Union Budget 2012

[H.A.]

Tax slabs revised

1) Up to Rs 2 lakh: no tax
2) Rs 2 to 5 lakh: 10 %
3) Rs 5 to 10 lakh: 20%
4) Above 10 lakh: 30%

 

[H.A.]

Substantial hike in Defence Budget

Defence outlay at Rs 1.95 lakh crore.

 

[Blackwater]

Substantial hike in Defence Budget

Defence outlay at Rs 1.95 lakh crore.

$$$$$$$ me kitna???? hua

 

[H.A.]

Cars to cost more. Excise tax on cars raised, small cars at 12% from 10%; large cars at 24% from 22%

On large cars, Rs15,000 additional excise removed, instead ad valorem rate of 27%

Import duty concessions on parts of hybrid/electric vehicles extended to other components

Peak Customs rate unchanged

Aircraft tyres exempted from basic Customs and excise duty: I don't understand this???

Full exemption from basic Customs duty on natural gas, LNG, uranium for generation of electricity for two years

Exempts LCD, LED panels from Customs duty

Basic Customs duty on bicycles raised to 30%

Customs duty on gold and platinum doubled to 4%, for jewellery doubled to 10%: Damn gold prices will increase....

 

[H.A.]

$$$$$$$ me kitna???? hua

At today's rate 1 $ = :inr: 50.31....you do the calculation.

 

[Blackwater]

At today's rate 1 $ = :inr: 50.31....you do the calculation.

40billion$$$$$$$$$$$$$$$$$$??

 

[Blackwater]

Widow and disabilty pension just Rs 300:taunt1::taunt1:

 

[Rahul92]

FM said the amount of tax free infra bonds will be doubled to Rs 60,000 crore. The amount of tax free bonds is set at Rs 10,000 crore for both IRFC and NHAI. Mukherjee has also allowed foreign institutional investors to invest in long term infra bonds.

 

[Rahul92]

For the fertilizer space, he enhanced the capital expenditure deduction limit to 150% and exempted them from customs duty on equipment for fertilizer plants.

Thermal power plants have also been blessed with a full customs duty exemption on imported coal for two years.

 

[Rahul92]

In a bid to boost retail investors' participation in the capital markets, the government has introduced a tax exemption scheme for equity markets targeted at new investors in the Union Budget 2012-13. A scheme christened as Rajiv Gandhi Equity Saving Scheme is expected to deepen bourses investors base and reduce volatility.

Under the proposed scheme, a 50% deduction on short-term capital gains tax will be allowed for new investors in the equity market up to an annual investment limit of Rs 500,000. Currently, short-term capital gains tax is levied at 15% on all listed securities and units of equity-oriented funds. This means, investors will end up paying Rs 7.5% tax.

Only those taxpayers with an income of up to R10 lakh per annum will be eligible for it.

Experts believe the key purpose of the scheme is to bring taxation in line with the proposed Direct Taxes Code.

Under the code, if equity shares or units of equity-oriented funds are held for less than 12 months, deduction of 50% of gains will be allowed and the balance will be taxed at gradual rates of 5%, 10% and 15% depending on the income of the assessee. If the assessee falls within the 10% slab rate, the tax on capital gains is 5% and for taxpayers within the bracket of 20% and 30%, it is 10% and 15% respectively.

 

[Rahul92]

the Defence Budget was today substantially hiked by more than 17% to Rs 1,93,407 crore from last year's Rs 1,64,415 crore.

Of the total outlay, over Rs 79,500 crore would be spent on procuring modern weapons systems and military hardware. This allocation is based on the present needs and any further requirement for the security of the nation would be made, Finance Minister Pranab Mukherjee said.

The deals which are likely to be signed this year include 126 Medium Multi Role Combat Aircraft (MMRCA), 145 Ultra Light Howitzers (ULH), 197 Light Utility Helicopters and others weapons and systems for the three services.

Presenting the budget, Mukherjee said that Rs 1,93,407 crore has been allocated for defence forces of which over Rs 79,500 crore would be earmarked for capital acquisition. India plans to spend over USD 100 billion on defence acquisitions in the next five to 10 years.

 

[Rahul92]

Damn Loving the Budget So Much for Shareholders

 

[Rahul92]

Highlights
At a glance: zero reforms, tweaked income taxes, higher Service Tax and Excise Duty, incentives on equity investments.
Defence allocation up by more than 17 per cent to Rs 1,93,407 crore from Rs 1,64,415 crore last year.
Cheaper: Stock trade, processed food, ready-made garments, cancer & HIV medicines.
Costlier: Big cars, ACs, refrigerators, phone bills, restaurants, cigarettes.
Excise duty rate on cars increased to 24 per cent from 22 per cent. Eating out, air travel becomes dearer.
Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
20 per cent reduction in Securities Transaction tax.
Service Tax goes up to 12 per cent, net widened to include more sectors, just 17 services exempt. No change in Corporate Tax rate.
No advance tax for senior citizens.
New IT: From Rs 2 lakh to Rs 5 lakh at 10 per cent, from Rs 5 lakh to Rs 10 lakh at 20 per cent, and beyond Rs 10

 

[thakur_ritesh]

few questions:

What figure did he give on central fiscal deficit?
The total outlay for budget 2012-13?
How much of this outlay will be loaned?
What is the figure for tax to GDP ratio?
What is the break-up of the defence budget?

