Union Budget Highlights

• Direct taxes code will be effective from 01-04-2012
• States will be encouraged to agree on gst
• Individual tax limit raised to 1.80 lakhs
• No change in tax rates
• Mat raised to 18.5% from 18%
• Senior citizen age reduced to 60 years- exemption 2.50 laks
• New category of very senior citizen- 80 years or more- exemption rs. 5 lakhs
• Surcharge on domestic companies reduced to 5% from 7.5%
• Exemptions under 80c- additional 20000.00 in infra bond will continue for one more year.
• Central excise rate maintained at 10%
• No change in service tax rate
• Service tax law will be rationalised
• New services introduced- hotel accomodation having 1000.00 or more room per day, restauraent service liquer, life insurance companies services in investment, legal serivces in arbitration etc.
• Rs.52057 crores are allocated for education sector
• New series of coins having new re. Symbol will be released
• 500 crores will be infused in rural banking
• Service tax refund process will be simplified
• 2 more cpc in pune and manesar
• New companies bill to be introduced in the current session
• Allocation for farm development hiked to 7860 cr.
• The momentum of disinvestment will be maintained
• Interest subvention for home loan hiked to 25 lacs
• Fii investment limit in infra corp bond raised to $25 bn
• Govt. Will provide direct subsidy to people living below poverty line
• 15 more mega food parks will be setup
• Loan to minorities:- target 15% of total loan to priority sector
• Health allocation up by 20%