Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday February 26, 2010:

Highlights

• Online news agencies to attract tax

• Sensex surges 350 points on new tax slabs

• Rationalising tax criteria on gaming software

• No hike in service tax

• Corporate surcharge down from 10 per cent to 7.5 per cent

• Liquor prices set to go up

• Prices of gold, silver, precious stones set to rise

• Makers of mobile accessories to get tax breaks

• No taxes on transportation of pulses

• Prices to go up for cars, cement, fuel, cigarettes, air conditioners, TVs, steel

• To restore 7.5 per cent duty on petrol and diesel

• Raise excise duty on all non smoking tobacco

• Uproar over hike in fuel prices in Lok Sabha

• To restore 5 per cent duty on crude petroleum

• Fuel prices likely to go up

• Central exicse duty on petrol and diesel raised to Rs 1 per litre

• Rollback in excise duty to 10 per cent

• Govt announces partial rollback in excise duty

• Excise on large cars, SUVs and MUVs raised to 22 per cent

• Presumptive tax limit raised to Rs 60 lakh

• Investment linked deduction benefit for two star hotels

• Deduction of Rs 20,000 towards infrastructure bonds

• Reduce current surcharge on companies to 7.5 per cent

• Income above 8 lakh - 30 per cent tax

• Income from 5 lakh to 8 lakh - 20 per cent tax

• Income between 1.6 lakh to 5 lakh - 10 per cent tax

• No tax on income up to Rs 1.6 lakh

• IT department to notify Saral 2 forms

• Net market borrowing pegged at Rs 3.45 lakh crore

• IT return forms to be more user friendly

• Govt to bring subsidy related liability into fiscal accounting

• Borrowing plan to be decided in consultation with RBI

• FY 10 budget deficit seen at 6.9 per cent of GDP

• FY 13 fiscal deficit target at 4.1 per cent

• Fy 12 fiscal deficit target at 4.8 per cent

• Govt to set up National Mission of Delivery of Justice

• Gross tax receipts seen at Rs 7.46 lakh crore in FY'11

• Fiscal deficit target of 5.5 per cent in FY11

• 15 per cent increase in plan expenditure

• Defence Capex rasied to Rs 60000 crore for FY'11

• Allocation for defence raised to 1.47 lakh crore

• UIDA to roll out first set of IDs by end of 2010

• Allocation of Rs 1900 crore to Unique Identity Project

• Allocation to minority welfare ministry Rs 2600 crore

• Govt to contribute Rs 1000 per month for pension security

• Home loans up to Rs 20 lakh to get 1 per cent subvention up to March 2011

• Allocated RS 66,100 crore for rural development

• Social Security Fund to have a corpus of Rs 1000 crore

• National Social Security Fund for unorganised sector

• Extend interest subvention for housing loans up to Rs Rs 10 lakh

• To allocate Rs 10,000 crore to Indira Aawas Yojana

• Rs 1200 crore assistance for drought in Bundelkhand

• To allocate 48000 crore for Bharat Nirman

• Allocation to NREGA raised to Rs 41,000 crore

• To allocate 22,300 crore allocation for health ministry

• Social sector spending at 1.38 lakh crore for FY11

• 25 pc of plan allocation for development of rural infrastructure

• To increase plan allocation for education to 31600 crore

• Rs 300 crore of Krishi Vikas Yojna

• Body for macro supervision of big companies

• Annual health survey to be conducted in rural areas in 2011

• Govt ready with draft food securty bill

• To provide one time grant to Tirupur exports

• Competitive bidding for coal block for power sector

• Allocation for power sector Rs 5130 crore in FY11

• Allocation for road infrastructure raised to 19,894 crore

• Rs 1.73 lakh crore or 46 per cent of the plan allocation for infrastructure

• Oil ministry to consider Parikh report in due time

• Crop loan interest subvention for timely repayment raised to 2 per cent

• Period of repayment of farm loan waiver extended to June 30

• Farm credit target raised to Rs 3.75 lakh crores for FY11

• Govt to take a firm view on opening up retail trade

• More captial for rural banks

• Govt to provide credit support to farmers

• RBI will give addtional licenses to private banks

• Challenge is to make growth inclusive

• FDI regime has been simplified by the government

• India received more FDIs last FY

• Disinvestment target Rs 25000 crore this year

• Good and Services Tax to be in place next year

• Valuation of listed PSUs has increased greatly

• Listing of PSUs will ensure corporate governance

• Govt will implement direct tax code by April 1, 2010

• Process to make a simple taxation system

• Need to make growth broad-based

• Gradual phasing out of fiscal stimulus

• With economy recovering, need to review public spending

• Bad monsoon affected food prices adversely

• Food inflation should come down in 2010-11: Pranab

• Export figures for January have been encouraging: Pranab

• Hope to breach 10% growth mark in the near future: Pranab

• Manufacturing has been a growth driver: Pranab

• Growth registered a strong rebound in the second quarter: Pranab

• Govt must deliever to lesser privileged sector: Pranab

• Economy stabilised in first quarter of 2009-10: Pranab

• We have to sustain food security in rural areas: Pranab

• Modernisation of PDS a priority for the govt: Pranab

• Our task is to quickly revert to high GDP growth path: Pranab

• Challenge to make development more inclusive: Pranab

• Indian economy is in far better position now: Pranab

• Pranab Mukherjee begins Budget speech

• Pranab Mukherjee reaches Parliament

• Banks raise deposit rates ahead of budget.

• Mukherjee is scheduled to begin his budget speech at 11 am.

• Budget is expected to slash the deficit as the economy rebounds.

• Government borrowing was forecast to rise by another 2.2 per cent.

• Investors were hoping FM will also be firm on keeping borrowing in check.

• Calls for fiscal discipline are urgent as inflation is forecast to reach 10 pc in coming weeks.

• Mukherjee may also unveil plans to address shortfalls in food production and distribution.

• Budget may include initiatives to address India's chronic infrastructure deficit.