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विमानन
कंपनियों को विदेशी कर्ज लेने
की अनुमति
एटीएम पर भी काम
करेगा ‘किसान क्रेडिट कार्ड’
वित्त वर्ष 2012-13
के लिए शुक्रवार को लोकसभा में
आम बजट पेश करते हुए केंद्रीय
वित्त मंत्री प्रणब
मुखर्जी को अंग्रेजी के महान
उपन्यासकार शेक्सपीयर
की मशहूर रचना ‘हेमलेट’ की याद
आ गई।
वित्त मंत्री के रूप में अपने काम
को बेहद कठिन व प्रशंसारहित
करार देते हुए मुखर्जी ने कहा,
‘‘वित्त मंत्री का जीवन आसान
नहीं है।’’अपने काम
की दुविधा की तुलना शेक्सपीयर
के उपन्यास ‘हेमलेट’ में वर्णित
डेनमार्क के प्रिंस से करते हुए
मुखर्जी ने कहा, ‘‘दयालु होने के
लिए मुझे क्रूर
बनना ही होगा।’’मुखर्जी के
ऐसा कहते ही सदन में
ठहाकों की आवाज गूंज पड़ी
Budget 2012 OVERVIEW: No tax till Rs 2L; 20% slab raised to Rs 10L
Last Updated: Friday, March 16, 2012, 16:53 105
New Delhi: Finance Minister Pranab Mukherjee on Friday announced tax relief for individual tax payers. Presenting Union Budget 2012-13 in Lok Sabha, Mukherjee said income upto Rs 2 lakh would be tax free; income from Rs 2 to 5 lakh would be taxed at 10%; from Rs 5 to 10 lakh at 20%; and income above Rs 10 lakh would attract tax of 30%.
In other tax measures, Mukherjee announced that interest from savings account up to Rs 10,000 would be tax free. Also, apart from medical insurance, an additional Rs 5,000 would be exempted for preventive health check-ups.
Senior Citizens have been exempted from filing advance tax.
Meanwhile, Service Tax has been hiked from 10% to 12%. Also, its net has been widened and all services barring 17 would now be taxed. Corporate Tax structure has been left unchanged.
Mukherjee earlier said India continues to remain among front-runners in economic growth. Mukherjee however said the economic growth is estimated at 6.9 percent during the current fiscal year which was "disappointing". The Finance Minister also exuded confidence that headline inflation would moderate in the next few months and remain stablBudget 2012 OVERVIEW: No tax till Rs 2L; 20% slab raised to Rs 10L
Last Updated: Friday, March 16, 2012, 16:53 105
New Delhi: Finance Minister Pranab Mukherjee on Friday announced tax relief for individual tax payers. Presenting Union Budget 2012-13 in Lok Sabha, Mukherjee said income upto Rs 2 lakh would be tax free; income from Rs 2 to 5 lakh would be taxed at 10%; from Rs 5 to 10 lakh at 20%; and income above Rs 10 lakh would attract tax of 30%.
In other tax measures, Mukherjee announced that interest from savings account up to Rs 10,000 would be tax free. Also, apart from medical insurance, an additional Rs 5,000 would be exempted for preventive health check-ups.
Senior Citizens have been exempted from filing advance tax.
Meanwhile, Service Tax has been hiked from 10% to 12%. Also, its net has been widened and all services barring 17 would now be taxed. Corporate Tax structure has been left unchanged.
Mukherjee earlier said India continues to remain among front-runners in economic growth. Mukherjee however said the economic growth is estimated at 6.9 percent during the current fiscal year which was "disappointing". The Finance Minister also exuded confidence that headline inflation would moderate in the next few months and remain stable.
