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Old 6th July 2009, 13:49   #16
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In some cases the FBT outgo from the company was part of the CTC calculations, effectively meaning we were paying the tax out of our package. So you could be either happy or indifferent depending on the Fringe Benefits you were receiving.
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Old 6th July 2009, 13:57   #17
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Customs duty on LCD panels reduced from 10% to 5%. It should reduce the cost of LCD/Plasma.

Also mobile phones would become marginally cheaper

Last edited by bharanidharang : 6th July 2009 at 13:58.
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Old 6th July 2009, 14:10   #18
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" I was hoping against hope that the budget might give some excise duty cuts on petroleum products to offset the price increase which was made last week."

You realise that 1/3rd of India's revenue goes towards interest payments ? The fiscal discipline must be enforced. Everyone likes a cut in taxes, this year is just not the time for it or rather the finance minister's hands were tied.
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Old 6th July 2009, 14:21   #19
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Default Highlights from the union budget and what it means to the car scene !

Highlights from the union budget and what it means to the car scene !

Specific component of excise duty applicable to large cars/utility vehicles of engine
capacity 2000 cc and above to be reduced from Rs. 20,000/- per vehicle to Rs.15,000
per vehicle.

Excise duty on petrol driven trucks/lorries to be reduced from 20% to 8%. Excise
duty on chassis of such trucks/lorries to be reduced from ‘20% + Rs.10000’ to
‘8% + Rs.10000’.


Excise duty on naphtha to be reduced to 14%.

Duty paid High Speed Diesel blended with upto 20% bio-diesel to be fully exempted
from excise duties.

The ad valorem component of excise duty of 6% on petrol intended for sale with a
brand name to be converted into a specific rate. Consequently, such petrol would
now attract total excise duty of Rs.14.50 per litre instead of ‘6% + Rs.13 per litre’.

The ad valorem component of excise duty of 6% on diesel intended for sale with a
brand name to be converted into a specific rate. Consequently, such diesel would
now attract total excise duty of Rs.4.75 per litre instead of ‘6% + Rs.3.25 per litre’.

Last edited by khan_sultan : 6th July 2009 at 14:25.
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Old 6th July 2009, 14:23   #20
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Where are the highlights???
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Old 6th July 2009, 14:25   #21
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Originally Posted by Proxima View Post
Where are the highlights???
refresh pls ... got em ?
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Old 6th July 2009, 14:57   #22
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Originally Posted by Seeler_Rebeiro View Post
You realise that 1/3rd of India's revenue goes towards interest payments ? The fiscal discipline must be enforced. Everyone likes a cut in taxes, this year is just not the time for it or rather the finance minister's hands were tied.
Unfortunately the government is very rarely answerable to the efficiencies of the schemes it launches. Say if Rs.100/- was spent a particular scheme, can any one guarantee that atleast Rs.50/- reached the intended beneficiary, I doubt.

Unfortunately the middle class & salaried class are not the vote banks of parties nor are they vocal enough to be taken seriously.

My tax planning is always done not with the motive of getting my liablity to zero and in most cases what ever little investment I do are for investment with tax rebates as incidental benefits. So do you think its unfair to expect the government to make our living slightly more comfortable when I have to go through a 20% reduction in my income (am sure am not alone) and with a lot of us not sure if we are going to continue to be employed in the days to come.

Dont forget the reduction in liablity is going to come back into the economy either in the form of business or in the form of savings.

As you rightly said fiscal discipline is the need of the hour, the government does not seem to have one, so the only option for the salaried class is to have personal fiscal discipline.
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Old 6th July 2009, 14:59   #23
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Quote:
Originally Posted by Seeler_Rebeiro View Post
" I was hoping against hope that the budget might give some excise duty cuts on petroleum products to offset the price increase which was made last week."

You realise that 1/3rd of India's revenue goes towards interest payments ? The fiscal discipline must be enforced. Everyone likes a cut in taxes, this year is just not the time for it or rather the finance minister's hands were tied.
Don't worry, state elections are nearing, they will reduce some duty on fuel prices in the state just when it matters.

Seems like a very mediocre budget, market sentiments are not positive though. Sensex down 910 points as of now i.e. 3:00pm.

