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S.S.AGRAWAL INSTITUTE OF MANAGEMENT
         AND TECHONOLOGY
              NAVSARI
Finance Minister Pranab Mukherjee has presented the budget 7
  times.
•   IT Exemption limit raised to Rs.2 lakh
    2 To 5                         10%
    5 To 10                       20%
    10 To More                    30%


•   Interest up to 10,000 on Savings Bank A/C to be exempted from tax


•   Age limit for senior citizen for tax benefits reduced to 60 from 65.


•   Deduction of 50% investment up to Rs. 50000 in equity by new
    investors with annual income up to Rs. 10 lakh.
   STT reduced 20% on Delivery based transaction.


   Additional Avenues for investing in tax-free bonds made available


   TDS made mandatory for sale of immovable property worth over 50 lakhs in
    urban areas and 20 lakhs in rural areas.


   1% tax to be collected by seller for any sale in cash with value of 2 lakhs of
    jewellery, bullion etc.


   TDS for investors from Debentures if amount exceeds 5000/-


   No tax benefits for new life insurance policy with annual premium over 10% of
    sum assured.
   Withholding tax on interest on ECBs, reduced from 20% to 5% for Powers,
    Airlines, Roads etc for 3years


   Tax Audit exemption limits increase from 60 lakh to 1 core for SMEs, Rs 15 lakh
    to 25 lakh for professionals.


   Minimum      Alternate    Tax    (MAT)    extended     to   partnership   firm,   sole
    proprietorship etc., at 18.5%.


   All Assets, Financial Interests etc. abroad to be declared to IT


   Penalty up to 90% on undisclosed income found during search


   Threshold for payment of service tax on apartment maintenance raised from 3000
    to 5000
   No excise on branded silver jewellery.


   Duty free baggage allowance at airports raised by 10000 to 35000


   Excise duty on branded ready made garments reduced from 4.6 to 3.7


   Service tax rate up from 10.3% to 12.3%


   Basic Custom Duty on imported vehicle over $40000 (3000 cc or more for
    petrol, 2500 cc more for diesel) raised from 60 to 75%


   Excise duty on cars of 1500 cc and above raised to 27%.
   Rs.43,580 crore petroleum subsidy to 68,481


   Subsidies target 2% of GDP & 1.7% of GDP to next 3 years.


   Rs.60,974 crore for fertilizer.


   Rs.75,000 crore for food.
   Agriculture Credit target raised by Rs.100000 crore for 2012-13
   Irrigation Scheme raised by 13% to Rs. 14242 crore.
   Import duty on farm equipment has been reduced from 7.5 to 5%
   The minister allocated Rs. 10000 crore for NABARD
   Kissan Credit Card used as ATM Card
   Govt. provide 20820 crore grant for the “Rastriya Gramin Aarogya
    Mission “
   Budget allocation for important scheme like Rastriya Krishi Vikas
    Yojana (RKVY) raised to 17% (9217 crore)
   The Bringing Green Revaluation in Eastern India (BGRBI) have
    also been increased by Rs 1000 crore.


   The Budget Allocate Rs 200 crore for R&D in Agriculture


   Integrated child Development Services (ICDS) increased 58%
    (15850 crore).


   Budget Allocate Rs. 750 crore for Rajiv Gandhi Scheme for
    Empowerment of Adult son Girls (SABLA)
   To overcome the problem of food grain storage , the government
    is building an additional 15 million tones capacity of extra grain
    storage on way in 19 states with help from private
    entrepreneurs.


   Allocating in drinking water and utility services increased by
    27% (Rs.14000 crore )


   Allocate 5000 crore for development of ware houses
   17% hike in defense Budget Rs. 193407 crore from last
    years Rs.164415 crore


   Rs.79500 Crore would be spent on procuring modern
    weapon system of the total amount.
   Education subsidies increase by 21%(25555 cr).


   6000 new school established.


