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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