Last edited by anilkalvani : 6th July 2009 at 15:01.
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Old 6th July 2009, 15:02   #24
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Common Man ranting .... !!


Highlights from the union budget and what it means to the car scene !

Specific component of excise duty applicable to large cars/utility vehicles of engine
capacity 2000 cc and above to be reduced from Rs. 20,000/- per vehicle to Rs.15,000
per vehicle.

This means a reduction by a minimum of Rs. 5000 to about Rs. 12000 (Dealerprice escalation for proft etc. % on cost) on big cars like

1. Sonata
2. Honda Accord
3. Camry
4. Innova
5. Scorpio
6. Ford Endeavor
7. CR-V
8. Skoda Superb
9. Skoda Octavia RS
10. Skoda Laura


Excise duty on petrol driven trucks/lorries to be reduced from 20% to 8%. Excise
duty on chassis of such trucks/lorries to be reduced from ‘20% + Rs.10000’ to
‘8% + Rs.10000’.


Thats a big one, Volvo and Tata cruzer kinda busses would see a huge price cut ... i'd hazzard a guess in lakhs, (IMHO)

Would the Mahindra Geaway and the Tata Xenon (was it Xenon) pickups get this advantage ? are they lorrys ?


Excise duty on naphtha to be reduced to 14%.

The petro refineries, marketing companies get richer or rather, less poor !
(naptha is used to make fuel from crude)


Duty paid High Speed Diesel blended with upto 20% bio-diesel to be fully exempted
from excise duties.

I think this would see a push in the hybrid / green auto initatives . Im not convinced about bio diesel just as yet ...i always worry about food crops getting diverted to grow soya and palm for bio diesel, that's led to famine in many a region (brasil / australia ).

Its a sign of a pro active thinking budget none the less ... alternative energy must be explored.

I wonder if this might catalise the sector and make bio diesel adapters for diesel cars, and 20% bio d available at select pumps for now ?

The ad valorem component of excise duty of 6% on petrol intended for sale with a
brand name to be converted into a specific rate. Consequently, such petrol would
now attract total excise duty of Rs.14.50 per litre instead of ‘6% + Rs.13 per litre’.


This probably relates to Speed and XtraPremium kind of fuels. Wonder if it makes it more expensive.

The ad valorem component of excise duty of 6% on diesel intended for sale with a
brand name to be converted into a specific rate. Consequently, such diesel would
now attract total excise duty of Rs.4.75 per litre instead of ‘6% + Rs.3.25 per litre’.


This probably relates to Hi-Speed Diesel and TurboJet kind of fuels. Wonder what effect that would have.
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Old 6th July 2009, 15:07   #25
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Originally Posted by bharanidharang View Post
I think this is a good move. All Black money donation to political will slowly turn white. I dont they are bothered about what an individual contributes (but shows in his return), but they would know how much money each Party is getting (this is good).

...
This is a fallout of the Satyam fiasco. Everybody knows where the money went from Raju & Co. No wonder YSR is the largest donor to the ruling party.
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Old 6th July 2009, 16:20   #26
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@pypkmsrikanth - What I was intending to say is that I did not expect much from the finance minister, given our balance of payments situations and the economic situation we all are in. I was expecting a mediocre budget. I could see no way he could cut taxes, home loan interest exemption, fuel rollbacks, cut excise etc without worsening the fiscal situation.

And yes, you are right, we should expect more accountability from the government and the babudom but the reality is that it will not change overnight. If there is a political will to get the billions stashed away, we can do much more !!! But thats another topic.
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Old 7th July 2009, 09:12   #27
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My company is providing telephone usage benefits(around 3.5K/month) to us. During reimbursement they cut FBT and provide us the remaining moola. Does this mean that no other tax will be cut now and provide us the full 3.5K???
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Old 7th July 2009, 09:24   #28
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Quote:
Originally Posted by ramki067 View Post
My company is providing telephone usage benefits(around 3.5K/month) to us. During reimbursement they cut FBT and provide us the remaining moola. Does this mean that no other tax will be cut now and provide us the full 3.5K???
In all probablities yes, once the budget is passed and notified.
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