It is been a month since the Union-Budget 2012-13 for our country.A futile attempt to de-code it a little for (y)our benefits.
Tried to keep it concise and inclusive-for more details:http://economictimes.indiatimes.com/union-budget-2012/liveblog/12277070.cms
Regards,
"Kuchmitai" Balaji
- Income Tax Exemption limit raised:Now 20% rate kicks in only above 10Lacs income and IT exemption limit has been raised to 2Lacs
- Tax exemption on savings account interest income for up to 10,000rs
- Infrastructure bonds tax exemption removed
- Securities Transaction Tax reduced to 0.1%
- Tax exemption scheme to encourage small equity investors-up to 50% IT deduction to new retail investors who put in equity with lock in period of 3 years
- Immovable property buying(except agri) will involve TDS at the rate of 1% at 50L in urban and 20L in rural
- Additional 5,000rs available to cover expenses for preventive health checkups for self and family
- 80C exemption for life insurance policy now at sum assured to premium multiple of 10 times from 5 times
- Possible GST(Goods and Service Tax) roll out in 2013
- Disinvestment target at 30,000 crore for this year
- 5000 crore venture fund for micro and small enterprises
- Proposal to exempt low cost housing scheme from service tax
Which would cost more:
- Air travel
- Mobile phone bills
- Eating out
- Large cars(above 1500cc)
- High purity gold
- Medicines
- Fridge,A/C,TV aka white goods
- Rail travel by A/C
- Ice-cream,chocolates,biscuits
- Lipsticks,soaps,toiletries
- Domestic liquor,soft drinks
- Cigarettes,rolled bidis,gutkha
- Stay in 5 star hotels
- Cement
- Petrol and Diesel
Which would cost less:
- Branded silver jewellery
- Ready-made garments
- health insurance and preventive health checkups
- Imported liquor
- LED lamps
- Coffee
- Electric and hybrid cars
Tried to keep it concise and inclusive-for more details:http://economictimes.indiatimes.com/union-budget-2012/liveblog/12277070.cms
Regards,
"Kuchmitai" Balaji