Related Tags:-Budget 2012 | Union Budget | Rail Budget | Budget News | Economic survey 2012 | Pre-Budget 2012
The Union Budget of India also called the general India budget is presented each year on the last working day of February. The budget is presented by the Finance Minister of India in Parliament. Budget is most economic event in the country which outlines all the economic planning of the Government of India for the next year. It is not only important for corporates but for individuals from all sections of the society.
A parliamentary panel has submitted its recommendations on the Direct Taxes Code (DTC) bill, potentially giving the government leeway to please taxpayers in the March 16 budget and win back favour after suffering severe setbacks in recent state elections.
If the recommendations of the standing committee on finance headed by senior BJP leader Yashwant Sinha are accepted, nearly 90% of taxpayers will drop out of the tax net while others could see their tax liabilities come down.
Highlights of Union Budget 2012:
•Direct cash subsidy for LPG and Kerosene
•Direct transfer of subsidy to retailer and farmer
•GST to be operational from August
•Efforts on for FDI consensus
•30000 crore divestment in 2013
•5-point agenda
•STT may be abolished
•DTC implementation to be delayed
•60000 crore tax fee band
•Rajiv Gandhi Equity schemes to get huge liquidity for stock
•10000 crore for power sector
•ECB cop to be raised for airlines
•ECB for low cost housing projects
•1000 crore for green revolution
•300 crore for Vidarbh irrigation
•Additional 3% interest subsidy for farmers
•11937 crore for mid day meal
•New ration shops on PDS
•24000 crore for rural road
•20822 for NRHM
•3915 thousand crore for MANREGA
•14000 crore for water and Sauchalaya in rural area
•6000 new schools to set up
•7 medical colleges to be upgraded
•1000 crore for skill development
•Pension increased to 300 from last year 200
•193407 for defence budget
•No tax on Rs. 2 lakh
•10% tax on Rs. 2 lakh to 5 lakh
•20% tax on Rs. 5 lakh to 10 lakh
•30% tax on Rs. 10 lakh and above
•No change in corporate tax
•Service tax to increase by 12%
•Excise duty to be increased
•Diamond, gold, imported cycle, cigarette, tobacco, TV, Fridge, Phone Bill, Air Ticket to more cost
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