• 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 per cent 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 per cent in non-plan expenditure over the be of previous year.
• Fiscal deficit at 5.5 per cent of GDP works out to be Rs. 3,81,408 crore.
• Rolling targets for fiscal deficit pegged at 4.8 per cent and 4.1 per cent 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 per cent in 2008-09, inclusive of oil and fertilizer bonds, the comparable fiscal deficit is 6.9 per cent 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 per cent
• Tier-I Growth of 127 per cent 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 per cent to 2 per cent.
• Infrastructure development gets an allocation of Rs. 1,73,552 crore, 46 per cent of total plan allocation , an increase of 13 per cent 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 per cent 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 per cent
• 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 per cent 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 per Cent.
• 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 per cent on income above rs 1.6 lakh to 5.00 lakh, 20 per cent on income above 5.oo lakh to 8.00 lakh , 30 per cent on above Rs. 8.00 lakh
• Additional deduction of Rs. 20,000 for investment in infrastructure bonds
• Surcharge of 10 per cent on domestic companies reduced to 7.5 per cent
• MAT increased from 15 per cent to 18 per cent
• Wighted Deduction non expenditure incurred on in-house r&d from 150 per cent to 200 per cent
• Liimit 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 individual salary taxpayers ready for notification
• Service Tax retained at 10 per cent.
• 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 per cent
• Uniform basic duty of 5 per cent and cvd of 4 per cent 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: http://www.assocham.org/policies/budget/unionbud20010-11.php