   Rs 11937 corer for Madhyhan Bhojan Scheme in School.
Gain:-
   Rs 5000 cr. Venture funds for small & medium scale business.


   Withholding tax on interest on ECB reduce from 20% to 5% for 3 years
    for following sectors:(Power, airlines, roads, bridges, ports & shipyards,
    housing projects, fertilizer units.)


   Tax exemption on dividend amount to subsidiaries companies to parent
    companies by 30% to 15%.


   49% FDI in airlines
   Capital investment exemption , 100% written off to150% written off. On
    following sector:(cold storage, hospitals, fertilizers, sugar storage,
    housing projects)


   Airlines companies getting foreign loans for 1years up to US$1 trillion .


Pain:
   51% FDI in retail.


   100% FDI in single retail brand


   Rs.212 crore marked for training babus.
Gain:
   Audit limit 60 lakh to 1 crore.
   5% duty reduces in imported automatic looms.
   Coal & gas import duty removed
Pain:
   Excise duty increase 2%.
   2% import increase on Imported colored gems.
   4%customs duty on standard gold bars.
   1% excise duty on non branded jewellery.
   2%excise duty on men-made fiber yarn.
   Rs. 20,822 crore allocates for health sector.


   Allocated national social assistance program(NSAP) raised
    to 37% rs.8,447 crore.


   Amount on pension increased by 100 crore(300 crore)


   If earning person of poor family dies, family get 20,000 rs.


   100% nutrition services program for children.
   GST (goods & service tax) implemented from august-2012.
    (Petroleum, aviation fuel, petrol,disel, natural gas, liker are
    exempted on GST. )


   MAT( minimum alternate tax) extended to partnership firm,
    sole proprietorship etc., at 18.5%


   1% TDS on immoveable property from 1st october-2012.


   1% TCS on gold up to rs.2,00,000
   The allocated to road transport & highway has been
    enhanced by 14% rs. 25,360 crore. (8800km)


   Rs.60,000 crore raise from tax free bonds for infrastructure
    project.
 budget 2012 13

