Budget Highlights
- Direct taxes code will be effective from 01-04-2012
- States will be encouraged to agree on gst
- Individual tax limit raised to 1.80 lakhs
- No change in tax rates
- Mat raised to 18.5% from 18%
- Senior citizen age reduced to 60 years- exemption 2.50 laks
- New category of very senior citizen- 80 years or more- exemption rs. 5 lakhs
- Surcharge on domestic companies reduced to 5% from 7.5%
- Exemptions under 80c- additional 20000.00 in infra bond will continue for one more year.
- Central excise rate maintained at 10%
- No change in service tax rate
- Service tax law will be rationalised
- New services introduced- hotel accomodation having 1000.00 or more room per day, restauraent service liquer, life insurance companies services in investment, legal serivces in arbitration etc.
- Rs.52057 crores are allocated for education sector
- New series of coins having new re. Symbol will be released
- 500 crores will be infused in rural banking
- Service tax refund process will be simplified
- 2 more cpc in pune and manesar
- New companies bill to be introduced in the current session
- Allocation for farm development hiked to 7860 cr.
- The momentum of disinvestment will be maintained
- Interest subvention for home loan hiked to 25 lacs
- Fii investment limit in infra corp bond raised to $25 bn
- Govt. Will provide direct subsidy to people living below poverty line
- 15 more mega food parks will be setup
- Loan to minorities:- target 15% of total loan to priority sector
- Health allocation up by 20%
CA Sudhir Halakhandi
CAclubindia