Income Tax
•Tax collection up 15%
Income Tax proposals:
•Personal Income Tax slabs for individuals relaxed
•Exemption limit enhanced from Rs 1.8 lakh to Rs 2 lakh
•Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh
New Slabs as follows:
•Upto Rs 2 lakh - Nil
•Rs 2-5 lakh - 10%
•Rs 5–10 lakh – 20%
•Above Rs 10 lakh – 30%
•Interest from savings account up to Rs 10,000 to be exempt from tax
•In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups
•Senior Citizens exempted from filing advance tax
•Compulsory reporting of assets sold abroad
Corporate Tax
•Corporate Tax structure left unchanged
•Withholding tax on certain overseas borrowings reduced to 5% from 20%
•Cuts securities transacIncome Tax
•Tax collection up 15%
Income Tax proposals:
•Personal Income Tax slabs for individuals relaxed
•Exemption limit enhanced from Rs 1.8 lakh to Rs 2 lakh
•Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh
New Slabs as follows:
•Upto Rs 2 lakh - Nil
•Rs 2-5 lakh - 10%
•Rs 5–10 lakh – 20%
•Above Rs 10 lakh – 30%
•Interest from savings account up to Rs 10,000 to be exempt from tax
•In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups
•Senior Citizens exempted from filing advance tax
•Compulsory reporting of assets sold abroad
Corporate Tax
•Corporate Tax structure left unchanged
•Withholding tax on certain overseas borrowings reduced to 5% from 20%
•Cuts securities transaction tax by 20% for stock market orderstion tax by 20% for stock market orders
Service Tax
•Service tax rate up from 10% to 12%
•Higher Service Tax to add Rs 186.6 bn in revenue
Proposal to tax all services except negative list
Exempted services include:
•Government services
•Pre-school, school education, recognised education at higher levels and approved vocational education
•Renting of residential dwellings, entertainment and amusement services to be exempt
•Public transportation to be exempt from services tax
•Agricultural activities and animal husbandry to be exempt from services tax
•Health care
•Charities, religious persons
•Sportspersons
•Performing artists in folk and classical arts
•Individual advocates providing services to non-business entities
•Independent journalists
•Services related with animal care and car parking
•Services of business facilitators and correspondents to banks and insurance companies
•Construction services relating to specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling, and low-cost mass housing up to an area of 60 sq. mtr
•Exemption for the monthly charges payable by a member to a housing society from up from Rs 3,000 to Rs 5,000
•Industry related with cinematographic films
•To set up a Study Team to examine the possibility of a common tax code for service tax and central excise
•N Service Tax
•Service tax rate up from 10% to 12%
•Higher Service Tax to add Rs 186.6 bn in revenue
Proposal to tax all services except negative list
Exempted services include:
•Government services
•Pre-school, school education, recognised education at higher levels and approved vocational education
•Renting of residential dwellings, entertainment and amusement services to be exempt
•Public transportation to be exempt from services tax
•Agricultural activities and animal husbandry to be exempt from services tax
•Health care
•Charities, religious persons
•Sportspersons
•Performing artists in folk and classical arts
•Individual advocates providing services to non-business entities
•Independent journalists
•Services related with animal care and car parking
•Services of business facilitators and correspondents to banks and insurance companies
•Construction services relating to specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling, and low-cost mass housing up to an area of 60 sq. mtr
•Exemption for the monthly charges payable by a member to a housing society from up from Rs 3,000 to Rs 5,000
•Industry related with cinematographic films
•To set up a Study Team to examine the possibility of a common tax code for service tax and central excise
•New scheme to simplify refundsew scheme to simplify refunds
Tax Reforms
•Advanced pricing agreement in DTC to be in Financial Bill
•New tax exemption on individual share invest with lock-in
•GST network to get operational from Aug
•GST under progress, talks on with states for drafting law
•To examine parliamentary panel report on Direct Tax Code
•Rajiv Gandhi Equity Saving Scheme launched
•Rajiv plan equity invest lock-in period to be 3 years
•Rs 50000 tax exempt for share invest in new Rajiv plan
•Tax exemption on individual share invest below a million rupees
•Tax free infra bonds Rs 600 bn to be issues FY 13
•To allow Rs 100 bn NHAI tax free bonds FY 13
•To allow Rs 100 bn IRFC tax free bonds in FY 13
•To allow Rs 50 bn HUDCO tax free bonds FY 13
•To allow Rs 50 bn SIDBI tax free bonds FY 13
•To allow Rs 100 bn power sector tax free bonds FY 13
•To okay Rs 50 bn National Housing Bank tax free bonds
•1% loan sop plan for home loans up to Rs 2.5 mn
•Interest subvention oTax Reforms
•Advanced pricing agreement in DTC to be in Financial Bill
•New tax exemption on individual share invest with lock-in
•GST network to get operational from Aug
•GST under progress, talks on with states for drafting law
•To examine parliamentary panel report on Direct Tax Code
•Rajiv Gandhi Equity Saving Scheme launched
•Rajiv plan equity invest lock-in period to be 3 years
•Rs 50000 tax exempt for share invest in new Rajiv plan
•Tax exemption on individual share invest below a million rupees
•Tax free infra bonds Rs 600 bn to be issues FY 13
•To allow Rs 100 bn NHAI tax free bonds FY 13
•To allow Rs 100 bn IRFC tax free bonds in FY 13
•To allow Rs 50 bn HUDCO tax free bonds FY 13
•To allow Rs 50 bn SIDBI tax free bonds FY 13
•To allow Rs 100 bn power sector tax free bonds FY 13
•To okay Rs 50 bn National Housing Bank tax free bonds
•1% loan sop plan for home loans up to Rs 2.5 mn
•Interest subvention on low cost homes extended by a year
Growth & Divestment
•Past year was supposed to be year of recovery
•This year’s performance turned out to be disappointing
•We were facing several challenges; global situation a dampener
•GDP estimated to grow 6.9% in 2011-12
•FY 13 GDP seen 7.6%, plus or minus 0.25%
•Proposes Mid-term fiscal goals
•Aim to raise Rs 300 bn through sales of stakes in state run companies next fiscal
•Aim to raise Rs 140 bn through sales of stakes in state companies this fiscal
•Agri, Services performing well
•Industry pulled down growth in past two years
•Industry now showing signs of recovery
•FY 12 Services growth at 9.4%
•FY 12 Industry growth at 3.9%
•FY 12 Agri growth at 2.5%
•Need to improve supply side of economy
•India still front runner in world; share of trade has increased
•Crude oil prices to cross USD 115/barrel
Five main objectives:
•Focus on domestic demand driven growth recovery
•Create conditions for rapid revival of high growth in private investment
•Address supply bottlenecks in agriculture, energy and transport sectors, particularly in coal, power, national highways, railways and civil aviation
•Intervene decisively to address the problem of malnutrition especially in the 200 high-burden districts
•Expedite coordinated implementation of decisions being taken to improve delivery systems, governance, and transpaGrowth & Divestment
•Past year was supposed to be year of recovery
•This year’s performance turned out to be disappointing
•We were facing several challenges; global situation a dampener
•GDP estimated to grow 6.9% in 2011-12
•FY 13 GDP seen 7.6%, plus or minus 0.25%
•Proposes Mid-term fiscal goals
•Aim to raise Rs 300 bn through sales of stakes in state run companies next fiscal
•Aim to raise Rs 140 bn through sales of stakes in state companies this fiscal
•Agri, Services performing well
•Industry pulled down growth in past two years
•Industry now showing signs of recovery
•FY 12 Services growth at 9.4%
•FY 12 Industry growth at 3.9%
•FY 12 Agri growth at 2.5%
•Need to improve supply side of economy
•India still front runner in world; share of trade has increased
•Crude oil prices to cross USD 115/barrel
Five main objectives:
•Focus on domestic demand driven growth recovery
•Create conditions for rapid revival of high growth in private investment
•Address supply bottlenecks in agriculture, energy and transport sectors, particularly in coal, power, national highways, railways and civil aviation
•Intervene decisively to address the problem of malnutrition especially in the 200 high-burden districts
•Expedite coordinated implementation of decisions being taken to improve delivery systems, governance, and transparency; and address the problem of black money and corruption in public liferency; and address the problem of black money and corruption in public life
Fiscal Health & Estimates
•Aim to trim fiscal deficit
•To make amendments to Fiscal Responsibility and Budget Management Act (FRBM Act)
•Current account deficit 3.6%
•Fiscal deficit 5.9% of GDP this FY
•Expect fiscal deficit 5.1% of GDP next FY
•Concept of effective revenue deficit to be fiscal parameter
•Expect gross tax receipts at Rs 10.78 tn next FY, up 15.6%
•As a percentage of GDP, gross taxes to be 10.6 % in FY 13
•Total spending Rs 14.49 tn next FY
•Non-Plan spending Rs 9.69 tn next FY, 8.7% higher than revised estimates
•Net tax to Centre in FY 13 at Rs 7.71 tn
•Expect non-tax revenue at Rs 1.64 tn next FY
•Non-debt Capital Receipts at Rs 416.50 bn
•Plan expenditure at Rs 5.21 tn, 18% higher than estimates
•Direct tax collection fell short by Rs 320 bn
•Total Debt stock at 45.5 % of GDP
•Effective Revenue Deficit at Rs 1.85 tn or 1.8% of GDP
Farm & Food
•Agri to be on govt priority list
•To increases outlay for agriculture by 18% to RS 202.08 bn
•India to be self sufficient in urea manufacturing in 5 years
•Announces 2 new handloom mega clusters
•To set up 3 technical assistance centres for textiles
•Allot Rs 700 mn for Maharashtra power loom cluster
•East Indian states produced 7 mn tones more of paddy
•Rs 5 bn pilot plan in 12th plan for geo textiles in NE
•Allocated Rs 3 bn for FY 13 irrigation plans
•Allot Rs 10 bn to up kharif output in NE FY 13
•Allot Rs 4 bn to up kharif output in NE FY 12
•Allot 5 bn for aquaculture FY 13
•NABARD to give rural banks Rs 100 bn for short term loans
•To move bill for NABARD Act amendment
•3% rate subvention for farmers repaying loans on time
•Rs 5.75 tn farm credit target in FY 13
•Rs 2 bn for R&D of seeds and farm research
•Allocation to farm development plan RKVY hiked to Rs 92.17 bn
•To set up govt owned irrigation promotion company
•To add 5 mn tones grain storage capacity in FY 13
•To start national food processing mission in FY 13
•Micro-irrigation Farm & Food
•Agri to be on govt priority list
•To increases outlay for agriculture by 18% to RS 202.08 bn
•India to be self sufficient in urea manufacturing in 5 years
•Announces 2 new handloom mega clusters
•To set up 3 technical assistance centres for textiles
•Allot Rs 700 mn for Maharashtra power loom cluster
•East Indian states produced 7 mn tones more of paddy
•Rs 5 bn pilot plan in 12th plan for geo textiles in NE
•Allocated Rs 3 bn for FY 13 irrigation plans
•Allot Rs 10 bn to up kharif output in NE FY 13
•Allot Rs 4 bn to up kharif output in NE FY 12
•Allot 5 bn for aquaculture FY 13
•NABARD to give rural banks Rs 100 bn for short term loans
•To move bill for NABARD Act amendment
•3% rate subvention for farmers repaying loans on time
•Rs 5.75 tn farm credit target in FY 13
•Rs 2 bn for R&D of seeds and farm research
•Allocation to farm development plan RKVY hiked to Rs 92.17 bn
•To set up govt owned irrigation promotion company
•To add 5 mn tones grain storage capacity in FY 13
•To start national food processing mission in FY 13
•Micro-irrigation allotment up 13% to Rs 142.42 bn
Inflation
•Headline inflation was major cause of concern
•Inflation likely to moderate in FY 13
•Inflation largely structural in nature
•Headline inflation is beginning to stabalize
