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The highlights of the Budget.2012-13
* No change in slabs and rate for personal income tax.
* Tax credit of Rs 2000 to be provided to every person to having income
of up to Rs 5 lakh, this will benefit 1.8 crore people.
* 5 to 10 per cent surcharge on domestic companies whose taxable income
exceeds Rs 10 crore.
* Commodities transaction tax levied on non-agriculture commodities futures contracts at 0.01 per cent.
* Modified GAAR norms to be introduced from April 1, 2016.
* No change in peak rate of customs duty for non-agriculture products.
* Direct Taxes Code (DTC) bill to be introduced in current Parliament session.
* No change in basic customs duty rate of ten per cent and service tax rate of 12 per cent.
* Import duty on rice bran oilcake withdrawn.
* Series of concessions granted to Maintenance, Repair and Overhaul (MRO) business in the aviation sector.
* Import duty raised on set-top boxes from 5 to 10 per cent to safeguard
interest of domestic producers.
* 10 per cent customs duty to be levied on unprocessed illuminate.
* Import duty raised from 75 to 100 per cent on luxury vehicles.
* Duty free limit on gold raised to Rs
50,000 in case of male and Rs 100,000 in case of female.
* No countervailing duty on ships and vessels.
* Specific excise duty on cigarettes and cigars raised by 18 per cent.
* Excise duty on SUVs to be increased to 30 per cent from 27 per cent,
SUVs registered as taxis exempted.
* Vocational courses offered by state-affiliated institutes to be exempted from services tax.
* Duty on mobiles above Rs 2,000 raised from one to six per cent, based on their maximum retail prices.
* Service tax to be levied on all a/c restaurants.
* One time voluntary compliance scheme for service tax defaulters to be
introduced. Interest, penalties to be waived.
* Direct tax proposals to yield Rs 13,300 crore, indirect tax proposal
to give Rs 4,700 crore.
* Education cess to continue at 3 per cent.
* Contributions made to central and state government health scheme eligible to tax benefit.
* Eligibility conditions for life insurance policies of persons suffering disabilities to be
liberalised.
* Investor Protection Fund set up by depositories will be exempt from tax.
* Transactions on immovable properties usually undervalued.
* TDS of one per cent on value of properties above Rs 50 lakh. Agriculture land exempted.
* Securities Transaction Tax (STT) reduced on equity future, mutual fund.
* Fiscal deficit will be 5.2 per cent in current year and 4.8 per cent
in the next fiscal.
* Will redeem our pledge to reduce fiscal deficit to 3 per cent by
2016-17 and revenue deficit to 1.5 per cent of GDP.
* Tax Administration Reform Commission to be set up to regularly review
tax law applications.
* In 2011-12, tax-GDP ratio was 5.5 per cent for direct taxes and 4.6 per cent for indirect taxes.
* Surcharge of 10 per cent for individuals whose taxable income is over
Rs 1 crore.
* Plan expenditure pegged at Rs 555,322 crore.
* Non plan expenditure pegged at Rs 11,09,975 crore for 2013-14.
* Low interest rate funds to be provided from Clean Energy Fund for green projects for a period of five years.
* Generation-based incentives to wind energy projects reintroduced, Rs
800 crore provided for the purpose to Ministry of New & Renewable Energy.
* Constraints will not come in the way for providing additional funds for security of the nation.
* Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14.
* Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS
(Guwahati) and INTACH.
*. National Institute for Sports to train coaches to be set up at Patiala
at a cost of Rs 250 crore.
* Rs 532 crore to make post offices part of core banking.
* Rs 5,87,082 crore to be transferred to states under share of taxes and
non plan grants in 2013-14.
* Comprehensive social security package being evolved by convergence of
several schemes run by various ministries.
* Investor with stake of 10 per cent or less will be treated as FII;
and more than 10 per cent will be treated as FDI.
* FIIs will be allowed to participate in exchange traded currency derivatives.
* We will evolve schemes for cities to take up waste to energy projects.
* Small and medium companies to be allowed to listed on MSME exchange without making a public offer.
* Concessional six per cent interest on loans to weavers.
* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month.
*.Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840
crore, Rs 226 crore provided in current Budget.
*. Faced with huge fiscal deficit, I have no choice but to rationalise expenditure
* We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2%. Food inflation is worrying
* Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore
or 96 per cent of budgeted expenditure.
* Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55,
322 crore
* The revised expenditure target is Rs 14,30,825 crore or 96 per cent of
Budget estimate for this fiscal. In 2013-14, the budget estimate is Rs
16,65,297 crore.
* One overarching goal to provide education and skills to youth for securing jobs in the 2013-14.
* FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.
* Additional sum of Rs 200 crore to Women and Child Welfare Ministry to
address issues of vulnerable women.
* Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per
cent of the revised estimates.
* CFM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.
* Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates.
* Rs 110 crore to be allocated to the department of disability affairs.
* Rs 37,330 crore allocated for Ministry of Health & Family Welfare.
* Rs 1069 crore allocated to Department of Aryush.
* Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to
Department of Ayush.
* In the Budget Rs 65,867 crore allocated to Ministry of HRD in 2013-14.
* Medical colleges in six more AIIMS-like institutions to start
functioning this year; Rs 1650 crore for the purpose.
* Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students.
* Rs 13,215 crore to be provided for mid-day meal scheme.
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