sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Budget Extravaganza »
 How Union Budget 2018 impacts individual taxpayers
  How Budget 2018 will be different due to GST
 This is how Budget 2018 announcements may help you save tax
 Here's why the government advanced the Budget date
 Will Budget 2018 Reduce Your Income Tax? 10 Expectations
 How Budget 2018 will be different due to GST
 Will Budget 2018 cut tax on switch from dividend to growth option in mutual funds?
 Startup eco-system looks forward to the budget for addressing tax dilemma
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift

For the first time, gets a Rs 1,187cr budget
May, 31st 2010

A one-time settlement scheme to encourage payment of property tax, foot over bridges at busy junctions, waiving off increased water bills under the 24X7 project, 'Nagpur Darshan' bus service, an environment park and allocation of funds to encourage sports activities. These are some of the projects announced by standing committee chairman Sandeep Joshi in the proposed annual budget (2010-11).

Presenting a Rs 1187.33 crore budget, a four-figure mark for the first time, Joshi proposed hiking octroi rates on various goods, levy of penalty at 18% interest on non-payment of property tax and recovering more revenue from estate and market departments. The budget projects an income of Rs 1,193.29 crore with expenditure being Rs 1193.12 crore. The increase in income is primarily based on rise in octroi collection, property tax, fire and water tax revenue.

"We expect an increase in revenue due to improvement in recovery and vigilance. Our estimates are not exaggerated," Joshi said.

Recently, former municipal commissioner Aseem Gupta had presented budget proposals with an outlay of Rs 824.55 crore. And as is the usual practice, Joshi inflated it by another Rs 362 crore making it Rs 1,187 crore.

On the issue, Joshi said, "In his budget, Gupta had mentioned loans worth Rs 100 crore and dues worth Rs 15 crore, but the standing committee increased it to Rs 250 crore and Rs 98 crore respectively."

For working heads, the allocation of funds rose from Rs 145 crore to Rs 248 crore, while the traffic section went from Rs 6 crore to Rs 10 crore and fire from Rs 4.17 crore to Rs 7.17 crore. Sports too saw a considerable rise from Rs 1.53 crore to Rs 23 crore.

"The difference between Gupta's revised budget and the standing committee's budget is Rs 355 crore. I have adjusted the difference," added Joshi.

Joshi has set a target of Rs 673.63 from four revenue-earning sources - octroi (Rs 375 crore), property tax (Rs 176.87 crore), water tax (Rs 115 crore) and markets (Rs 6.72 crore).

A provision of Rs 100 crore has been made for the construction of a RuB, a RoB, a flyover and maintenance of IRDP roads.

To carry out repairs of internal roads, Rs 15 lakh has been sanctioned for every ward. Keeping in mind the rising population and traffic, the NMC has proposed installation of signals, blinkers and latest traffic management systems like close circuit TV cameras at a estimated cost of Rs 10.45 crore.

An amount of Rs 71 crore has been set aside to improve the street light system, installation of high mast lights and removal of MSEB poles which affect smooth flow of traffic. For the first time, Rs 10 crore has been allocated for the city traffic fund and Rs 7.17 crore for the fire department.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions