10 POINTS TO REMEMBER IN BUDGET 2012-13
New Tax slabs/Income Tax rates;
New Income Tax slab
Rates of Income Tax
Income up to Rs. 2 Lacs
0%
Income from Rs. 2 Lacs to 5 Lacs
10%
Income from Rs. 5 Lacs to 10 Lacs
20%
Income from Rs. 10 Lacs and above
30%
Goods and Services Tax shall be applicable from August, 2012 and Direct Tax Code has been deferred for the time being.
Health insurance deduction shall be allowed upto Rs. 5000 for preventive health checkup.
Introduction of strict anti tax avoidance measures like compulsory reporting requirement of assets held abroad etc.
Purchase of jewellery above Rs. 2 lacs shall come under tax net.
Service Tax @ 12% shall be applicable on all services except those in negative list like; Govt. services, entertainment, public transport, pre school and high school education etc.
PAN Card No. shall be used as a common identifier for all tax purposes/matters.
Senior citizens shall be exempted from advance tax payments.
Branded silver jewellery shall be exempted from excise duty.
Tax exemption upto 50% on the investments upto 50,000/- in Rajeev Gandhi Equity Scheme/Fund for the people having income below Rs. 10 Lacs.
Five best:
Negative list for services
Subsidies at 2% of GDP
Tax free infra bonds
Foreign borrowings for low-cost housing
Expansion of venture capital
Five worst:
Fiscal deficit at 5.1% of the GDP
Allocation of divestment proceeds
Growth projection at 7.6%
Subsidy payment by cash vouchers
Increase in agricultural credit
Bro can u pls elaborate a lil on above,not able to understand much abt bold things.Thanks for knowledge sharing.
Hi friends,
I am self-preparing for CAT 2012.
It is recommended that every CAT aspirant should be acquainted with current affairs and issues. I read newspapers daily but I fail to understand most of the financial and economic issues and discussions because I do not have any knowledge of economics or finance. What should I do ? Please help.
I know it is really demotivating to read ET when u dont understand most of the terms.
i would suggest u to learn basics of finance from someone , or get hold of Byju GDPI videos which are very useful.
I know it is really demotivating to read ET when u dont understand most of the terms.
i would suggest u to learn basics of finance from someone , or get hold of Byju GDPI videos which are very useful.
Hi friends,
I am self-preparing for CAT 2012.
It is recommended that every CAT aspirant should be acquainted with current affairs and issues. I read newspapers daily but I fail to understand most of the financial and economic issues and discussions because I do not have any knowledge of economics or finance. What should I do ? Please help.
Happy to see this thread. Last year I had started the same 
But puys participate less in such thread. Lets hope this year puys rip apart each and every part of budget 2012.
Will come back with my analysis of the budget. 😃
Five best:
Negative list for services
Subsidies at 2% of GDP
Tax free infra bonds
Foreign borrowings for low-cost housing
Expansion of venture capital
Five worst:
Fiscal deficit at 5.1% of the GDP
Allocation of divestment proceeds
Growth projection at 7.6%
Subsidy payment by cash vouchers
Increase in agricultural credit
service tax increased from 10% to 12%