•Prolonged period of high inflation tends to get generalized
•Inflation driven by farm supply constraints
Financial Sector & Banks
•India Opportunity Venture Fund via SIDBI of Rs 50 bn
•To issue revised norms for banks priority sector lending
•To set up financial holding company for recapitalization of banks
•To move National Housing Bank Amendment Bill
•To move Regional Rural Bank Amendment Bill
•Rs 158.88 bn for capitalization of PSU banks in FY 13
•Propose electronic voting to up shareholder involvement
•IPOs of over Rs 100 mFinancial Sector & Banks
•India Opportunity Venture Fund via SIDBI of Rs 50 bn
•To issue revised norms for banks priority sector lending
•To set up financial holding company for recapitalization of banks
•To move National Housing Bank Amendment Bill
•To move Regional Rural Bank Amendment Bill
•Rs 158.88 bn for capitalization of PSU banks in FY 13
•Propose electronic voting to up shareholder involvement
•IPOs of over Rs 100 mn to be in electronic form n to be in electronic form
Subsidy
•To keep Subsidies under 2% of GDP over next 3 Years
•Subsidy for food security to be fully provide for
•Some subsidies inevitable
•Fiscal policy had to absorb subsidy payments
•Aim to directly transfer kerosene subsidy to individuals
•Testing kerosene subsidy transfer in Rajasthan
•Direct transfer subsidy pilot for 50 districts
•Aim to directly transfer subsidy on LPG to consumers
•Direct transfer of fertilizer subsidy to retailer, farmers soon
•Direct transfer subsidy to be rolled out gradually
Children and Education
•Allocated Rs 255.55 bn under Right to Education
•Integrated Child Development Services (ICDS) scheme to be re-structured
•Allocated Rs 158.50 bn for child development in FY 13
•Allocated Rs 119.37 bn for mid-day meal plan FY 13
•Allocated Rs 7.5 bn for empowerment of adolescent girls
•Credit guarantee fund proposed for poor students
•Allocated Rs 31.24 bn for secondary education
•Rs 250 mn for the Institute of Rural Management, Anand
•Rs 500 mn to establish a world-class centre for water quality with focus on `arsenic contamination in Kolkata
•Rs 1 bn for Kerala Agricultural University
•Rs 500 mn for University of Agricultural Sciences Dharwad, Karnataka
•Rs 500 mn for Chaudhary Charan Singh Haryana Agricultural University, Hissar
•Rs 500 mn for Orissa University of Agriculture and Technology
•Rs 1 bn for Acharya N. G. Ranga Agricultural University in Hyderabad
Subsidy
•To keep Subsidies under 2% of GDP over next 3 Years
•Subsidy for food security to be fully provide for
•Some subsidies inevitable
•Fiscal policy had to absorb subsidy payments
•Aim to directly transfer kerosene subsidy to individuals
•Testing kerosene subsidy transfer in Rajasthan
•Direct transfer subsidy pilot for 50 districts
•Aim to directly transfer subsidy on LPG to consumers
•Direct transfer of fertilizer subsidy to retailer, farmers soon
•Direct transfer subsidy to be rolled out gradually
Children and Education
•Allocated Rs 255.55 bn under Right to Education
•Integrated Child Development Services (ICDS) scheme to be re-structured
•Allocated Rs 158.50 bn for child development in FY 13
•Allocated Rs 119.37 bn for mid-day meal plan FY 13
•Allocated Rs 7.5 bn for empowerment of adolescent girls
•Credit guarantee fund proposed for poor students
•Allocated Rs 31.24 bn for secondary education
•Rs 250 mn for the Institute of Rural Management, Anand
•Rs 500 mn to establish a world-class centre for water quality with focus on `arsenic contamination in Kolkata
•Rs 1 bn for Kerala Agricultural University
•Rs 500 mn for University of Agricultural Sciences Dharwad, Karnataka
•Rs 500 mn for Chaudhary Charan Singh Haryana Agricultural University, Hissar
•Rs 500 mn for Orissa University of Agriculture and Technology
•Rs 1 bn for Acharya N. G. Ranga Agricultural University in Hyderabad
•Rs 150 mn for National Council for Applied Economic Research
•Rs 100 mn for Rajiv Gandhi University, Department of Economics, Itanagar
