TDS F.Y 2009- 10

Due Dates for IT

Return of Income Tax [with/without FBTReturn]:

• Person not required to be audited - 31st July


• Person required to be audited - 30th September

Payment of Advance Taxes of Income Tax - Individual/Firms:

• 1st Payment of 30% - 15th September


• 2nd Payment of 60% - 15th December


• 3rd Payment of 100% - 15th March

Payment of Advance Taxes of Income Tax - Companies:

• 1st Payment of 25% - 15th June


• 2nd Payment of 50% - 15th September


• 3rd Payment of 75% - 15th December


• 4th Payment of 100% - 15th March

Payment of Advance Taxes of Fringe Benefit Tax:

• 1st Quarter - 15th June


• 2nd Quarter - 15th September


• 3rd Quarter - 15th December


• 4th Quarter - 15th March

Implications of Budget 2009 TDS and TCS Rates F.Y 2009-10

TDS Rates

• For payment to residents and domestic companies,there will be no surcharge and cess on the basic rate of
  TDS. This simplifies TDS rates to a great extent.


• There are changes in TDS rates for payments to contractors and payment of rent. Those are explained
  below.

TDS on payment to contractors : Section 194C

• The proposed amendment is effective from 01-10-2009.


• Rate of deduction: Rate of deduction is now based on the status of payee and not on the basis of type of
  payment. Earlier the rate was 2% for payment to contractors and 1% for payment to sub-contractors
  and advertisement contracts. Now the rate is 1% for payments made to individuals and HUF and 2% in
  other cases.


• Contractor manufacturing is now covered as "work"and is liable to TDS under this section.
  
  
  
  • This is defined as manufacturing or supplying a product according to the requirement or
    specification of a customer by using material purchased from such customer, but does not include
    manufacturing or supplying a product according to the requirement or specification of a customer by
    using material purchased from a person, other than such customer
  
  
  • If the invoice mentions value of material separately then such value will be excluded for calculation of
    TDS, in all other cases TDS will apply to total invoice value.
  
  
  
  


• Persons carrying business of plying, hiring or leasing goods carriages.
  
  
  
  • Need not deduct TDS if contractor furnishes PAN.
  
  
  • Will have to furnish information as may be prescribed.
  
  
  
  

TDS on Rent : Section 194I

The proposed amendment is effective from 01-10-2009.

Rent	Earlier	Now
Plant and Machinery	10%	2%
Land building	15% for Indviduals / HUF and 20% for others	10%

eTDS Statement Filing: Section 200

• The proposed amendment is effective from
  01-10-2009. Currently section 200 specifies quarterly
  filing of eTDS statements.


• This is changed and now CBDT can specify the periodicity for which the statements are to be filed.

Processing of eTDS Statements: Section 200A

The proposed amendment is effective from 01-04-2010.

This new section introduces processing of eTDS Statements in the following manner.

• Sum deductible shall be calculated after making adjustment of arithmetical errors and apparent
  incorrect claims.


• Interest will be calculated.


• From the above actual amount paid will be deducted to arrive at TDS payable or refundable.


• Deductor will be informed about the TDS payable or refundable.


• Time limit for the processing is within one year of the financial year of filing of eTDS statement.


• CBDT will make a scheme of centralized processing of e-TDS Statements.

Time limit for Penalty proceedings : Section 201

• The proposed amendment is effective from 01-04-2010.


• A person is deemed to be an assesee in default for failure to deduct TDS in whole or part.


• The order for such default now will have to be passed.
  
  
  
  • Within two years from the end of the financial year in
    which the eTDS statement is filed.
  
  
  • Within four years from the end of the financial year in which payment is made or credit is given, in any
    other case.
  
  
  • For financial year commencing on or before 01-04-2007, this time limit is upto 31st March 2011.
  
  
  
  

TDS Rate when PAN not available: Section 206AA

• The proposed amendment is effective from 01-04-2010.


• If deductee fails to furnish PAN to deductor, the deductor shall apply highest of the following rates for
  deducting TDS.
  
  
  
  • (i) at the rate specified in the relevant provision of
    this Act; or
  
  
  • (ii) at the rate or rates in force; or
  
  
  • (iii) at the rate of 20%.
  
  
  
  


• Form 15G/ 15H declaration for no deduction of tax will become invalid if PAN is not mentioned therein.
  


• PAN will have to be mentioned in bills, vouchers and other documents communicated between deductor
  and deductee.


