BUGET HIGHLIGHTS

Here are the main highlights of Budget 2012-13:

 

      Tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.

      No Extra benefit for woman Taxpayer means Tax Limt for woman remain 200000/-
Income Tax at 10% for Rs 2-5 lakh

      Income Tax at 20% for Rs 5-10 lakh

      Income Tax at 30% for Above  Rs 10 lakh

      No change in corporate tax rates
Cars to attract ad valorem rate of 27 per cent

      Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted

      Kisan Credit card may be use as ATM card

      Withholding tax on power, airlines, road and bridges, ports and shipyard, fertilisers, dams and affordable houses lowered to 5 pc from 20 pc for 3 years

      Full exemption from basic customs duty for equipment for road and highway construction.

      Import of equipment for fertilizer plants fully exempt from customs duty for three years.

      Standard excise duty rate raised from 10 per cent to 12 per cent.

      Service tax to yield additional revenue of Rs 18,650 crore.

      Service Tax increase from 10 to 12%

      All services except 17 in the negative list to be brought under service tax net.

      Rs 193,407 crore provision made for defence services in 2012-13.

      Rs 3,915 crore to be spent on National Rural Livelihood Mission.

      Rs 1000 crore to be provided for National Skill Development Corporation in 2012-13
Interest subvention of 7 pc to women self groups for loans up to Rs 3 lakh, additional 3 pc for those making timely repayment.

      Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year

      Rs 20,000 cr to be spent on rural infrastructure development, including Rs 5,000 cr for creating warehousing facilities.

      Agriculture credit target to be raised by Rs 100,000 cr to Rs 5,75,000 cr, says FM
Additional 3 per cent interest subvention to farmers for promptly repaying their dues

      Rs 15,850 cr to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 cr this fiscal

      Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.

      To implement DTC at the earliest

IPO equity offer above Rs 10 crore will have to be made electronically in capital market reforms.