•Rs 100 mn for Siddharth Vihar Trust Gulbarga, to establish a Pali language Research Centre
•Rs 150 mn for National Council for Applied Economic Research
•Rs 100 mn for Rajiv Gandhi University, Department of Economics, Itanagar
•Rs 100 mn for Siddharth Vihar Trust Gulbarga, to establish a Pali language Research Centre
Rural Development
•Rs 250 mn for rural management institute Anand
•Allocated Rs 208.22 bn under rural health plan FY 13
•Allocated Rs 120.4 for backward region growth
•Allocated Rs 50 bn for warehousing facility FY 13
•Allocated Rs 200 bn for rural infra development in FY 13
•Allocated Rs 240 bn under rural road project
•Allocated Rs 140 bn for rural drinking water
•Initiative proposed to strengthen Panchayats
Health
•No new case of polio
•NRHM allocation up Rs 181.15 bn to Rs 208.22 bn
•National Urban Health Mission being launched
•National Urban Health Mission to focus on primary healthcare needs in urban areas
•Seven government medical colleRural Development
•Rs 250 mn for rural management institute Anand
•Allocated Rs 208.22 bn under rural health plan FY 13
•Allocated Rs 120.4 for backward region growth
•Allocated Rs 50 bn for warehousing facility FY 13
•Allocated Rs 200 bn for rural infra development in FY 13
•Allocated Rs 240 bn under rural road project
•Allocated Rs 140 bn for rural drinking water
•Initiative proposed to strengthen Panchayats
Health
•No new case of polio
•NRHM allocation up Rs 181.15 bn to Rs 208.22 bn
•National Urban Health Mission being launched
•National Urban Health Mission to focus on primary healthcare needs in urban areas
•Seven government medical colleges to be upgradedges to be upgraded
Tax proposals: How they will affect you
Last Updated: Friday, March 16, 2012, 16:14 5 New Delhi:
Springing pleasant surprises, Finance Minister Pranab Mukherjee on Friday provided reliefs for tax payers. Higher tax exemption limit for individuals, significant benefits for senior citizens, and retention of corporate tax to its existent level were some of the major tax-related highlights of Union Budget 2012-13.
However, a 2% jump in service tax from the current 10% came as a dampener.
Revisions in Direct Tax:
Income Tax
1) Individuals:
•Income upto Rs 2,00,000 - Nil
•Rs 2,00,001 to Rs 5,00,000 - 10%
•Rs 5,00,001 to Rs 10,00,000 - 20%
•Rs 10,00,001 and above - 30%
2) Senior citizens:
The Budget proposal exempted the senior citizens from filing advance tax.
•Income up to Rs 2,50,000- Nil
•Rs 2,50,001-Rs 5 ,00,000- 10%
•Rs 5,00,001 to Rs 10,00,000 - 20%
•Rs 10,00,001 and above - 30%
Corporate Tax
•Corporate Tax structure left unchanged
•Withholding tax on certain overseas borrowings reduced to 5% from 20%
•Securities transaction tax cut by 20% for stock market orders
Service Tax
•Service Tax rates raised from 10% to 12%
•To bring more businesses under Service Tax net; only 17 services exempted now
•Higher Service Tax to add Rs 186.6 bn in revenue
•Changes in direct taxes to result in revenue loss of Rs 45 bn
Direct tax for companies:
•Surcharge for companies cut to 5%, from 7.5%
•New revised income tax return form `Sugam` to be introduced for small tax payers
•Minimum alternate tax raised from 18% to 18.5% of book profits
•Service tax retained at 10%; duty exemptions to be withdrawn on various items
•Net loss from direct tax proposals estimated at Rs 11,500 crore for the year
Indirect taxes:
•Standard rate of central exercise duty maintained at 10%; no change in CENVAT rates
•Nominal 1% central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
•Peak rate of customs duty maintained at 10% in view of the global economic situation
•Basic customs duty on agricultural machinery reduced to 4.5% from 5%.
•Service tax net widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests
•Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 for international travel in economy class. On higher classes, it will be 10% flat
•Excise and customs duty proposals to result in net gain of Rs 7,300 crore
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