• If deductee furnishes invalid PAN or submits PAN belonging to someone else, it will amount to non
  furnishing of PAN.

Other Changes

• No TDS on zero coupon bonds issued by scheduled banks : Section 194A. Effective 01-04-2009


• No TDS for payments from New Pension Scheme :Section 197A. Effective 01-04-2009
  


• Quarterly statement for interest paid without deducting TDS is now to be submitted for "such
  periods as may be prescribed" : Section 206A Effective 01-10-2009.


• Quarterly statement regarding tax collection at sources are now to be submitted for " such periods as
  may be prescribed": Section 206C Effective 01-10-2009.

Implications of Budget 2009 in Excise Duty

Excise Duty
No Change in the mean Cenvat rate of 8% ad valorem.However the concessional excise duty rate of 4% has
been increased to 8% with certain exceptions.
Modification
Basic duty on branded Petrol converted from "6%+Rs.5 per litre" to a specific rate of Rs.6.50 per
litre. Now total duty on branded petrol will be Rs.14.50 per litre.
Basic duty on branded High Speed Diesel converted
from "6%+Rs.1.25 per litre" to a specific rate of Rs.2.75 per litre. Now total duty on branded High
Speed Diesel will be Rs.4.75 per litre.
Duty exemption on recorded smart cards and recorded proximity cards, tags made optional.
Manufacturer may opt to pay duty and avail the credit.
Reduction
High Speed Diesel blended with upto 20% bio-diesel to be fully exempt from excise duties provided
appropriate duties paid on HSD and bio-diesel.
Duty on Special Boiling Point spirits and Naphtha reduced to 14%.
Duty exemption provided to tops (man-made), made out of duty paid man-made tow procured from outside
the factory using 'tow-to-top' process.
Goods manufactured at the site of construction for use in construction work at such site fully exempted.
Duty on articles of jewelry on which the brand name or trade name is indelibly affixed or embossed on the
articles of jewelry itself, reduced from 2% to nil.
Specific component of duty on motor vehicles of heading 8702 / 8703 having engine capacity
exceeding 1999 CC reduced from Rs.20000 per unit to
Rs.15000 per unit.
Duty on petrol driven motor vehicles for transport of goods except dumpers reduced from 20% to 8%.
Duty exempted on specified medical devices namely Patent Ductus Arteriosus/ Atrial Septal Defect
occlusion device.
Exemption provided to packaged software, subject to specified conditions, from so much of the duty of
excise leviable thereon as is equivalent to the excise duty payable on the portion of the value which
represents the consideration paid or payable for transfer of right to use such software.
Increase
Exemption to Naphtha or Natural Gasoline Liquid would not be available if they are used in the
manufacture of fertilizer/ammonia which in turn is used for manufacture of some other item.
Duty on following items increased from 4% to 8%:
Ink used in writing instruments.
Pure terephthalic acid (PTA), dimethyl terephthalate(DMT), acrylonitrile Polyester chips
Heat resistant latex rubber tension thread and Heat resistant rubber tension tape.
Raw, tanned and dressed fur skins.
Goods falling under heading 4408 (sheets for veneering for plywood and related products), 4410
(different kinds of wood boards), 4411 (fibre board of wood or ligneous materials) and 4412 (plywood).
Flush doors and articles of wood other than articles of densified wood.
All goods falling under heading 4820 (folders, file covers and other articles of stationary)
Paper and paperboard labels.
Man made filament yarn falling under heading 5402,5403 and 5406.
Manmade fibres (tow and staple fibres) falling under chapter 5501 to 5507.
All textile goods made of manmade fibre/yarn or natural fibres/yarn other than cotton i.e. beyond the
fibre/yarn stage.
Goods in which not les than 25% by weight of fly ash or phosphogypsum or both have been used.
Articles of mica.
Solid or hollow building blocks, including aerated or cellular light weight concrete blocks and slabs.
Ceramic tiles, manufactured in a factory not using electricity for firing the kiln.
LPG Gas stoves.
Electronic milk tester / solid non-fat (SNF) tester.
MP3/MP4 or MPEG 4 players with or without radio/video reception facility.
Contact lenses.
Parts of drawing and mathematical instruments, used in the manufacture of drawing and mathematical instruments.
Playing cards.
Goods classified under heading 9603 like paint brushes, toothbrushes etc.
Slide fasteners and parts thereof.

