Online eFiling Software
The requirement of filing the annual VAT statements by traders in addition to monthly returns will be dispensed with. | The penalty levied on late filing of monthly returns will be reduced from 10% to 5% if the delay does not exceed 10 days. | The system of e-filing of tax returns will be introduced selectively during the current year. | CBDT has notified Industrial Park Scheme 2008 expanding the ambit of “industrial activity” to include research and experimental development on natural sciences and engineering, development of computer software, and information technology enabled services. | Net direct tax collections in the first quarter of the present fiscal stood at Rs.57,373 crore, up from Rs.41,391 crore, registering a growth of 38.61 percent. | Shri Narendra Bahadur Singh has taken over as Chairman of the Central Board of Direct Taxes with effect from the afternoon of 30 June 2008. | As a part of the modernization of computer infrastructure in the Income Tax Department, the Computer Centers at Amritsar, Baroda and Rohtak will be shutdown for a period from 27.06.2008 to 09.08.2008. During this period the work of issue of PAN card would be stopped completely in these centers.
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Karnataka Budget

The Karnataka Budget for 2008-09 proposes no new taxes, leaving a closing balance of an stimated Rs 92.27 crore for the next fiscal.

The State’s Budget was introduced in Parliament by the Union Finance Minister, Mr P. Chidambaram, on Monday. Besides placing the annual financial statement for 2008-09 before the Lok Sabha, Mr Chidambaram also sought a “vote on account”, for the first six months of the financial year 2008-09, for Rs 29,027.30 crore.

For 2008-09, the revenue receipts have been estimated at Rs 46,188.70 crore. The State’s share of Central taxes, duties and grants-in-aid from the Centre adds up to Rs 12,811.12 crore. The revenue expenditure is projected at Rs 43,216.05 crore, leaving a revenue surplus of Rs 2,972.65 crore.

On the capital account, the receipts are estimated at Rs 9,273.45 crore and the expenditure at Rs 13,326.09 crore. After accounting for transactions in the public account and the opening balance, the closing balance in 2008-09 is estimated at Rs 92.27 crore. These estimates reflect a revenue surplus of 1.19 per cent and a fiscal deficit of 2.84 per cent of Gross State Domestic Product.

The State Plan outlay for 2008-09 is estimated at Rs 21,751 crore, higher than the current year’s outlay of Rs 17,782.56 crore. The central assistance in the form of grants to the State plan has been projected at Rs 2,058.04 crore and the State’s own resources, including loan from various sources are projected at Rs 19,693 crore.
 
Detailed Statistics from State Finance Minister
 
  • Agricultural loan at 3 percent interest
  • 700 crore for Metro rail projects
  • Senior Citizen to get RS 25 off on monthly bus pass
  • High speed rail to BIA
  • 136 crore for Hubli-Dharwad transportation
  • 950 crore for Sarva Shiksha Abhiyan
  • 1800 crore for Bangalore’s improvement
  • 37 ITI institutes to be upgraded
  • Cyber centers at grampanchayat level
  • Free Electricity for farmers from Aug 2008, 2050 crore sanctioned
  • 5 crore for Rajkumar memorial
  • 30crore for the improvement of Basava Kalyan
  • Retirement age for state government employees rises to 60
  • 136 crore for drinking water scheme in Hubli-Dharwad
  • New railway lanes  from  Gulbarga-Bidhar
  • Licence given to set up 1000 liquor shops across the state
  • Hubli to have international airport
  • Four corridors to come up: Bnaglore-Hubli-Balgam, Tumkur-Shimoga-Honnavar ,Chitradurga Udupi-Mangalore and Bidar-Chithradurga-Bangalore
  • 40 multilevel parking centers in Bangalore
  • 20 crore for viswa kannada sammelan in Belgaum
  • BBMP to get 300 crore Multi specialty hospitals in INDIRA Nagar
  • Bangalore to have a Bio-IT park
  • KSRTC to get 3200 new buses
  • Vidhana Soudhas to be directly linked to Taluk offices
  • 36 crore Kims Hospital in Hubli
  • Emergency ambulance service in rural areas
  • Higher education loan at 6 pc interest
  • 3000 crore for peripheral ring raod
  • 60,000 houses to be built in BDA lay out, Kempe Gowda Nagar