tax: How much will you save in tax during FY 2011-12, Tax exemption limit raised to Rs 1.80 Lakh.

In some relief to general tax payers, Finance Minister Pranab Mukherjee today enhanced the tax exemption limit by Rs 20,000 to Rs 1.80 lakh, gave additional benefits to senior citizens but excluded women from additional sops.

While proposing to raise the income tax limit to Rs 1.80 lakh for general tax payers and Rs 2.5 lakh for senior citizens, the Minister in his budget proposals for 2011-12 has lowered the age for senior citizens to 60 years from 65 years now.

Besides, a new category of "very senior" citizens of 80 years and above has been introduced with no tax on their income upto Rs five lakh.

For general tax payers, the measure will result in "a uniform tax relief of Rs 2,000", Mukherjee said.

Senior citizens will get tax exemption for income up to Rs 2.5 lakh, higher from Rs 2.4 lakh now.

The general tax payers will have to pay 10 per cent tax on income between Rs 1.8 lakh and Rs 5 lakh; 20 per cent between Rs 5 lakh and Rs 8 lakh; and 30 per cent on income above Rs 8 lakh.

How much will you save in Tax during FY 2011-12? Here is a look:

Salary	Male
	Tax Last Year	Proposed Tax	Tax Savings
	<65>	<60>
300,000	2060	0	2060
400,000	12360	10300	2060
500,000	22660	20600	2060
600,000	32960	30900	2060
800,000	72100	70040	2060
1,000,000	121540	119480	2060
1,200,000	183340	181280	2060
1,500,000	276040	273980	2060
3,000,000	739540	737480	2060
5,000,000	1357540	1355480	2060
Salary	Female
	Last year	Proposed	Tax Savings
	<65>	<60>
400,000	9270	9270	0
500,000	19570	19570	0
600,000	29870	29870	0
800,000	69010	69010	0
1,000,000	118450	118450	0
1,200,000	180250	180250	0
1,500,000	272950	272950	0
3,000,000	736450	736450	0
5,000,000	1354450	1354450	0
Salary	Sr. Citizen
	Last year	Proposed	Tax Savings
	65+ years	60 to 79 years
400,000	4120	3090	1030
500,000	14420	13390	1030
600,000	24720	23690	1030
800,000	63860	62830	1030
1,000,000	113300	112270	1030
1,200,000	175100	174070	1030
1,500,000	267800	266770	1030
3,000,000	731300	730270	1030
5,000,000	1349300	1348270	1030
Salary	Very Sr. Citizen
	Last year	Proposed	Tax Savings
	65+ years	80+ years
400,000	4120	0	4120
500,000	14420	0	14420
600,000	24720	0	24720
800,000	63860	37080	26780
1,000,000	113300	86520	26780
1,200,000	175100	148320	26780
1,500,000	267800	241020	26780
3,000,000	731300	704520	26780
5,000,000	1349300	1322520	26780

src-et

Apple founder & CEO Steve Jobs, man behind the iPod, iPhone and iPad has just six weeks to live as he suffering from Pancreatic Cancer: Report

Apple Founder & CEO Steve Jobs, man behind the iPod, iPhone and iPad has just six weeks to live as he suffering from Pancreatic Cancer: Report

London: Apple founder and CEO Steve Jobs has terminal pancreatic cancer and may live for just six more weeks, a media report said on Thursday, 17.02.2011

The 55-year-old Jobs in January announced that at his request, the board of directors granted him a medical leave of absence so that he could focus on his health.

Since then, employees have said Jobs can still be seen at the company's headquarters in California and is also calling all the strategic shots from his home.

Now, new pictures have been published in the tabloid National Enquirer, which suggest things may be worse for the man behind the iPod, iPhone and iPad.

The report said Jobs is stricken with pancreatic cancer and may have just six weeks to live.

The new photos show him looking painfully frail and weak, with his jeans and dark top hanging loosely on his six-feet-two-inches, frail body, the Daily Mail reported.

The pictures were not yet available online, but Jobs's weight is said to have dropped from a pre-cancer 175 pounds to 130 pounds now, according to the National Enquirer.

His thinning hair was a sign of the effects of chemotherapy used to treat the disease.

The photos, which were taken Feb 8, showed Jobs going for breakfast with his wife Laurene Powell before heading to the Stanford Cancer Centre in California.