Duty on all textile goods made of pure cotton, not containing any other textile material increased from
nil to 4%.
Custom Duty
Modification
Description of some specified machinery items for use in leather or footwear industry has been amended.
Reduction
Duty on unworked corals reduced from 5% to nil.
Duty on rock phosphate reduced from 5% to 2%.
Basic Duty on bio-diesel reduced from 7.5% to 2.5%.
Basic Duty on nine specified life saving drugs and their bulk drugs and one vaccine reduced to 5% with nil
CVD by way of excise exemption.
Basic duty on waste of wool and cotton waste reduced from 15% to 10%.
Concessional duty of 5% on specified plantation machinery available upto 30.04.09 extended upto 06.07.10.
Duty on Permanent magnets for manufacture of PM synchronous generators above 500 KW for use in wind
operated electricity generators reduced from 7.5% to 5%.
Duty on mechanical harvesters for coffee plantation sector reduced from 7.5% to 5%. This exemption valid upto 06.07.2010.
Exemption provided to packaged or canned software, subject to specified conditions, from so much of the
additional duty of customs leviable thereon as is equivalent to the duty payable on the portion of the
value which represents the consideration paid or payable for transfer of right to use such software.
Duty on LCD panels for manufacture of LCD TV reduced from10% to 5%.
Full exemption from special additional duty of customs on parts, components and accessories of mobile
handsets has been reintroduced. This exemption is valid for one year.
Basic custom duty on inflatable rafts fully exempted.
Duty on Artificial Heart (left ventricular assist device) reduced from 7.5% to 5%.
Duty on Patent Ductus Arteriosus/Atrial Septal Defect occlusion device reduced from 7.5% to 5% with nil CVD by way of excise duty exemption.
Duty fully exempted on snow skis and other snow-ski equipment, water-skis, surf boards, sailboards and
other water-sports equipments.
Increase
Basic duty on gold and silver has been increased as follows:

Gold bars from Rs.100 per 10 gm to Rs.200 per 10 gm
Gold in any form other than bars from Rs.250 per 10 grams to Rs.500 per 10 grams.
Silver in any form from Rs.500 per kg. to Rs.1000 per kg.

Exemption of duty on concrete batching plants of capacity 50 cum/hr or more withdrawn. Now these
items will attract 7.5% duty.
Duty on set top boxes increased from nil to 5%.
CVD exemption on Aerial Passenger ropeway projects has been withdrawn.

Implications of Budget 2009 Business Income

• Tax Liability in respect of MAT has been increased from 10% to 15% of book profit. Further It shall be
  increased by surcharge of 10% of tax in case Total Income under provisions of MAT exceeds Rs. 1.00 crore.

Tax	Total Income under MAT Upto Rs. 1.00 crore	Total Income under MAT exceeds Rs. 1.00 crore
Rate of Tax	15.45%	16.99%

• However the credit for Tax paid under MAT regime shall be allowed to be carried forward for subsequent tenth
  assessment years. Further the assessee has to add provision for diminution in value of assets debited to P & L account in computation of book profit. Hence assessee has to pay more MAT in case it makes
  provisions for bad debts since this is to be added in book profit and tax is to be paid thereon. This
  amendment was brought to reverse the decision of Apex Court pronounced recently in favour of
  assessee.
• Fringe Benefit Tax has been abolished from the A.Y.2010-2011.
• Rate of taxation in respect of Companies / firms remain unchanged.

Tax Benefit

• Definition of Manufacturing has been provided to include that new and distinct product should come in to
  existence with a different chemical composition or integral structure . This definition will restrict the
  deduction available under different provisions with regard to manufacturing of goods since many courts
  held that manufacturing includes processing . Now this definition will restrict the deduction to manufacturing
  test being satisfied.
• It has been decided to extend the benefit of deduction u/s10A /10B in respect of profit derived from
  undertaking set up under free trade zone/ 100% export oriented undertaking up to A.Y. 2011-2012.
  Earlier it was to be allowed upto A.Y.2010-2011.
• Tax benefit for units set up in SEZ area will be enhanced marginally in view of fact that turnover of
  units will be considered instead of turnover of assesee while working out deduction under proportionate
  method.
• Tax benefit for electricity companies when unit is set up upto 31/03/2010 was available u/s80IA of the Act.
  Now the date for setting up unit has been extended to 31/03/2011.
• Scope of deduction u/s 80IB (10) of the Act with reference to profits of builders are restricted since
  builders can not allot the more than one residential unit to individual or his relative as specified in this section.

