March 17, 2012

Highlights of Union Budget 2012-13

1.Personal tax: Exemption limit for individuals from Rs 1,80,000 to Rs 2,00,000.

Income up to Rs 2 lakh - Nil

Rs 2-5 lakh - 10%;

Rs 5-10 lakh - 20%

Rs 10 lakh and above - 30%

2.Exemption on interest from savings bank accounts up to Rs 10,000

3.Venture capital funds to be allowed to invest across sectors

4.Dividend repatriation for foreign companies extended by a year

5.Securities Transaction Tax reduced to 0.15%

6.Cumpolsory reporting requirement for companies with assets abroad

7.Direct tax proposals to result in net revenue loss of Rs 4,500 cr

8.No change in tax structure for corporates

9.Defence outlay at Rs 1.95 lakh crore.

10.In the 11th plan met 99 per cent of the total Plan outlay

11.Direct tax target fell short by Rs 32,000 crore. Non-plan expenditure for FY 2013 is Rs 9.69 lakh crore higher 18.8 per cent than estimated.

12.White paper on black money to be tabled in current session of Parliament.

13.Sees 2.5 per cent growth in agriculture sector, 9.4 per cent growth in services. Forecasts GDP growth at 7.6 per cent in 2012-13

14.Industrial growth is holding us back

15.Development of external trade encouraging

16.Successfully achieved diversification of export and import markets.

17.Need to improve supply side economy.

18.Higher crude oil prices has resulted in higher subsidy outgo. Crude oil prices expected to be above $115 a barrel.

19.Govt expenditure on subsidies to be restricted to 2% of GDP.

20.Direct transfer of subsidy to benefit.

21.Food security subsidy to be fully provided.

22.Use of PAN in both direct and indirect taxes as a preparation towards GST rollout.

23.Efforts for consensus on FDI in multi-brand retail.

24.Disinvestment target for FY 13 at Rs 30,000 crore. For current fiscal, Rs 14,000 crore raised against the target of Rs 40,000 crore.

25.Proposes Rajiv Gandhi Equity Savings Scheme, 50% I-T deduction for those with income below Rs 10 lakh.

26.DTC implementation deferred.

27.To protect the financial health of public sector banks. To provide Rs 15,888-crore for capitalisation of public sector banks and RRBs. To create financial holding company to look at the financial needs of the banks.

28.New tax exemptions for retail investments

29.Infrastructure invsestment under the 12th Plan to go up to Rs 50 lakh crore, half of which is to come from the private sector.

30.To encourage investment in infrastructure sector tax-free bonds of Rs 60,000 crore for next fiscal. Of this Rs 10,000 crore each for NHAI, IRFC, IIFCL, Power; Rs 5,000 crore each for HUDCO, NHB, SIDBI, and Ports.

31.ECB to part-finance rupee debt of power projects

32.ECB for working capital requirement for airlines industry with a ceiling $1 billion.

33.Direct import of aviation fuel allowed

34.Targets 8,800 km of national highway in next fiscal, 14 per cent increase in allcoation for road transport.

35.Targets self-sufficiency in manfacturing urea in next five years.

36.One per cent interest subvention scheme for housing loan of up to Rs 15 lakh extended.

37.2 more mega handloom clusters announced. Powerloom mega cluster in Maharashtra

38.Proposes Rs 5,000 crore opportunity venture fund for MSMEs channelled through SIDBI

39.Rs 500 crore for geo-textile cluster in North-east region; handloom centres also in Nagaland, Mizoram and Jharkhand

40.Two-third of total market borrowings of Indian Railways to come from tax-free bonds this fiscal.

41.To raise agricultural credit by Rs 1 lakh crore to Rs 5.7 lakh crore

42.Kissan credit cards to be modified to make them into smart cards to be used at ATMs

43.Additional 3 per cent interest subsidy for farmers proposed

44.To provide Rs 10,000 crore to Nabard for refinancing regional rural banks

45.Budgetary allocation for rural, water and sanitation schemes hiked by 27% to Rs 14,000 crore

46.Rs 20,000 crore for rural infrastructure development fund, of which Rs 5,000 crore specifically for warehouses

47.PPP schemes for 2,500 schools announced

48.Allocation under National Rural Health Mission raised to Rs 20,822 crore from Rs 18,115 crore

49.Allocation to National Rural Livielihood Mission for women increased by 34 per cent

50.Interest subsidy for women SHGs up to Rs 3 lakh at 7 per cent; 3 per cent more for SHGs that repay promptly.

51.Credit guarantee fund for loans to students.....

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