Some of the Highlights the Indian Union Budget 2012-13

Following are some of the Highlights of the Indian Union Budget-2012-13, presented by the Indian Union Finance Minister, Mr Pranab Mukherjee:

• Income Tax Exemption Limit has been raised from Rs. 1,80,000 to Rs. 2,00,000- With the The Income Tax Rates -For Income From Rs 2 Lakhs To Rs 5 Lakhs- 10%, For Income From Rs 5 Lakhs To Rs 10 Lakhs- 20% and For Income Above Rs 10 Lakhs- 30 %.
• Interest on Savings Bank Accounts up to Rs. 10,000 will be exempted from Income Tax.
• No change in Corporate Income Tax Rates,
• Standard Rate of Excise Duty and the Rates of Service Tax will be raised from 10%, to 12%,
• Large Cars, Imported Bicycles, Cigarettes, Bidis and some Imported Jewellery will cost more,
• Branded Silver Jewellery will be cheaper.
• Securities Transaction Tax on cash delivery reduced by 25 per cent to 0.1 per cent,
• A new Rajiv Gandhi Equity Saving Scheme will be introduced to allow Income Tax deduction to retail investors in stocks.
• Reporting of Assets held abroad will be made compulsory,
• For fighting against Black Money- ( White paper on black money in current session of Parliament) – Tax will be collected at source on high value cash purchase of Gold Bullion, Gold Jewellery, Immovable Property and Trading in Coal, Lignite and Iron Ores.