1) Union Budget
2012-2012 was presented by Finance Minister Sh. Pranab Mukherjee on 16th march
2012.
2) In the Budget
Estimates for 2012-13, the Gross Tax Receipts are estimated at Rs.10, 77,612
crore which is an increase of 15.6 per cent over the Budget Estimates .
3) GDP growth to
be 7.6 per cent (+ 0.25 percent) during 2012-13
4) Rajiv Gandhi
Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities
5) Rs.15,888
crore to be provided for capitalization of public sector banks and
financial institutions.
6) A central “Know Your Customer” depository to be develop
Swabhimaan: remaining habitations to be covered; to be extended to more
habitations; ultra small branches to be set up in Swabhimaan habitations.
7) Target for
agricultural credit raised to Rs. 5,75,000 crore.
8) 58 percent
rise in allocation to ICDS, at Rs. 15,850 crore.
9) Senior
citizens without business income exempt from advance tax.
10) General Anti
Avoidance Rule being introduced to counter aggressive tax avoidance.
11) Service tax
rate is being increased from 10 per cent to 12 per cent
12) Silver
jewellery will now be fully exempt from excise duty.
13) Customs duty
is being raised for gold bars and coins of certain categories, platinum and
gold ore.
14) A General
Anti-Avoidance Rule (GAAR) is being introduced in order to counter aggressive
tax avoidance.
15) Individual
income upto Rs.2 lakh will be free from
income tax; income upto Rs.1.8 lakh was exempt in 2011-12.
Income
above Rs.5 lakh and upto Rs.10 lakh now
carries tax at the rate of 20 per cent; the 20% tax slab was from Rs.5 lakh to
Rs.8 lakh in 2011-12.
16) An increase
in allocation for NRHM to Rs.20,822 crore in 2012-13.
