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MACHINIST - Union Budget 2009 - Highlights and Post budget Analysis

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Home arrow News arrow Govt. levys, taxes and budget arrow Union Budget 2009 - Highlights and Post budget Analysis

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Union Budget 2009 - Highlights and Post budget Analysis
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Written by Anand, Arjun   
Tuesday, 07 July 2009

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New Delhi / Bangalore: The Finance Minister, Shri Pranab Mukherjee has proposed to abolish Fringe Benefit Tax on the value of certain fringe benefits provided by employers to their employees. This was announced by Shri Mukherjee, while presenting the Union Budget for the year 2009-10 in Lok Sabha today.

He also proposed to extend the sun-set clauses for deduction in respect of export profits under Section 10A and 10B of the Income Tax Act by one more year i.e. for the Financial Year 2010-11. However, the Finance Minister proposed no changes in the Corporate Tax rates.

Shri Pranab Mukherjee proposed to extend the scope of the current provision of weighted deduction of 150% on expenditure incurred on in-house R&D to all manufacturing businesses except for a small negative list.

On the basis of recommendation of Prime Minister’s Economic Advisory Council, the Finance Minister also proposed to abolish the Commodity Transaction Tax (CTT) introduced in the Finance Act 2008.

Shri Mukherjee provided a substantially increased Defence outlay of Rs.1,41,703 crore in the budget for 2009-10 as against Rs.1,05,600 crore in BE 2008-09. He informed the Lok Sabha that the total provision for subsidies during 2009-10 has been raised to Rs.1,11,276 crore from Rs.71,431 crore in BE 2008-09.

To provide assistance to the exporters and help them overcome the short term disadvantages, the  Minister announced the extension of the Adjustment Assistance Scheme for providing enhanced Export Credit and Guarantee Corporation (ECGC) cover of 95 per cent up to March 2010. The Scheme was initiated in December 2008 to mitigate the difficulties faced by the exporters.

He further enhanced the allocation of the Market Development Assistance (MDA) Scheme by 148% over B.E. 2008-09 to Rs.124 crore. The MDA scheme provides support to exporters in developing new markets. He added that with many traditional markets still under financial stress, greater effort is required to identify and develop new markets.

Union Budget 2009 - Post budget analysis

Shri Pranab Mukherjee proposed to extend the scope of the current provision of weighted deduction of 150% on expenditure incurred on in-house R&D to all manufacturing businesses except for a small negative list.

The definition of the term "manufacture" has been amended .This amendment in definition will take retrospective effect from the 1st day of April, 2009 and will, accordingly, apply in relation to assessment year 2009-2010 and subsequent years. [Clause 3]

"The new definition of the term "manufacture", could be with reference to 150% weighted deduction under Section 35 (2AB)," said Abhishek Goenka, Partner, BMR  Advisors.

Meanwhile the scope of Section 35 (2AB) has been expanded to include manufacture of any article or thing (other than Schedule XI items).

There has also been an amendment in section 194I (For TDS on Rentals) of the Income-tax Act. For clauses (a), (b) and (c), the following clauses shall be substituted with effect from the 1st day of October, 2009, namely:— "(a) two per cent. for the use of any machinery or plant or equipment; and (b) ten per cent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings."

 
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