The following are some of the key highlights on Union Budget 2010-2011.

• The Finance Minister Shri Pranab Mukherjee  lays emphasis on consolidated growth, improving investment environment, inclusive development and strengthening  transparency and public accountability in budget 2010-11.
• The total expenditure proposed in the budget estimates is rs.11,08,749 crore , an increase of 8.6% over last year.
• The plan and non-plan expenditure estimated at rs.3,73,092 crore and rs.7,35,657 crore respectively, an increase of 15 percent in plan expenditure and 6% in non-plan expenditure over the be of previous year.
• Fiscal deficit  at  5.5% of gdp works out to be rs. 3,81,408 crore.
• Rolling targets for fiscal deficit  pegged at 4.8% and 4.1%  for 2011-12 and 2012-13.
• Net market borrowing would be of the order of rs. 3,45,010 crore  leaving enough space to meet credit  needs of private sector.
• Against a fiscal deficit of 7.8% in 2008-09 , inclusive of oil and  fertilizer bonds, the comparable fiscal deficit is 6.9%  as per re 2009-10.
• Gross tax receipts estimated at rs.7,46,651 crore and non-tax receipt estimated at rs. 1,48,118  crore.
• Status paper giving road map for curtailing  the overall public debt  to be brought out within 6 months.
• About rs. 25,000 crores to be raised  through disinvestmet programme
• To simplify the fdi regime,  for the first time both ownership & control recognised as central to the fdi policy.
• Rs. 16,500 crore  to be provided  to public sector banks  to achieve a minimum 8% tier-i
• Growth of 127%  recorded in exports from sezs till december, 2009.
• A four-pronged strategy to spur the growth in agriculture sector envisaged. which includes agricultural production, reduction in wastage of produce , credit support  to farmers and thrust to the food processing sector.
• Agriculture credit flow target  raised to rs. 3,75,000 crore  from  rs.3,25,000 crore
• Subvention  for timely  repayment of crop loan  increased from 1% to 2%.
• Infrastructure development  gets an allocation of rs. 1,73,552 crore, 46 % of total plan allocation , an increase of 13%  in road  transport sector.
• India infrastructure  finance company limited’s  disbursements to reach rs. 20,000 crore by march 2011.
• Allocation for power sector increased  by more than doubled to rs. 5,130 crore.
• New tax incentives  announced for infrastructure sector.
• National clear energy fund for funding research and innovative projects  in clean energy technologies  to be set up.
• Spending on social sector  to account for 37% of  total plan outlay  at rs.1,37,674 crore
• Allocation for rural development enhanced to rs.66,100  crores. allocation for nrega  stepped up to 40,100 crore.
• Rs. 48,000 crore allocated for bharat nirman  programme
• Backward region grant fund  allocation enhanced to rs. 7,300 crore.
• Rajiv awas yojna for slum dwellers and urban poor to get rs. 1,270 crore , an increase of over 700%
• National social security fund for unorganised sector workers to be  set up with  an initial amount of rs. 1,000 crore.
• Mahila kisan sashaktikaran pariyojna  with  a provision of rs.100 crore launched
• 80% increase in the allocation  for ministry of social justice & empowerment  at rs 4,500 crore.
• Minority affairs to get  rs.2,600 crore, an increase of 50%. 
• To rewrite and clean up the financial sector laws, financial sector legislative reforms commission  to be set up.
• Unique identification authority of india to  get an allocation of rs. 1,900 crore. a technology advisory group for unique proect to be   set up.
• Allocation  for defence increased to  rs.1,47,344 crore
• National mission for delivery of justice and legal regorms to be set up  to provide timely justice to all.
• Income Tax slabs broadened  -  10% on income above  rs 1.6 lakh to 5.00 lakh, 20%   on income above 5.oo lakh  to 8.00 lakh , 30% on above rs. 8.00 lakh
• Additional deduction of rs. 20,000 for investment in infrastructure bonds
• Surcharge of 10% on domestic companies reduced to  7.5%
• MAT increased  from 15% to 18%
• Wighted deduction  non expenditure incurred on in-house  r&d from 150% to 200%
• Limit of turnover for presumptive taxation of small business enhanced to rs. 60 lakh.
• Limits of turnover needing audit enhanced to 60 lakh for businesses and rs. 15 lakh for professions.
• Proposal of direct tax to result in revenue loss of rs. 26,000 crore where as indirect taxes  to result  in a revenue gain of rs. 46,500 crore.
• Service tax proposals to  result in net revenue gain of rs.3,000 crore.
• Accredited news agencies  which provides news feed online exempted from service tax
• Saral –ii  for individualsalary  taxpayers ready for notification
• Service tax retained at 10%.
• Certain new services  to be brought  within service tax purview..
• Micro-wave ovens, pre-packaged imported goods,  mobile phones, watches, readymade garments, toy baloons, long pepper, replaceable household water filter  to be cheaper.
• Infotainmet sector to benefit from concessional custom duty
• Indian rupee to get a symbol, join the select club of currencies
• Special duty concessions to promote clean environment clean energy cess @ rs. 50 per tonne on coal
• Rate reduction in central excise duties partially rolled back ad valorem on non petro products & cars increased by 2%
• Uniform basic duty of 5% and cvd of 4% on import of medical equipmnet.
• Scientified inputs for orthopaedic implants exempted from import duty
• Central excise on petrol & diesel raised by rs. one per litre.
• Major tax relief to agriculture & related sectors
• Project import status for the setting up of cold storages
• Full exemption from excise duty to trailers & semi –trailers.

Source: IndiaInfoline