Deduction

• It has been proposed to allow a deduction of entire capital expenditure except land, goodwill or financial
  instruments in respect of cold chain facility, warehousing facility for storage of agricultural produce
  and laying and operation of gas pipe line business activity.
• Simile of transfer of such capital assets or being demolished, any sum received/ receivable thereon
  shall be chargeable to tax since entire expenditure is proposed to be allowed.
• Further the cost of such capital assets in case of slump sale shall be taken to be nil in computation of net
  worth of undertaking in case of sale of such business. Loss suffered from such eligible business shall not be
  set off from any profit of other business activity and it will be allowed to be carried forward to set off against
  the eligible business as aforesaid.
• Benefit of weighted deduction of 150% of expenditure, in case incurred for Research & Development has
  been extended to all business engaged in manufacturing or production of articles except those
  specified in eleventh schedule.
• CTT has been abolished . As a natural corollary , it has been decided to withdraw CTT as business
  expenditure.
• It has been decided to do away with different limit for allowability of partners' remuneration in case of
  working partner for professional firm and other firm. Now uniform limit for all partnership firm has been
  provided as under. It is therefore necessary to amend the deed of partnership with reference to clause of
  remuneration to partner in order to align with new rate as aforesaid.

On the first Rs. 3.00 lacs book profit or in case of loss	Rs. 1.50 lacs or at the rate of 90% of book profit which ever is more
On the balance of the book profit	60% of balance book profit

• It has been decided to increase the limit of cash expenditure up to Rs. 35,000/- in a day w,e,f .
  01/10/2009. Accordingly the cash expenses in excess of Rs. 35000/ after 01/10/2009 shall be disallowed in
  the computation of income under the head of business.
• Now it is proposed to deny the deduction to the assessee under section 10A, 10AA, 10B, or 10BA or
  chapter VIA if the assessee fails to make claim in the return of Income.
• It has been decided to allow deduction to companies in case they make donation to electoral trust.

Presumptive Taxation

• New presumptive based taxation scheme is proposed to be introduced for individual/ HUF and partnership
  firm except LLP when turnover does not exceed Rs.40.00 lacs w.e.f A.Y. 2011-2012 .
• In this scheme, the eligible assesee is required to declare 8 % of turnover as income from business and
  no deduction shall be allowed except the remuneration from partners as permitted under the law.
• If assessee does not offer 8% of turnover as income , he is is required to maintain books of accounts and get
  his account audited under section 44AB popularly know as tax audit from chartered accountants.
• It has been decided to increase the presumptive income being Rs. 5000/- per month in case of heavy
  goods vehicle and Rs. 4500/- per month in case of other than heavy goods vehicle in case the assessee is
  engaged into plying /hiring of vehicle and he does not own more than vehicle. This amendment shall be
  effective w.e.f. 2011-2012.

Capital Gain

• At present, if assessee sells immoveable property being capital assets, the consideration as adopted or
  assessed by the stamp authority or consideration as per agreement which ever is higher is taken as total
  sale value . Now it is decided to include the term as assessable value of property for stamp duty purpose
  shall also be taken . This was done since some decision from tribunal has gone in favour of assessee that if
  agreement is not registered the value as per stamp authority can not be substituted as consideration. In
  order to negate the fallout of such decisions, this amendment is proposed to be made.

Gift

• It has been decided to bring within the tax net gift of moveable and immoveable property which is received
  without consideration or inadequate consideration in excess of Rs. 50,000/- from any person except
  relative as defined in the explanation to section 56 (2) (vi) of the Act w.e.f 01/10/2009.

Taxation of Limited Liability Partnership ( LLP)

• It is decided to have taxation system for LLP as prevalent for partnership firm. It is therefore desirable
  to have LLP in place of companies in case of small and medium business house since LLP taxation regime is
  more efficient in view of the fact that MAT and Dividend distribution tax is not chargeable for LLP
  and entire profit distributed among partners are tax free in the hands of partners.

Assessment/ Re assessment

• It has been decided to include safe harbour rule in the assessment of Transfer pricing. It is also proposed that
  if two ALP is determined by the most appropriate method, the arithmetical mean of such price shall be
  taken to be ALP. Further if variation between the transaction declared by the assessee and value
  adopted by the A.O. does not exceed 5% , then price declared by the assessee shall be taken to be ALP in
  case of transfer pricing assessment.
• It is proposed to start new mechanism in the assessment in case of transfer pricing assessment and
  assessment relating to foreign companies in which Dispute Resolution panel will look into cases in case
  A.O. did not agree with the contention of the eligible assessee . A.O. has to follow the proposed steps as
  envisaged in the new section 144C of the Act. The appeal against the order passed by the Dispute
  Resolution panel lies with the Tribunal.
• It is proposed to expand the scope of re assessment in case assessment is reopened on the ground that
  income has escaped assessment. The A.O. can make addition on any issue which comes to his notice during
  the course of re assessment even it they are not related to the reasons recorded earlier for re assessment.
• It is proposed to serve the notice by courier or email. Such service of notice shall be valid.

