Know Important 66 Provisions of Union Budget 2012 of India

Know Important 66 Provisions of Union Budget 2012 of India

Budget 2012 presented by Finance Minister Pranab Mukherjee

The Finance Minister began his budget speech, his seventh, in the Lok Sabha.

Important Provisions of the Budget Following are important 66 provisions of Union Budget 2012



1. Excise duty on large cars increased from 22 per cent to 24 per cent

2. White Paper on black money to be tabled in current session of Parliament.

3. No change in corporate tax rate.

4. Service tax rates increased from 10 per cent to 12 per cent

5. Copyright relating to cinematography in film industry exempted from service tax

6. Introduction of compulsory reporting of assets held abroad.

7. Securities Transaction Tax (STT) reduced from 0.125 per cent to 0.1 per cent.

8. Capital gains tax on residential property exempted if sale proceeds used for SMEs.

9. Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup.

10. No tax on saving bank interest up to 10,000 for those having income up to Rs 5 lakh

11. Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.

12. DTC rates introduced on personal income tax

13. Up to 2 lakh rupees – NIL Tax

14. Tax rate for income above 10 lakh to be 30 per cent

15. Tax rate for income from 5 to 10 lakh to be 10 per cent

16. Tax rate for income from 2 lakh to 5 lakh to be 10 per cent

17. Rs 193,407 crore provision made for defense services in 2012-13.

18. 40 crore Aadhar enrollment in year beginning April 2012.

19. Rs 3,915 crore to be spent on National Rural Livelihood Mission.

20. Rs 1000 crore to be provided for National Skill Development Corporation in 2012-13.

21. Rs 20,000 crore to be spent on rural infrastructure development, including Rs 5,000 crore for creating warehousing facilities.

22. Interest subvention of 7 percent to women self groups for loans up to Rs 3 lakh, additional 3 percent for those making timely repayment.

23. Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year.

24. Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 crore in FY 12 to Rs 14,000 crore in 2012-13.

25. Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 crore this fiscal.

26. Government to create PDS through Aadhar platform

27. Government to start new pds scheme

28.Government to provide Rs 10,000 crore to NABARD for refinancing regional rural banks.

29. Government to set up Rs 5000 crore venture fund for MSME sector.

30. External commercial borrowings to the extent of USD one billion to be allowed for aviation sector for next year.

31. Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector

32. Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.

33. A central "Know Your Customer" depository to be developed

34. Tax Free Bonds of Rs. 60,000 crore to be allowed for financial infrastructure projects

35. Allocation of Road Transport and Highways Ministry enhanced by 14 per cent to Rs. 25,360 crore

36. Financial package of Rs. 3,884 crore for waiver of loans to handloom weavers and their cooperative societies; mega handloom clusters in Andhra, weaver service centers in Mizoram, Nagaland and Jharkhand

37. power loom mega cluster in Maharashtra

38. Rs. 500 crore pilot schemes for geo-textiles in North-Eastern region

39. Rs. 5,000 crore India Opportunities Venture Fund to help small enterprises

40. Rs. 200 crore for awards to incentives agricultural research

41. Target for agricultural credit raised to Rs. 5,75,000 crore

42. Interest subvention of 1 percent on housing loans upto Rs. 15 lakh extended for one more year

43. Scheduled Caste Sub Plan allocation increases by 18 per cent to Rs. 37,113 crore; Tribal Sub Plan by 17.6 per cent to Rs. 21,710 crore

44. Rural drinking water and sanitation gets 27 per cent rise in allocation to Rs. 14,000 crore

45. PMGSY gets 20 per cent rise to Rs. 24,000 crore

46. Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities

47. Large cars duty has been raised from 22 per cent to 24 per cent

48. customs duty on standard gold has been raised from 2 per cent to 4 per cent because of this Gold and platinum jewellery prices will go up that is increase

49. HIV and Cancer Medicine prices will decrease.

50. All soya products are going to cost less

51. AC cost more

52. gold jewelry cost more

53. refrigerator cost more

54. telephone bills cost more

55. SUVs cost more

56. cigarettes, hand rolled beedis cost more

57. branded retail garments to cost more

58. Cinema and films cost less

59. LCDs and LEDs cost less

60. bicycles cost less

61. housing society charges cost less

62. LPG cost less

63. mobile phones cost less

64. school education cost less

65. iron ore equipment cost less

66. Defense Budget was hiked by more than 17 per cent to Rs 1,93,407 crore from last year's Rs 1,64,415 crore.


The Budget 2012 is nothing but some numbers were increased and few numbers were decreased and everything remains same no major change happened.

Reality views by sm –

Friday, March 16, 2012

Tags – Indian Union Budget 2012-2013