Indian Union Budget 2012-13 Highlights, IT Slabs, Exemptions and Taxes

Minister for Finance, Govt. of India Pranab Mukherjee has presented Union Budget 2012-13 to the Parliament of India on 16th March 2012. There are so much expectations and many contentious issues this year to deal with by Finance Minister. The Indian Budget is expected to increase tax exemption from Rs. 1.8 Lakh to Rs 2 Lakh. The Income Tax slabs also revised for the salaried class. We have to see how far Pranab da will satisfy various sections of people with huge expectations from the Budget 2012-13. There is wide spread resentment among the people after increase of fares in Railway Budget 2012-13. The Union Budget is for the financial year 2012-13. Following are the highlights including new tax slabs and exemptions of the Union Budget 2012-13:

1. Good news for tax payers. Income tax exemption limit has been raised to Rs.2 lakh to provide relief of Rs.2,000 for all kinds of assesses
2. 20 per cent tax slab on income over Rs.10 lakh. This is up from Rs.8 lakh.
3. Deduction of up to Rs.10,000 from interest from savings bank accounts.
4. Defence Sector allocations: Rs.1.93 lakh crore during 2012-13.
5. Service tax : Raised from 10 per cent to 12 per cent
6. There will be no change in corporate taxes.
7. National Skill Development Fund (NSDF) allocations: Rs.1,000 crore.
8. Excise duty: Up from 10 to 12 per cent.
9. Branded silver jewellery fully exempted from excise duty.
10. Disinvestment target: Rs.30,000
11. New Equity Savings Scheme introduced. This will provide income tax deduction of 50 per cent on an investment Rs.50,000 in equity and this is for those annual income is less than Rs.10 lakh.
12. Growth forecast in 2012-13 is at 7.6 per cent.

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