Please answer. Thanks.

 

[Blackwater]

Anything for NRIs

 

[H.A.]

Anything for NRIs

That's the 3 rd time you asked....what do you want...????

 

[Vishwarupa]

Following are some of the key highlights of the Union Budget 2012-13, presented by Finance Minister Pranab Mukherjee in the Parliament on Friday:

* Tax burden for individuals to come down: Income tax exemption limit raised from Rs. 1,80,000 to Rs. 2,00,000; 10 per cent tax for 2-5 lakh income; 20 per cent for 5-10 lakh and 30 per cent beyond Rs. 10 lakh; Savings bank account interest up to Rs. 10,000 exempted from tax.

* Many services and goods to cost more: No change in corporate tax rate, but standard rate of excise duty, as also service tax rates, raised from 10 per cent to 12 per cent; No change in peak customs duty of 10 per cent on non-agri goods.

* Large cars, imported bicycles, cigarettes, bidis and some imported jewellery to cost more; branded silver jewellery may get cheaper.

* Boost for capital markets: Securities Transaction Tax on cash delivery reduced by 25 per cent to 0.1 per cent; A new Rajiv Gandhi Equity Saving Scheme to allow income tax deduction to retail investors in stocks.

* Economy expected to gain ground: GDP growth rate pegged at 7.6 per cent in 2012-13; Subsidy Expenditure to be checked and higher tax revenues targeted; Rs. 30,000 crore to be raised from disinvestment.

* Capital boost to financial and infrastructure sectors: Rs. 15,888 crore to be provided for capitalisation of public sector banks and financial institutions; Infrastructure investment of Rs. 50 lakh crore in 12th period, with half from private sector; Tax free bonds of Rs. 60,000 crore to be allowed for financial infrastructure projects.

* Fight against black money: White paper on black money in current session of Parliament; Introduction of compulsory reporting requirement for assets held abroad; tax collection at source on high-value cash purchase of bullion, jewellery, immovable property and trading in coal, lignite and iron ore.

* Greater scrutiny of closely-held companies for funds; Taxation of unexplained money, credits, investments, expenses at highest rate of 30 per cent irrespective of income slab.

* Tax reforms: Direct Taxes Code (DTC) at earliest; GST network to be operational by August 2012; Central Excise and Service Tax being harmonized. A General Anti-Avoidance Rule (GAAR) to be introduced to counter aggressive tax avoidance.

* Attracting foreign funds: Efforts on to allow FDI in multi-brand retail and permitting foreign airlines invest in domestic players; External borrowings to the extent of USD one billion for aviation companies; Qualified Foreign Investors to get access to corporate bond market.

* Tax relief for stressed sectors: Sectors like agriculture, infrastructure, mining, railways, roads, civil aviation, manufacturing, health and nutrition, and environment to get duty relief; Turnover limit for compulsory tax audit for SMEs raised from Rs 60 lakh to Rs 1 crore.

* Farming for growth: Target for agricultural credit raised to Rs 5,75,000 crore; Interest subvention for short-term crop loans to farmers at 7 per cent interest continues; additional 3 per cent for prompt paying farmers.

 

[Vishwarupa]

Financial Highlights of Budget 2012-12:

* Direct proposals to give in net revenue loss of Rs. 4,500 crore and net gain of Rs. 45,940 crore from indirect taxes, resulting into a net gain of Rs. 41,440 crore.

* Fiscal deficit targeted at 5.1 per cent of GDP in 2012-13, down from 5.9 per cent in 2011-12; Central Government debt at 45.5 per cent of GDP.

* Total expenditure budgeted at Rs. 14,90,925 crore; plan expenditure at Rs. 5,21,025 crore, 18 per cent higher than 2011-12 budget; non-plan expenditure at Rs. 9,69,900 crore.

* Gross Tax Receipts estimated at Rs. 10,77,612 crore, 15.6 per cent higher than original budget estimates and 19.5 per cent over the revised estimates for 2011-12.

 

[Vishwarupa]

Continued...

* Net tax to the Centre in 2012-13 estimated at Rs. 7,71,071 crore; Non-Tax Revenue Receipts estimated at Rs. 1,64,614 crore and Non-debt Capital Receipts at Rs. 41,650 crore.

* Total expenditure for 2012-13 budgeted at Rs. 14,90,925 crore, including Rs. 5,21,025 crore of Plan Expenditure and Rs. 9,69,900 crore as Non-Plan Expenditure.

* Defence services get Rs. 1,93,407 crore; any further requirement to be met.

 

[Singh]

The buffoon has increased excise duty !!!!!!!!!!!!!!!