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budget 2012 13

  • 1. S.S.AGRAWAL INSTITUTE OF MANAGEMENT AND TECHONOLOGY NAVSARI
  • 2. Finance Minister Pranab Mukherjee has presented the budget 7 times.
  • 3. IT Exemption limit raised to Rs.2 lakh 2 To 5 10% 5 To 10 20% 10 To More 30% • Interest up to 10,000 on Savings Bank A/C to be exempted from tax • Age limit for senior citizen for tax benefits reduced to 60 from 65. • Deduction of 50% investment up to Rs. 50000 in equity by new investors with annual income up to Rs. 10 lakh.
  • 4. STT reduced 20% on Delivery based transaction.  Additional Avenues for investing in tax-free bonds made available  TDS made mandatory for sale of immovable property worth over 50 lakhs in urban areas and 20 lakhs in rural areas.  1% tax to be collected by seller for any sale in cash with value of 2 lakhs of jewellery, bullion etc.  TDS for investors from Debentures if amount exceeds 5000/-  No tax benefits for new life insurance policy with annual premium over 10% of sum assured.
  • 5. Withholding tax on interest on ECBs, reduced from 20% to 5% for Powers, Airlines, Roads etc for 3years  Tax Audit exemption limits increase from 60 lakh to 1 core for SMEs, Rs 15 lakh to 25 lakh for professionals.  Minimum Alternate Tax (MAT) extended to partnership firm, sole proprietorship etc., at 18.5%.  All Assets, Financial Interests etc. abroad to be declared to IT  Penalty up to 90% on undisclosed income found during search  Threshold for payment of service tax on apartment maintenance raised from 3000 to 5000
  • 6. No excise on branded silver jewellery.  Duty free baggage allowance at airports raised by 10000 to 35000  Excise duty on branded ready made garments reduced from 4.6 to 3.7  Service tax rate up from 10.3% to 12.3%  Basic Custom Duty on imported vehicle over $40000 (3000 cc or more for petrol, 2500 cc more for diesel) raised from 60 to 75%  Excise duty on cars of 1500 cc and above raised to 27%.
  • 7. Rs.43,580 crore petroleum subsidy to 68,481  Subsidies target 2% of GDP & 1.7% of GDP to next 3 years.  Rs.60,974 crore for fertilizer.  Rs.75,000 crore for food.
  • 8. Agriculture Credit target raised by Rs.100000 crore for 2012-13  Irrigation Scheme raised by 13% to Rs. 14242 crore.  Import duty on farm equipment has been reduced from 7.5 to 5%  The minister allocated Rs. 10000 crore for NABARD  Kissan Credit Card used as ATM Card  Govt. provide 20820 crore grant for the “Rastriya Gramin Aarogya Mission “  Budget allocation for important scheme like Rastriya Krishi Vikas Yojana (RKVY) raised to 17% (9217 crore)
  • 9. The Bringing Green Revaluation in Eastern India (BGRBI) have also been increased by Rs 1000 crore.  The Budget Allocate Rs 200 crore for R&D in Agriculture  Integrated child Development Services (ICDS) increased 58% (15850 crore).  Budget Allocate Rs. 750 crore for Rajiv Gandhi Scheme for Empowerment of Adult son Girls (SABLA)
  • 10. To overcome the problem of food grain storage , the government is building an additional 15 million tones capacity of extra grain storage on way in 19 states with help from private entrepreneurs.  Allocating in drinking water and utility services increased by 27% (Rs.14000 crore )  Allocate 5000 crore for development of ware houses
  • 11. 17% hike in defense Budget Rs. 193407 crore from last years Rs.164415 crore  Rs.79500 Crore would be spent on procuring modern weapon system of the total amount.
  • 12. Education subsidies increase by 21%(25555 cr).  6000 new school established.  Rs 11937 corer for Madhyhan Bhojan Scheme in School.
  • 13. Gain:-  Rs 5000 cr. Venture funds for small & medium scale business.  Withholding tax on interest on ECB reduce from 20% to 5% for 3 years for following sectors:(Power, airlines, roads, bridges, ports & shipyards, housing projects, fertilizer units.)  Tax exemption on dividend amount to subsidiaries companies to parent companies by 30% to 15%.  49% FDI in airlines
  • 14. Capital investment exemption , 100% written off to150% written off. On following sector:(cold storage, hospitals, fertilizers, sugar storage, housing projects)  Airlines companies getting foreign loans for 1years up to US$1 trillion . Pain:  51% FDI in retail.  100% FDI in single retail brand  Rs.212 crore marked for training babus.
  • 15. Gain:  Audit limit 60 lakh to 1 crore.  5% duty reduces in imported automatic looms.  Coal & gas import duty removed Pain:  Excise duty increase 2%.  2% import increase on Imported colored gems.  4%customs duty on standard gold bars.  1% excise duty on non branded jewellery.  2%excise duty on men-made fiber yarn.
  • 16. Rs. 20,822 crore allocates for health sector.  Allocated national social assistance program(NSAP) raised to 37% rs.8,447 crore.  Amount on pension increased by 100 crore(300 crore)  If earning person of poor family dies, family get 20,000 rs.  100% nutrition services program for children.
  • 17. GST (goods & service tax) implemented from august-2012. (Petroleum, aviation fuel, petrol,disel, natural gas, liker are exempted on GST. )  MAT( minimum alternate tax) extended to partnership firm, sole proprietorship etc., at 18.5%  1% TDS on immoveable property from 1st october-2012.  1% TCS on gold up to rs.2,00,000
  • 18. The allocated to road transport & highway has been enhanced by 14% rs. 25,360 crore. (8800km)  Rs.60,000 crore raise from tax free bonds for infrastructure project.