By : Darshana Sawant, HR Manager, Leading IT services company
Activity: 33 comments 1136 views last activity : 03 23 2013 07:34:28 +0000
* Fiscal deficit seen at 5.9 percent of GDP in 2011-12
* Fiscal deficit seen at 5.1 percent of GDP in 2012-13 Revenue and Taxes
* Personal income tax exemption limit raised to Rs 200,000. Those in the Rs 2 lakh-Rs 5 lakh bracket will now be under the 10% slab. Those in the Rs 5 lakh-Rs 10 lakh bracket will come under the 20% slab
* Service tax rates raised to 12 per cent from 10 per cent; School education, though, will be exempt from service tax.
* Seventeen services exempt from tax net
* Rs 10000-crore tax fee bonds for power sector
* The Securities Transaction Tax (STT), imposed while buying and selling shares, is brought down by 20%. selling shares, is brought down by 20%.
* Indian film industry exempted from service tax on copyright * Interest earned from bank deposits to stay tax free up to Rs 10,000
* No advance tax requirement for senior citizens
* No change in corporate tax rates * Govt to move towards Direct Tax, Income Tax exemption limit raised to Rs 2 lakh
* Tax exemption on individual share investment below Rs 10 lakh
* The government will exempt investment of Rs 50,000 a year in equities from tax with three year lock-in period
* Excise duty hiked to 12 per cent from 10 per cent. Excise duty for big cars raised to 24 per cent.
* Duty on refined gold hiked to 3 per cent; Duty on gold bars, coins hiked to 4 per cent
* Custom duty slashed on key drugs for treatment of HIV, cancer
* Govt to implement Direct Tax Code at the earliest Sector spending
* Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore. Rs 300 crore for irrigation program
* Investment in agriculture up by 18%
* Defence outlay at Rs 1.95 lakh crore
* Govt to raise investment in education sector: Pranab
* Rs 11,937 crore allocated for mid-day meals at schools
* Rs 3,915 crore to be spent on National Rural Livelihood Mission
* 1 billion working capital for Aviation sector
* Allocation for the national highways programme has been upped by 14 per cent.
* Rs 15,888 crore for PSU banks, regional rural banks and Nabard Infrastructure development
* 6000 more schools will be set up under the 12th year plan; Rs 25,555 crore allocated for Right to Education
* Government to hand out contracts for 8800 km of national highway roads this year.
* Public distribution system created for Food Security Bill: FM
* Farmers to get smart cards which can be used in ATMs * First infrastructure debt fund worth Rs 8000 crore established
* Special cells to be set up to track black money.
* Government doubles allocation for tax-free bonds to 600 billion rupees for financing infrastructure projects in 2012/13 Policy Reforms
* FDI of upto 49% by foreign airlines under consideration
* Qualified foreign investors can participate in bond markets
* Direct transfer of subsidy to farmers approved
* Direct transfer of subsidies as per Aadhar head Nandan Nilekani's recommendation
* Govt to provide for food subsidy and food security act this year.
* GST is likely to be operational by August this year: Pranab
* Govt to make efforts to reach a concensus with states on FDI in multi-brand retail
* National Mission on Food Processing to be started in 2012-13
* White paper on black money in the current Parliament session: Pranab
* Rajiv Gandhi equity scheme to reduce short-term capital gains tax for new investors
* Sale of residential property exempted from capital gains if invested in equity or equipment of an SME Subsidies
*Will bring down subsidy to 1.7 % of GDP in the next 3 years: FM
*Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan
*Subsidies can be changed depending on feasibility: Pranab
*Direct cash subsidy for LPG, Kerosene
*Govt to roll out computerised scheme for fertilizer subsidy transfer to farmers Growth and inflation expectations
*Economy to grow to 7.6 per cent by next year: Pranab
*Agriculture saw 2.5 per cent growth this year
*Exports grew 23 per cent in the first quarter
*Higher crude prices has hit growth, says FM
*India's share of trade has gone up: Pranab
*I expect inflation to be lower next year: Pranab
* GDP is expected to grow at 6.9 per cent Spending
* Total expenditure in 2012-13 seen at 14.9 trillion rupees, up 29 per cent
* Plan expenditure budgeted at 521.25 billion rupees in 2012/13, up 18 per cent Borrowing
* Net market borrowing seen at 4.8 trillion rupees in 2012-13 Disinvestment
* Disinvestment target in 2012-13 of 300 billion rupees Current account
* Current account deficit seen at 3.6 percent of GDP in 2011/12
* Expect smaller current account deficit in 2012/13 Finance Minister comments
* Information on Indians holding black money in foreign bank accounts has been coming in, Pranab said. Prosecution to be executed in some cases.
* No new cases of polio in 2011
* Tax incentives for new investors
* "We have to accelerate the pace of reforms and improve supply side management of the economy."
* "Economic policy, as medical treatment, often requires us to do something which in the short run may be painful but is good for us in the long run."
* "As Hamlet, the Prince of Denmark, said in Shakespeare's immortal words, 'I must be cruel only to be kind'." Here's what is getting costlier
* Basic customs duty on bicycles raised to 30 percent
* Beedis, cigarettes and other tobacco products to cost more too
* Customs duty on gold,platinum also increased
* Customs duty on large, imported SUVs also raised
* Eating out and air travel to cost more too
These days as I switch on the tv or radio or look at a hoarding I do feel that power of ads I see. There are few innovative ads but rest all are stale. I do not understand many of these ads, their purpose looks so unclear that I feel that...
Definitely when we can pay 300 rs for a movie 150 for pop corn and pepsi who are we to fight for few rs hike in railway fare. We all know that prices for everything including most crucially petrol, LPG and day to day domestic supplies is increasing...
Fiscal deficit * Fiscal deficit seen at 5.9 percent of GDP in 2011-12 * Fiscal deficit seen at 5.1 percent of GDP in 2012-13 Revenue and Taxes * Personal income tax exemption limit raised to Rs 200,000. Those in the Rs 2 lakh-Rs 5 lakh bracket...