Penalty

• It is decided to levy concealment penalty for search case initiated after 01/06/2007 in case the assessee
  declares any income for the earlier assessment years for which he has already filed return or time for filing
  return has lapsed, the income declared for such years shall be deemed to be income for which he has
  furnished inaccurate particulars of income and penalty ranging 100% to 300% on tax sought to be evaded
  shall be leviable.

Implications of Budget 2009 on personal Tax

Tax Rates: Income Tax Slabs for Individuals:

Personal Income tax rates slabs is proposed to be changed. The basic exemption is proposed to be increased to Rs. 1,60,000. Therefore the minimum tax saving for every individual would be Rs. 1,030. For the Income Earners, above 10 lacs, the savings is high (around 10%) as the surcharge on Income Tax is removed. The Educations Cess of 3% remains as it is. New Pension System (NPS)
• The Tax Benefit Under Section 80CCD has been
  extended to "self employed" individuals as well.
• It is also proposed to amend the Explanation to the
  said section to provide that for the purposes of the said
  section the assessee shall be deemed not to have
  received any amount in the previous year if such
  amount is used for purchasing an annuity plan in the
  same previous year. These amendments will take
  effect retrospectively from 1st April, 2009 and will,
  accordingly, apply in relation to assessment year
  2009-2010 and subsequent years
Limits of Section 80DD increased Medical treatment for handicapped dependants limit of Rs. 75,000 increased to Rs. 100,000. Donations given to Political Party or Electoral Trust To have the transparency in the money coming for elections, it is proposed to provide the 100% deductions to all assessee who donate money to political party or electoral trust Perquisites: Section 17
• It is proposed that value of any specified security or sweat shares allotted to employee free of cost or at
  concessional rates will be perquisite. The value will be the fair market value on the date on which option is
  exercised as reduced by the amount paid by the
  employee.
• It is also proposed to include as perquisite employers contribution in excess of Rs. 1 lakh to approved
  superannuation fund.
• IT is proposed to include as perquisite value of any other fringe benefits or amenity as may be prescribed.
  The Amendment will take effect from 1/4/2010.
Interest of Loan taken for Higher Education:Section 80E In order to extend the benefit to more persons, it is proposed to define Higher Education to mean any course of study after passing Senior Secondary Examination.The Amendment will take effect from 1/4/2010 onwards. Voluntary Retirement: Section 89 It is proposed that if Benefit of exemption U/s 10(10C) is availed of by an employee for the amount received on voluntary retirement, no relief would be available u/s 89. The Amendment will take effect from 1/4/2010.

BUDGET 2009 - 2010

India Union Budget 2009-2010

Hightlights

Exemption limit Changed

• For Senior Citizens - Now Rs 240,000


• For Women - Now Rs.190,000 For


• Others - Rs 160,000

Finance minister Pranab Mukherjee begins presentation of Union Budget
2009-10 in Lok Sabha. Some of the major excerpts of the budget speech
are:

