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%    1...
   STT reduced 20% on Delivery based transaction.   Additional Avenues for investing in tax-free bonds made available  ...
   Withholding tax on interest on ECBs, reduced from 20% to 5% for Powers,    Airlines, Roads etc for 3years   Tax Audit...
   No excise on branded silver jewellery.   Duty free baggage allowance at airports raised by 10000 to 35000   Excise d...
   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 ...
   Agriculture Credit target raised by Rs.100000 crore for 2012-13   Irrigation Scheme raised by 13% to Rs. 14242 crore....
   The Bringing Green Revaluation in Eastern India (BGRBI) have    also been increased by Rs 1000 crore.   The Budget Al...
   To overcome the problem of food grain storage , the government    is building an additional 15 million tones capacity ...
   17% hike in defense Budget Rs. 193407 crore from last    years Rs.164415 crore   Rs.79500 Crore would be spent on pro...
   Education subsidies increase by 21%(25555 cr).   6000 new school established.   Rs 11937 corer for Madhyhan Bhojan S...
Gain:-   Rs 5000 cr. Venture funds for small & medium scale business.   Withholding tax on interest on ECB reduce from 2...
   Capital investment exemption , 100% written off to150% written off. On    following sector:(cold storage, hospitals, f...
Gain:   Audit limit 60 lakh to 1 crore.   5% duty reduces in imported automatic looms.   Coal & gas import duty removed...
   Rs. 20,822 crore allocates for health sector.   Allocated national social assistance program(NSAP) raised    to 37% r...
   GST (goods & service tax) implemented from august-2012.    (Petroleum, aviation fuel, petrol,disel, natural gas, liker...
   The allocated to road transport & highway has been    enhanced by 14% rs. 25,360 crore. (8800km)   Rs.60,000 crore ra...
 budget 2012 13
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budget 2012 13

  1. 1. S.S.AGRAWAL INSTITUTE OF MANAGEMENT AND TECHONOLOGY NAVSARI
  2. 2. Finance Minister Pranab Mukherjee has presented the budget 7 times.
  3. 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. 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. 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. 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. 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. 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. 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. 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. 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. 12.  Education subsidies increase by 21%(25555 cr). 6000 new school established. Rs 11937 corer for Madhyhan Bhojan Scheme in School.
  13. 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. 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. 15. Gain: Audit limit 60 lakh to 1 crore. 5% duty reduces in imported automatic looms. Coal & gas import duty removedPain: 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. 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. 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. 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.
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