Finance Minister Pranab Mukherjee presents the Union budget in Lok Sabha for the ensuing fiscal and his sixth such exercise in a long political career.
Highlights
Personal tax exemption limit raised to Rs 1.8 lakh.
Senior citizen benefits to begin at 60 instead of 65.
Tax exemption limit raised from Rs 1.6 lakh to Rs 1.8 lakh.
Tax exemption limit raised from Rs 1.6 lakh to Rs 1.8 lakh.
Stainless steel exempted from excise customs duty.
Pranab offers no new tax exemption limits for women.
Central excise duty rate remains unchanged at 10 per cent.
Air conditioners to become cheaper.
Service tax remains at 10 per cent.
Direct tax sops to cost exchequer Rs 11,500 cr.
Pranab turns to indirect tax provisions.
Pranab pegs plan expenditure at Rs 4.14 lakh crore.
Surcharge brought down from 7.5 per cent to 5 per cent for companies.
Moderate and simple taxes are best, says Pranab.
Pranab sees fiscal deficit at 4.6 per cent.
Non-tax revenue now at Rs 1,25,000 cr.
Indian rupee symbol will be introduced on keyboards in Unicode in keeping with 'international standards'.
Opposition jeers as Pranab talks of curbing corruption.
Pranab plans to roll out e-stamping in all states in three years. Only six states have introduced e-stamping so far.
Computerisation of commercial tax collection is helping taxpayers everywhere, says Pranab.
Pranab allocates Rs 8,000 cr for J&K, doubles grants to N-E states.
Tax governance has improved, says Pranab.
Aadhar unique ID scheme will help deliver social security better, says Pranab.
Easier service tax refunds expected to benefit SEZs.
Literacy mission to get Rs 21,000 cr.
Pranab plans five-point strategy to rein in black money.
Environment minister Jairam Ramesh applauds Pranab's announcement on 'environmental remedial projects'.
Metro projects will get support for speedy completion.
Pranab announces Rs 5,000 cr for National Skill Development Council.
Rural citizens to be encouraged to open bank accounts.
10 years Green India mission launched
Rural citizens to be encouraged to open bank accounts.
Rs 1 crore international award to mark Tagore's 150th birth anniversary.
Pranab announces grants for institutions across India.
Education sector allocated Rs 52,057 cr
40 lakh SC/ST students to benefit from new scholarships.
Secondary education to be vocationalised to improve employability of young people.
Govt plans to spend Rs 1.6 lakh crore on social projects, up by 17 per cent.
Anganwadi workers, NREGA workers will get higher wages.
Production of electric cars set to get a boost.
Food Security Bill being finalised, says Pranab.
National Mission for Hybrid Vehicles coming soon.
Rashtriya Krishi Vikas Yojana allocation to go up from Rs 6755 crore to Rs 7860 crore.
India has joined global drive for tax transparency, says Pranab.
Pranab talking about black money, and ways to curb it.
Finalisation of Food Security Bill
Mega power projects will be set up this year.
Pranab plans to encourage organic farming.
Divestment target for 2012 is Rs 40,000 cr.
Public-private partnership a success in infrastructure building, says Pranab.
New Companies Bill to be introduced in the current session
Priority home loan limit upped from Rs 20 lakh to Rs 25 lakh
To create Rs 100 cr equity fund for micro-finance companies
50 more food parks to be implemented
To give 3 per cent interest subsidy to farmers
Disinvestment target at Rs 40,000 cr
To allow disinvestment in mutual funds
FIIs allowed to invest in mutual funds
Public-private partnership a success in infrastructure building, says Pranab.
'State governments should help in bringing down inflation.'
Inflation has affected supply chain, says Pranab.
Law minister Veerappa Moily sitting behind Pranab, listening to budget speech with attention.
1 per cent interest subvention on home loans of up to Rs 15 lakh.
Subvention for farmers who promptly repay their loans raised from 2 to 3 per cent.
Banks will step up direct lending to farmers, says Pranab.
Speaker Meira Kumar watches Pranab speaking with a beatific smile.
Rural infrastructure development fund corpus will be raised by Rs 180 billion.
Support for production of nutritious cereals like bajra, jowar, ragi.
Rs 300 cr to encourage vegetable production.
New companies bill to be introduced this session.
Pranab to set aside Rs 2000 cr for warehousing.
Private investments coming into agriculture. This has to be encouraged, says Pranab.
Rs 100 cr equity fund for microfinance companies.
Pranab announces more loans for minorities.
Capital infusion of Rs 20,157 cr in public sector banks.
FII cap on coporate bonds raised by 20 billion dollars.
Foreign institutional investors can invest in mutual funds.
Pranab announces cash subsidies for urea and kerosene.
Kerosene and fertiliser subsidies will be 'directly transferred' to beneficiaries.
Fuel and foodgrains are subsidised, but much of the subsidy doesn't reach beneficiaries, laments Pranab.
RBI will step in to ease inflation.
Current account deficit is a concern.'
High prices: Traders making a killing, suggests Pranab.
Gap between wholesale and retail prices too wide to be acceptable, says Pranab.
Pranab invokes Indra, god of rains, and Lakshmi, goddess of wealth.
GDP at 8.6%
Agriculture growth at 5.4%
Pranab offers pranams to Sonia Gandhi, Manmohan Singh.
'Government simplifying procedures, and fighting bureaucratic delays.'
