The Government of India has announced and proposed its Union Budget for 2010 – 2011. The following have been announced.

Better income tax slabs which would benefit almost 60% of the tax payers. This can be elaborated as follows:

• For those with income range between Rs.1.6 lakhs - Rs. 5 lakhs, the tax liability would be 10%.
• For income varying between Rs. 5 lakhs - Rs. 8 lakhs, the tax liability would be 20%.
• Income above Rs. 8 lakh will have a tax liability of 30%.

Keeping aside the above, the following key points should also be noted:

• A proposed hike in the fuel prices has been a major amend. So, some of the benefits that come from the above tax savings would be catered to the fuel.
• The higher inflation in food prices and related items would come from the above hike in fuel prices.
• Fiscal deficit is proposed to be higher at around 5.5% for the coming year.
• Enhanced deficit for current financial year is expected to be at 6.9% which is a huge disappointment.

Collectively, this stresses on the fact that benefits coming out of tax savings would be deviated towards paying more for the daily needs and utilities.

Higher fiscal deficit means that the Government income is less than its earnings. It meets this additional expense by printing surplus currency or by selling public assets. These public assets are basically made and supported by tax payers like us.

The budget certainly raises a hope as it has proposed to bring down the fiscal deficit in the next two years. But as has been seen in the past, the interim sees higher non-plan expenditure and that means increased fiscal deficit by the time the fiscal year comes to an end. So, we need to wait and watch to see what happens next!

There is no hike in service tax and which is welcoming for now. However, it remains to be seen if new occupations are being brought into the service tax bracket. But, until then, the public has to keep its fingers crossed.

Gems and jewel prices such as gold, silver and other precious stones are all set to rise. So, a warning to all those planning to get married or investing in a wedding must keep their pockets a bit more flexible!

It is agreed that the defence of the country is paramount and cannot be compromised on, still one fails to understand hike of another 4% in its expense on the country’s defence. This is especially when India continues to have a misfortune of having the majority of poor in the world and especially when they are dieing of hunger. Are we still afraid of others taking over our country despite being a nuclear power? At such a point, it is hard to understand the investment in nuclear resources if it is still not a good enough deterrent?

Excise duty is being increased for most of the manufacturing and capital goods segment. This is an effort towards fiscal discipline and management. But then, these minor benefits are taken away by pay commission reports that are recommended and implemented.

Almost Rs. 35,000 Crores have been raised by selling equity of public sector undertakings (supposedly owned by public) but none of this will be used for general benefit of public. It is likely that all will go into meeting the fiscal deficit.

You will pay more for your new television sets, air conditioners and cars. When will the Government understand that these items are no longer luxuries but utilities? It is tragic that these items get the same tax treatment as cigarettes and tobacco.

On the other hand, the extension of banking and interest facilities for real estate and housing sector is a step in the right direction. This would lead to stimulating many other related sectors like steel and cement in the economy. But it has to be ensured that these benefits are passed on to the general public by builders and developers through affordable housing.

It is not yet clear regarding the benefits of introducing new private banks. Rather than giving licenses to new banks, it is better to support existing banks in expanding their current networks. It has to be realized that the Indian financial market is still developing and major part of the population is still illiterate. They being subjected to aggressive private banking would mean that there will be more shocks and financial indiscipline. Many in public may end up losing money by trusting their savings to these new private banks.

In the end, let us hope that budgetary targets are met and no mid year surprises are thrown on the general public. They need to plan their budget too and it is possible only against a certain, stable Government budget.

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There are many aspects that must be considered and worked on before actually getting on to the flight and post landing in Australia. Some such activities include banking your money, car, telephone and internet, utilities and so on.

Ensuring that all your savings are safely transferred is the key of all aspects. For this, efficient banking is a must. Thus, opening a bank account is a must which would require you to present an ID such as that of a passport. Certain banks in Australia permit you to open an account prior to your landing in Australia. Once you land, you must to go the particular branch within the first 6 weeks with an identification proof. You must provide with a current residence address. This can also be a temporary address till you find a decent accommodation for yourself. After getting the bankcards, you can subscribe to phone as well as internet banking.

However, it has to be remembered that banking in Australia might turn out to be quite different from that in your native country. Here, it is followed on a points system based on which an individual is permitted to open a bank account. Ideally, a minimum of 100 points have to be acquired to open one. Additionally, a passport and a driving license are also mandatory to be produced.

Also, there are many different types of bank accounts that are available. The most common ones opted for are the deposit or the transaction accounts meant for daily purposes. The interest charged on these accounts is not more than 0 – 1%. A savings bank account is another option that could be considered. Credit cards are also available for immigrants but its takes time to build a good credit history.

Another important aspect is subscribing to a telephone and an interest connection. For this, a service provider could be contacted to fit a connection. You might have to pay some amount to get the connection active.

You must know that Telstra and Optus are the biggest telecom companies in Australia. Either of the above could be contacted for a connection. You would have to be pay monthly bills and there are a number of packages to for you to select from based on your needs.

You would need to buy a new mobile handset since the ones from your native country might not work here. All the major mobile handset companies are present in Australia. You can get a connection along with handset itself. Regarding the network coverage, be careful on the connection you opt for. To know more, contact the Australia Department of Broadband, Communications and Digital Economy.

Next in line are the utilities. If you are living in a rented accommodation, your landlord would look into it for you and pay for you. To know more on the water supply, you can visit the Australian Government National Water Commission.

For gas and electricity, the Energy Australia is the largest service provider. To get a connection, a simple phone call to them would do. However, Utilityone is one single service provider for all your needs of water, gas and electricity, telephone and internet.

A driver’s license is another important document which would prove your identification. If you have an international driving license, you would be permitted to use it in Australia for the initial one year. Post one year, you would have to take a written test to convert your current license into an Australian one.

Last, but not the least, having an independent mode of transport is of utmost importance. You would not find any problems buying a car in this country. However, look around for the best possible deal available. Your vehicle must be registered for you to legally drive. The registration would involve a fee, a pink slip, proof of purchase and ownership, insurance and an ID proof.

All in all, there are many aspects that must be looked into. The above were some of the most important aspects to be considered. To know more on the same, you can get in touch with an Immigration and Visa expert. He can guide you more on the post landing issues.

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