Jerome Spunberg, a doctor, said: 'Mr. Jobs is most likely getting outpatient chemotherapy at Stanford because the cancer has recurred.'

Gabe Mirkin, a physician with 40 years' experience, said: 'He is terminal. What you are seeing is extreme muscle wasting from calorie deprivation, most likely caused by cancer. He has no muscle left in his buttocks, which is the last place to go.'

'He definitely appears to be in the terminal stages of his life from these photos. I would be surprised if he weighed more than 130 pounds.'

Critical care physician Samuel Jacobson also said: 'Judging from the photos, he is close to terminal. I would say he has six weeks.'

A source, who recently saw Jobs, added: 'He is very frail, moving like a weak, feeble old man. He weaves back and forth when he walks, as if he is having trouble keeping his balance, and the pain of every step is evident on his face.'

The Apple CEO, who is worth $6 billion, is currently on his third medical leave, and has battled a rare form of pancreatic cancer for seven years and had a liver transplant in 2009.

src-NDTV

Buy Allied Digital Services; target of Rs 155: IIFL

Buy Allied Digital Services; target of Rs 155: IIFL

IIFL is bullish on Allied Digital Services and has recommended buy rating on the stock with a target of Rs 155 in its February 14, 2011 research report.

“Allied Digital Services, the Q3 FY11 results were undoubtedly disappointing with revenues falling 10.5% and OPM faltering by 540 bps qoq. The revenues were weak due to continued transformation of solutions business. Very low traction from key deals (Lenovo, Microsoft) and seasonally weak quarter kept services flat. Margin was down materially mainly due to Rs 75 million one-time bad debts write-off. Our recent interactions with the management suggest that the core business of IMS/MSS is intact with the recent JV with e-Cop being a case in point. Company also indicated of no further write-offs in the foreseeable future. Moreover, growth expectations have now been set right with a more achievable guidance and pragmatic commentary.”

“We believe that the company’s fundamentals are largely in place with its continued attempts to transform itself into a high value adding services player. Also the company’s decision of considering buy-back and appointment of a reputed joint-auditor are likely to restore some credibility. With valuations cheap at 3.7x FY12 P/E (on our substantially reduced estimates) and the current stock price at significant discount to FY11E Book Value (Rs 160), we believe that the worst is behind. Recommend BUY with a 6-9 month price target of Rs 155 (assigned multiple and target have been adjusted downwards),” says IIFL research report.

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SBI's Rs 2000 crore bond issue opens Feb 21, closes Feb 28, Rating by CRISIL, Introduction, Details

SBI's Rs 2000 crore bond issue opens Feb 21, closes Feb 28, Rating by CRISIL, Introduction, Details

India's largest lender State Bank of India (SBI) is set to raise Rs 2,000 crore through bonds issue. The bank will launch issue of series 3 lower Tier II bonds of face value of Rs 10,000 each and series 4 lower Tier II bonds of face value of Rs 10,000 each aggregating to Rs 1,000 crore, with an option to retain over-subscription upto Rs 1,000 crore for issuance of additional bonds aggregating to a total of upto Rs 2,000 crore.

This tranche 1 issue shall be opened from February 21, 2011 to February 28, 2011 for subscription. These bonds are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

Minimum lot size is one bond of face value of Rs 10,000 each. Retail investors can apply for a minimum of Rs 10,000 and in multiples of Rs 10,000 thereafter; maximum application will be for Rs 5 lakh i.e. 50 bonds.

In case of high networth individual - minimum application is for Rs 5.1 lakh worth of bonds and maximum is for Rs 250 crore. Non-institutional investors, corporate and qualified institiutional buyers can apply for a minimum of Rs 10,000 to maximum of Rs 250 crore.

Retail applicants will get interest at the rate of 9.75% per annum on series 3 lower Tier II bonds and 9.95% in case of series 4 lower Tier II bonds. Non retail applicants will get 9.3% and 9.45%, respectively. There is no put option and step up coupon in both series of bonds. These are unsecured bonds.

Redemption date for series 3 bonds will be 10 years from the deemed date of allotment and 15 years for series 4 bonds. These Series Bonds are not redeemable at the option of the bondholders or without the prior consent of RBI, according to document.

The bank has a call option in an amount of the principal amount outstanding of these series after five years and 10 years following the deemed date of allotment, respectively.

Rating agencies like CARE and CRISIL has assigned AAA and AAA/stable ratings to this bonds issue.

src-moneycontrol