on Monday, Finance Minister Pranab Mukherjee has said that economic
recovery has begun and India would achieve 8-9 pc economic growth by
the end of 2010.
Finance Minister Pranab Mukherjee has announced few changes which are
as under
1.Service tax on new services proposed in his Budget would come into
effect from 1st September 2009 a notification for this effect would be
notified by CBEC.
2.Repairs and maintanace of Roads to be exempted from the levy under
repairs and maintenance of roads services, with immediate effect.
3.The benefit of deductions in respect of interest paid on education
loan for higher education to legal guardian of the student under
Section 80E of the IT Act.
4.Extended the sunset clause for tax holidays for industrial parks by
another two years up to March 2011, in a bid to provide stimulus to
infrastructure sector in the wake of economic slowdown.
5.Eligible deductions for assessees with severe disability will be
raised from Rs 75,000 to Rs 1 lakh for purposes of Income Tax.
6.one percent interest subsidy would be available to individuals for
loans up to Rs 10 lakhs for houses that do not cost more than Rs 20
lakhs.