What did our Finance Minister say to us this year?

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.

• 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