Budget Highlights:
- Service tax increased, effective rate will be 12.36
- GST wef August 2012
- standard excise duty increased to 12 %
- large cars duty raised from 22% to 24% and 27%
- STT reduced by 20% - only on delivery transactions
- Personal income tax- no tax upto 2 lacs, 10% from 2-5 lacs, 20% from 5-10 lacs
- No discrimination between men and women in income tax- same tax limits
- Infrastructure bond investment doubled to Rs 40000/-
- no duty on branded jewelleries, import duty on gold increased from 1.5 to 3%.
- allow ECB for low cost housing projects
- EPF Rate reduced to 8.25%
- No advance tax for senior citizens
- Tax audit u/s 44AN limit raised to 1 Crore.
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