Budget highlight :
Budget : Union budget presented on 16th march 2012
IT slab for individual : upto 2 Lac nill, 2-5 Lac : 10%, 5-10 Lac : 20%, >> 10 Lac : 30%
For Senior citizen ( 60-80 Year) : upto 2.5 Lac : nil, 2.5-5 Lac : 10%, 5-10 Lac : 20%, >> 10 Lac : 30%
For Senior citizen ( above 80 Year) : upto 5 Lac : nil, 5-10 Lac : 20%, >> 10 Lac : 30%
STT lowerd by 20 percent from 0.125% to 0.1%.
New Income tax act will bring even 50 year old deals under the scanner.
Gross tax receipt for 2012-13 : Rs. 10,77,612 Crore ( up by 15.6%)
Fund slashed for MGNREGA : from 40000 crore to 33000 crore
For drinking and sanitation : from 11000 crore to 14000 crore
For Pradhan mantra sadak yojna : from 20000 crore to 24000 crore
Indira Awas Yojna : from 9000 crore to 10000 crore.
Defence spending : 1.9 % of GDP ( up by 18%) : 193407 crore.
Govt. will levy tax @ 30% on undisclosed money, credits investments and expenditures irrespective of the income slab of the individual.
GDP 2011-12 : 6.9%
GST network to be operation : August 2012
Rajiv Gandhi Equity saving schme : allow 50% deducation, invest upto 50000 in equites, will have a lock in period of 3 year.
Swabhimaan campaign : habitation
Tax free bonds of Rs. 60000 crore to be in infrastructure : 2012-13
Target of length of 8800 KM under NHDP road.
Two more mega handloom clusters : one at Prakasam & Gurtur in AP and another in Godda (Jharkhand)
Kisan Credit card to be modernized to be used as Bank ATM.
Himayat : skill training to be given to 1 lac J&K; residents in next 5 year.