• Excise duty on fibre for cheaper cloth reduced


• Excise duty on petrol-driven small trucks reduced to 10%


• 100% deduction in donation to electoral trusts


• Service tax to be levied on law firms


• Exemption of duty on goods made at construction sites restored


• Drugs for heart diseases to become cheaper


• Customs duty on gold and silver import increased


• Customs duty of 5% being levied on import of set-top boxes


• Drugs for heart diseases to become cheaper


• Customs duty on gold and silver import increased


• Commodities Transaction Tax to be rolled back


• Exemption of duty on goods made at construction sites restored
  


• Mobile phone accessories to become cheaper


• New direct tax code in 45 days


• Set-top boxes to cost more


• Anonymous funds to charitable bodies to get some tax relief


• Small businesses exempt from advance tax


• Custom duty on LCD panels halved


• Customs duty on bio-diesel reduced


• Tax holiday extended for textile units


• Total budget expenditure for 2009-10 will Rs 10,28,032 cr


• Higher public investment in infrastructure


• One lakh dwelling units for paramilitary forces to be built


• Allocation for rehab of Lankan Tamils


• New pension benefits for 12 lakh jawans and JCOs


• Pension of non-commissioned officers to be hiked


• Defence outlay has gone up


• Fringe Benefit Tax to be scrapped


• Eliminate the surcharge on personal Income tax by 10%


• Hike in IT exemption for women to Rs 1,90,000


• Hike in IT exemption to Rs 2,40,000 for senior citizens


• General Sales Tax model will have a Central GST and State GST


• GST to come into effect from April 01, 2010


• Corporate tax unchanged


• Interest subsidy on students' loans in higher education


• Rs 1,000 cr for Aila rehabilitation programme to West Bengal


• Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram


• Rs 2,113 cr for IITs and NITs


• Government to spend Rs.12K cr on rural roads in FY'10


• Commonwealth allocation hiked to Rs 16,300 cr


• Govt to hike allocation to National Ganga Project to Rs 562 cr


• Rs 7000 cr for rural electrification


• Rice, wheat at Rs 3 per kg to the poor


• One rank, one pension for ex-servicemen from July 1


• Allowances to para-military forces at par with defence forces


• Unique Identification ID project to tap private talent


• National action plan on climate change


• Full interest subsidy for students in approved institutions


• Modernisation of national employment exchanges


• 50% cent of rural women in self-help groups


• Real wage of Rs.100/day provided under NREGA


• Allocation of Rs 50 cr to Chandigrah University

• Rs 100 cr one-time grant to expand banks in unbanking areas


• Allocation for PM Gram Sadak Yojna up by 59 per cent


• Work on National Food Security scheme for subsidised food


• Government to shift to nutrient based fertiliser subsidy regime


• Rural mega clusters in Bengal and Rajasthan


• Interest subsidy on education loans


• National Mission for female literacy


• Rural mega clusters in Bengal and Rajasthan


• Interest subsidy for home loans up to Rs 1 lakh


• LNG infrastructure in the country being expanded


• Government to introduce food security bill


• Scheduled commercial bks can set up offsite ATM


• Will create close to 12 million jobs


• Institutional refo reform measures to stabilise BOP


• Aiming for direct transfer of subsidy to farmers


• Rs 4000cr fund to incentivise banks & SFCs to lend


• To provide all possible relief to exporters


• Banking network to be expanded


• One banking centre in every bloc


• Rs 31,100 crore allocation for NREGA


• NREGA gave employment opportunities to more than 4.479 cr
  households


• Banks, insurance to stay with Government


• Raise threshold for non-promoter public listed companies


• Indira Awaas Yojna hiked by 63% to Rs 8,883 cr




• 1% int subvention to farmers making timely payment


• Allocation to NHAI increased by 23%


• An expert group will look into petroleum product pricing


• GDP grew at 6.7% in 2008-09


• Move towards energy security via Integrated Energy Act


• Saral-II forms to simplify taxation process


• Domestic oil prices must be in sync with global prices


• Raise threshold for non-promoter public listed companies


• Hike in allocation for Mumbai flood management


• LNG infrastructure in the country being expanded


• Total fiscal stimulus during '08-09 is Rs 1,86,000 cr


• Set up a task force for farmer lending


• Allocation of Rashtriya Krishi Vikas Yojna stepped up by 30%
  


• Additional budget allocation to farmers


• Will ensure farm sector growth at 4%


• Need to strengthen improve regulatory framework


• Private investment has been the key growth driver


• FIIs have returned to India in last few months


• Print media stimulus package extended by six months


• Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10
  


• Export Credit Guarantee scheme extended till March 2010


• Incentives in interest rates to farmers to pay back


• Agriculture loans in time


• Storm-water drainage project fund hiked to Rs 500 cr


• Blueprint for national gas grid


• IIFCL will refinance 60% of commercial bank loans in PPP


• IIFCL will look at new projects


• IIFCL will also look at incremental lending by banks


• JNNURM allocation hiked by 87 per cent


• Hike infrastructure investment to over 9% of GDP by 2014


• Fund alloction for urban poor accommodation is 3,973,000 cr


• Housing allocation hiked under Rajiv Gandhi Rozgar Yojana


• Trade in goods and services doubled in 2008


• Significant hike in foreign capital


• Need to reduce population below poverty line


• New company IIFCL to look at infrastructure needs


• Signs of revival in the domestic industry


• Fiscal stimulus gave economy a boost


• Govt took 3 stimulus packages to fight slowdown