Income Tax Slabs FY2012-13
1 to 2 lakhs Nil
2 to 5 lakhs 10 pct
5 to 10 lakhs 20 pct
above 10 lakhs 30 pct
Download Pranab Mukherjee Budget Speech.pdf
Finance Minister Pranab Mukherjee presented the Union Budget to parliament on Friday.
Finance Minister Pranab Mukherjee presented the Union Budget to parliament on Friday.
Here are the highlights:
* FY12 was a recovery for India: Pranab
* Cabinet approves Union Budget for 2012-13
* Uproar in Parliament as Pranab presents Budget
* Widespread uncertainty after global economic turmoil: FM
* India has a global responsibility. Need credible roadmap
* Have to accelerate the pace of reforms, says Pranab
* Weak economic growth attributed to low industrial growth
* Exports grew by 23% in the First Quarter
* Economy is now turning around, manufacturing appears to be on revival: FM
* Pranab: Expect headline inflation to moderate in the next few months
* Industrial output growth seen at 3.5 per cent in 2011/12: FM
* International crude oil prices may cross $115 per barrel. This will impact the Fuel Subsidy Bill: FM
* Current account deficit in 2011/12 seen at 3.6 pct of GDP
* Economy is turning around now: Pranab
* GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent.
* To keep 2012/13 subsidies under 2 pct of GDP
* Subsidies related to food will be extended under the Food Security Act and will be 2% of the GDP
* Aim to rein in spending on undesirable subsidies
* 2.5% growth in agriculture this year
* We have to expedite decisions to improve delivery systems to address problems of black money and corruption
* Aadhar-enabled payment of select govt schemes in 50 districts
* Food and fertiliser subsidy largest expenditure: Pranab
* Expect average inflation to be lower next year; expect current account deficit to be lower next yea: FM
* Amendments to FRBM Act part of the Budget
* Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan
* Direct Tax Code (DTC) Bill to be enacted at the earliest, says FM
* Government to raise Rs 30,000 crore in 2012-13 from disinvestment of stake in PSUs.
* GST to be operational by Aug 2012: Pranab
* Advance Pricing Agreements in DTC to be in Finance Bill
* Rs 30,000 crore divestment target next year: Pranab
* Efforts to to build broadbased consensus with state govts on allowing FDI in multi-brand retail up to 51%: FM
* Rs 15,800 crore for capitalisation of PSU banks
* Income Tax deduction of 50% on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi
* IPO equity offer above Rs 10 crore will have to be made electronically in capital market reforms
* Microfin Institution Regulation Bill, National Housing Bank Regulation Bill, Registered Bank Regulation Bill and Public Debt Management Bill this session
* Addressing malnutrition, black money, corruption in public life among priorities in the year ahead
* Investment up to Rs 50,000 in stock markets to get concessions
* Tax exemption on individual share investment below Rs 10 lakh
* Govt examining new ways of providing subsidies for LPG, kerosene
* Increase in investments in infrastructure through PPP
* Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector
* 8,800-km of highways to be developed under National Highway Development Project in 2012-13
* Completion of highway projects 44% higher than in previous fiscal
* Rs 15,888 cr to be provided for capitalisation of public sector and regional rural banks and NABARD
* Govt to double tax free bonds for infrastructure financing to Rs 60,000 crore in next FY: Pranab
* Corporate market reforms to be initiated
* Proposal to allow foreign airlines to participate direct or indirectly in India being considered actively
* External commercial borrowings to the extent of $1 billion to be allowed for aviation sector for next year
* India will become self-sufficient in urea production in five years
* Government to set up Rs 5000 crore venture fund for MSME sector
* Agriculture credit target to be raised by Rs 100,000 cr to Rs 5,75,000 cr
* Government to provide Rs 10,000 crore to NABARD for refinancing regional rural banks
* Additional 3% interest subvention to farmers for promptly repaying their dues
* Government to set up company to finance minor irrigation works
* UID allocation at Rs 14,232cr in FY13
* Propose National Mission for Food Processing
* New warehouses for foodgrain stocks to be built
* Rs 242 crore project with World Bank assistance to improve dairy production
* To allow ECB borrowing to part-finance power projects
* Farmers who repay loans on time to be rewarded
* Govt to create PDS through Adhaar platform by Dec to realise objectives of Food Security Bill
* Rs 15,850 cr to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 cr this fiscal
* Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 cr in FY 12 to Rs 14,000 cr in 2012-13
* National Backward Region Grant scheme outlay raised by 22% to Rs 12,040 crore
* Rs 20,000 cr to be spent on rural infrastructure development, including Rs 5,000 cr for creating warehousing facilities
* Rs 20,822 crore earmarked for National Rural Health Mission (NRHM) against Rs 18,115 crore this year
* Rs 200 crore allocated for research on climate change
* Interest subvention of 7% to women self groups for loans up to Rs 3 lakh, additional 3% for those making timely repayment
* Maternal and child nutrition scheme to be launched in 200 districts
* Rs 1000 crore to be provided for National Skill Development Corporation in 2012-13
* Rs 3,915 crore to be spent on National Rural Livelihood Mission
* Rs 193,407 crore provision made for defence services in 2012-13
* 40 crore Aadhar enrollment in year beginning April 2012
* White Paper on blackmoney to be tabled in current session of Parliament
* FM: Information on blackmoney stashed abroad has started flowing in; prosecution to be executed in some cases
* Oil companies to get cash refunds on subsidy
* Net tax receipts of the Centre in 2011-12 stands at Rs 7,71,071 crore
* Non-plan expenditure Rs 9,69,900 crore in 2012-13; 8.7 per cent higher than current year
* Direct tax collection fell short by Rs 32,000 crore in current fiscal
* Fiscal deficit at 5.9 per cent of GDP in revised estimates for 2011-12
* I must be cruel to be kind, quotes Pranab Mukherjee
* Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000
* Upper limit raised from Rs 8 lakh to Rs 10 lakh for 20 per cent bracket
* New tax slabs: Up to Rs 2 lakh rupees – NIL; Rs 2 lakh- 5 lakhs – 10%; Rs 5 lakh – Rs 10 lakh – 20%; above Rs 10 lakh – 30%
* Senior citizens to be exempt from advance tax payments
* Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup
* Determined to bring down fiscal deficit to 5.1 per cent of GDP next fiscal
* Total debt of the Centre will be 45 per cent of GDP
* Revenue deficit for 2012-13 projected at Rs 1,85,752 crore
* Interest income of up to 10 per cent to be exempted from tax
* No change in corporate tax rate
* Withholding tax on power, airlines, road and brides, ports and shipyard, fertilisers, dams and affordable houses lowered to 5% from 20% for 3 years
* Capital gains tax on residential property exempted if sale proceeds used for SMEs
* Securities Transaction Tax (STT) reduced from 0.125% to 0.1%
* Introduction of compulsory reporting of assets held abroad
* Direct taxes proposals to result in net revenue loss of Rs 4,500 crore
* All services except 17 in the negative list to be brought under service tax net
* Copyright relating to cinematography in film industry exempted from service tax
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