Sunday, 20 May 2012

Upcoming Union Budget Highlights 2012

The biggest challenges during long Political Career of Finance Minister Mr. Pranab Mukherjee that Today's Budget-2012. Finance Minister Pranab Mukherjee presented India's federal budget to parliament on Friday for the coming financial year beginning in April.

Latest news about the budget 2012-2013 that it has been passed by the government and now all highlights are available.

Some Highlights about Budget 2012-2013.

  • Income tax exemption limit raised to Rs.2 lakh to provide relief of relief of Rs.2,000 for all assessees; 20 per cent tax on income over Rs.10 lakh, up from Rs.8 lakh.
  • Deduction of up to Rs.10,000 from interest from savings bank accounts.
  • Defence to get Rs.1.93 lakh crore during 2012-13.
  • Service tax rate raised from 10 per cent to 12 per cent to bring in Rs.18,660 crore. 
  • Number of proactive steps taken on black money (stashed away abroad); information has started flowing in, prosecution to be initiated; White Paper in current session.
  • No change in corporate taxes but measures to enable them better access funds.
  • Withholding tax on external commercial borrowings reduced from 20 per cent to five per cent for power, airlines, roads, bridges, affordable houses and fertilizer sectors.
  • National Skill Development Fund allocated Rs.1,000 crore.
  • Four thousand residential quarters to be constructed for paramilitary forces with an allocation of Rs.1,185 crore.
  • National Population Register to be completed in two years.
  • Excise duty raised from 10 to 12 per cent.
  • Cinema industry exempted from service tax. 
  • Branded silver jewellery fully exempt from excise duty.
  • Customs duty on warning systems/track upgrade equipment for railways reduced from 10 per cent to 7.5 per cent.
  • Import duty on equipment for iron ore mining reduced from 7.5 to 2.5 per ce [...]

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