Income tax exemption limit raised to Rs.2 lakh to provide relief of relief of Rs.2,000 for all assessees; 20 percent 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 percent to 12 percent 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 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser 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 percent.
* 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 percent to 7.5 percent.
* Import duty on equipment for iron ore mining reduced from 7.5 to 2.5 percent.
* Allocation of Rs.200 crore for research on climate change.
* Irrigation and water resource company to be operationalised.
2 comments:
Great survey.....!!
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