The Union Budget of 2012 was presented by Finance Minister Pranab Mukherjee on March 16th, 2012. Key points of the budget included increasing tax slabs and providing tax relief for those earning below Rs. 10 lakh. The minimum tax slab was increased from Rs. 1.8 lakh to Rs. 2 lakh. Income tax rates were set from 0% for income up to Rs. 2 lakh, 10% for Rs. 2-5 lakh, 20% for Rs. 5-10 lakh, and 30% for above Rs. 10 lakh. While some sectors like education and housing saw incentives, others like consumers faced rising prices due to increased excise duty and service tax