'Corruption is a problem we have to fight collectively.'
We must get out of the quagmire of global economic slowdown, says Pranab.
Pranab pats himself on the back, but says economy could have done better.
'Food price inflation has fallen, but remains a concern.'
Growth in 2010 was swift and broad-based, says Pranab.
Pranab begins his budget speech.
Spooked Dalal Street looking for good news in Pranab's budget.
Tax concessions expected for salaried class, farmers.
Corporate sector downbeat, but stock markets aren't so pessimistic.
Pranab already in parliament. Minutes to go to his sixth budget.
9 per cent growth rate is too ambitious, say experts.
Will Pranab make home-buying easier? Middle-class hopes tax exemption limit will be raised from Rs 1.5 lakh to Rs 2 lakh.
Media prediction: Education cess of 3 per cent could be scrapped.
Media prediction: Pranab will raise tax exemption from Rs 1.5 lakh to Rs 2 lakh.
Pranab Mukherjee arrives in Parliament to present his sixth Budget as Finance Minister
Half an hour to go to Pranab's budget speech.
Telecom sector expects little from Pranab's budget.
Happy enough if consumption and disposable incomes rise, says Sanjay Kapoor, CEO, Bharti Airtel.
With growth achieved, stimulus to be withdrawn?
Finance Minister to present his sixth Budget in the Parliament today.
Taxes
No new tax exemption limits for women
Basic food, fuel exempted from central excise duty
Cut in import duties of raw material for mobile phones
Tax sops of Rs 20,000 on infra bonds extended by a year
Service tax remains at 10 per cent
Foreign unit dividend tax rate cut to 15 percent for Indian companies
Propose to reduce surcharge on corporate tax to 5 per cent
Net tax to Centre will be Rs 6,64,457 crore. Non-tax receipts pegged at Rs 1,25,435 crore
FY12 gross tax receipts at Rs 9.32 lakh crore: FM
Senior citizen benefit to begin from 60 years
Exemption limit on tax raised from 1.6 lakh to 1.8 lakh
Senior citizen benefit to begin from 60 years
Exemption limit on tax raised from 1.6 lakh to 1.8 lakh
Process of service tax refunds will be simplified soon
Propose to allow tax free infra bonds worth Rs 30000 cr for PSBs
CBDT to provide special web facility for salaried persons
Electronic filing of taxes available all over the country
Propose to allow tax free infra bonds worth Rs 30000 cr for PSBs
Process of service tax refunds will be simplified soon
GST to be implemented in this session
GST implementation requires strong IT support
DTC to be implemented fromFY12
Pranab poses for the media with briefcase containing his budget proposals.
Pranab expected to give some tax sops to salaried class.
Market
Nifty up 42 points at 5345, Sensex up 125 points at 17830
Education stocks Aptech, NIIT, Everonn, Edserv up 3-5 pct on budget proposals.
Sensex up nearly 200 pts, Nifty also heads up
Nifty up 72 points at 5375, Sensex up 228 points at 17934
Law will be changed to enable RBI to issue more banking licences.
BSE FMCG Index up 1.5% on Budget announcements
Sensex up nearly 200 points. Realty index gains more than 3 pct
MF can accept subscription foreign investors who meet KYC norms: FM
Nifty rallies further on FM budget speech
FIIs allowed to invest in MF schemes
Stocks of Nagarjuna Fertilizers rises on Urea policy of the government
Sensex rises 150 points during the Budget speech
Sensex trading above 17,850 points, up over 170 points ahead of Budget
Marketsup 108 pts at 178706. Nifty extends gains
Sensex, Nifty opens quiet ahead of the Budget
Sectors
SEZ to come under MAT
MAT increased to18.5%
FY12 health sector outlay at Rs 26760cr, up 20%
Banks to cover 20,000 villages for opening accounts in FY12
Allocation Education sector up 40%
FY12 health sector outlay at Rs 26760cr, up 20%
Banks to cover 20,000 villages for opening accounts in FY12
Allocation Education sector up 40%
Education sector allocated Rs 57,057 cr in FY12
Vocational schemes to be introduced for the employment of the youth
To set up independent debt management office; public debt management bill to be introduced
Rural broadband connectivity to be provided in 3 years
Infrastructure spending to be raised by 23%
Rs 300 cr to be allocated for oil palm production
Upped priority home loan limit to Rs 25 Lakh Vs Rs 20 Lakh
PPP model has been positive in Infra projects
Infra critical for the growth
Private investment in Agro Processing Should Increase
50 new food parks to be implemented
To move to direct cash subsidy for fertilisers, kerosene: FM
1% interest subvention on home loans upto 15 lakh
MF can accept subscription foreign investors who meet KYC norms: FM
RBI is planning to issue new banking guidelines
Discussion to liberalise FDI policy
FII limit in corporate bond is being raised of $20bn taking the limit to $25bn.
Gap between wholesale and retail prices too wide to be acceptable, says Pranab.
Actively considering new fertilizer policy for Urea
India Inc says FM should focus on inflation
Indirect tax rates should be kept steady: CII
Budget may increase subsidies on food
Budget may contain some relief for exporters
Infrastructure sector wants the thrust to continue in this Budget
Prices
Service tax retained at 10%
Computer parts and mobile accessories to get cheaper
LED TVs to get cheaper
source : in.yahoo
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