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Saturday, March 17, 2012

UNION BUDGET 2012 - 13 : HIGHLIGHTS

GROSS DOMESTIC PRODUCT ESTIMATED TO GROW AT 7.6 %, +/- 0.25 % IN FY12 - 13. AT CURRENT PRICES THE ADVANCE GDP ESTIMATE OF 2011 - 12 IS Rs. 83,91,691 LAKH CR  AND AT 2004-05 PRICES Rs. 52,47,530 LAKH CR.

TOTAL SUBSIDES AT Rs. 1,90,015 CR.
FERTILIZER SUBSIDIES AT  Rs. 60,974 CR,
FOOD SUBSIDIES AT  Rs. 75,000 CR
OIL & PETROL SUBSIDIES AT  Rs. 43,580 CR.
FISCAL DEFICIT AT Rs. 5,13,590 CR.
MARKET LOANS = Rs. 4,79,000 CR
STATE PF = Rs. 12,000 CR.
EXTERNAL AID = Rs.10,148 CR.
LESS OTHERS = Rs. 12,442 CR.
THE CENTER'S EXPENDITURE 2012 - 13 IS PROJECTED AT Rs. 14,90,925 Cr.


IN FLOW (Rs. in Cr)
TAX RECEIPTS7,71,071
CORPORATE TAX3,73,227
INCOME TAX1,95,786
CUSTOMS DUTY1,86,694
EXCISE DUTY1,94,350
SERVICE TAX1,24,000
TAX OF UNION TERRITORY2,310

NON TAX RECEIPTSAMOUNT
INTEREST RECEIPTS19,231
DIVIDENDS & PROFITS50,153
EXTERNAL GRANTS2,887
OTHER NON TAX RECEIPTS1,207
RECEIPTS OF UNION TERRITORY1,136
           TOTAL74,614

NON DEBT CAPITAL RECEIPTS41,650
RECOVERY OF LOANS & ADVANCES11,650
MISC. CAPITAL RECEIPTS30,000


* Out of the Tax Receipts the Center has to keep aside States share of Rs. 3,01,921 cr & for Calamity & Contingency Fund of Rs. 4,620 crs.

OUT FLOW (Rs. in Cr)
PLAN EXPENDITURE5,21,025
NON PLAN EXPENDITURE9,69,900
OR
REVENUE EXPENDITURE12,86,109
CAPITAL EXPENDITURE2,04,816
DEFENCE1,93,408
SUBSIDIES1,90,015
GRANTS TO STATES & UTs64,211
PENSIONS63,183
INTEREST PAYMENTS3,19,759
LOANS TO PSUs465
OTHER GENERAL SERVICES21,382
LESS OTHERS346
CENTRAL PLAN3,03,582
POSTAL DEFICIT5,727
EXPENSES of UTs with out Legislature3,875
NON PLAN CAPITAL OUTLAY23,971
ECONOMIC SERVICES24,105
GRANTS TO FOREIGN GOVT.3,114
CENTRAL PLAN AID TO STATES1,16,985
SOCIAL SERVICES20,784
POLICE SERVICE35,611

SOME MORE POINTS FROM BUDGET

à    PSU Banks to get Rs. 15,888 cr in FY13.
à    Income Tax exemption limit raised from Rs.180,000 to Rs. 200,000.
à    There will be TDS on Buying/Selling of immovable property. TDS of 1 % of the transaction value if transaction value is more than Rs. 50 lakhs in Tire 1 cities or more than Rs. 20 lakh in other cities. 
à  Proposal to launch Rajiv Gandhi Equity Scheme which allows a deduction of 50 % to new retailers with the lock in of 3 years, who invest uto Rs. 50,000 directly in equities and whose annual income is below Rs. 10 lakhs.
à    Priority Home Loans upto Rs. 25 lakhs with 1 % Interest subvention on Home Loans of Rs. 15 lakhs.
à    A deduction of upto Rs.5,000 has been allowed on prevention health check up. 
à    FY12 disinvestment target Rs. 30,000 Crs.
à    UID Project allocated Rs. 14,232 Cr..
à    To allow Foreign Direct Investments in Corporate Bonds.
à    Education sector allocated Rs. 25,555 Cr.
à    Security Transaction Tax reduced 20 % from 0.125 % to 0.10 % on all Delivery Cash Transaction. 
à    Service Tax raised from 10 % to 12 %. 
à  Custom duty on standard gold bars, coins of purity 99.5 % and Platinum have been hiked from 2 % to 4 % & on non -standard gold from 5 % to 10 %.
à  Cash Purchase of Bullion or jewellery in excess of Rs. 2 lakh will be liable to TDS at 1 % . 
à   FM proposes to reopen assessment upto 16 years for overseas assets to check unaccounted money.
à   Minimum Alternate Tax raised from 18 % to 18.5 % of Book profit.
à Two way fungibility in Indian Depository Receipts would be allowed subject to ceiling for greater foreign participation .
à  Individual tax payers are allowed a deduction of up to Rs. 10,000 for interest from savings bank account.

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