Union Budget 2012-13: Highlights

The Finance Minister of India, on 16th March announced the Union-Budget 2012-13 in Lok-Sabha. For the financial year 2012, the union budget made almost everyone unhappy but for education sector, infrastructure sector and for capital markets it showed a positive aspect. The income tax burden for individuals came down but not for corporates.

The following are some of the major key highlights of the Budget 2012-13:

  • Income tax exemption limit raised from Rs. 1,80,000 to Rs. 2,00,000
  • 10 % tax on individuals for 2-5 lakh income
  • 20 % tax on individuals for 5-10 lakh income
  • 30 % tax on individuals beyond Rs.10 lakh income
  • Savings bank account interest up to Rs.10,000 exempted from tax
  • No change in corporate tax
  • White paper on black money to be tabled
  • Standard excise duty and service tax raised from 10 % to 12 %
  • Tax free bonds of to fetch Rs.60,000 crore for infrastructure projects
  • Rs.15,888 crore to be provided for capitalisation of PSUs and RRBs
  • Launched Rajiv Gandhi Equity Savings scheme to allow tax deduction to investors in stocks
  • Securities transaction tax on cash delivery lowered by 25% to 0.1%
  • Govt. to raise Rs.30,000 crore from disinvestment of stake in PSUs
  • Seven medical colleges to be upgraded to All India Institutes
  • School education exempted from service tax
  • Allocation of Rs.25,555 crore to Education sector
  • Allocation of Rs.10000 crores to NABARD to fund RRBs
  • Allocation of Rs.200 crore for research rewards for agriculture researchers
  • Allocation Rs.24,000 crore for rural road plan
  • Allocation of Rs. 193,407 crore for defence services
  • Allocation of Rs.3915 crore for National Rural Livelihood mission
  • Allocation of Rs.200 crore for research on climate change
  • Allocation of Rs.20,000 crore for rural infrastructure developments
  • Raise in custom duty on cycle parts
  • No custom duty on import of tyres and aircrafts
  • Hike in excise duty of cigarettes, bidis and large cars
  • Excise duty on big cars raised to 12%
  • TV sets and Mobile phones to get cheaper
  • Branded silver to cost less
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