*Budget 2012-13:* - *Exemption up to Rs 2 lakh for individuals* *Income up to 2 lakhs - Nil* *Rs. 2-5 lakhs - 10 per cent* *Rs.

5 lakhs -10 lakhs 20 per cent* *Rs. 10 lakhs and above 30 per cent* - *GST will be operational by August 2012* - *Excise duty hiked from 10 per cent to 12 per cent* - *Service Tax hiked from 10 per cent to 12 per cent* - *Basis Exemption Limit 2 Lakhs**duced from 0.125 per cent to 0.1 per cent.*

- *No change in corporate taxes, DTC Deferred Further* - Global crude oil prices have crossed $115 per barrel - Food and fertiliser subsidy largest expenditure. - Fiscal deficit rose due to subsidy. - Decided to fully provide for food subsidy in the budget - FRBM implementation back on track - Aadhar-enabled payment of select government schemes in 50 districts - Rs 30,000 cr divestment target in FY 13 - To bring down subsidy to 1.7 % of GDP in the next 3 years - To roll out computerized scheme for fertilizer subsidy transfer - The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted - FY13 subsidy to be under 2% of GDP - Find ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption - Remove bottlenecks in agriculture, energy, transport, coal, power and national highways - Ensure rapid rise in private investment - Frame policies that trigger domestic demand recovery - Direct cash subsity to LPG, Kerosene - Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent - Direct transfer of subsidy for kerosene initiated - *Direct Tax Code (DTC) Bill to be enacted at the earliest* - To introduce Rajiv Gandhi [ Images ] Equity Scheme for retail investors - Tax incentive for new investors, These make sense when you consider that the share of household savings delpoyed in capital markets has come down sharply. - Changes in IPO norms to increase participation in small towns

- *Tax exemption on individual share investment below Rs 10 lakh.* - Govt to create Financial Holding company to meet financial needs of PSU banks. - Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi. - 3-year lock-in period exemption under Rajiv Gandhi scheme. - Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years. - Automated shuttle looms exempted from customs duty. - Full exemption on imported equipments for road construction projects. - Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted. - Full exemption from basic customs duty for equipment for road and highway construction. - AC, fridge and most urban services to cost more. - Titanium dioxide customs duty cut to 7.5% from 10%. - Govt may table white paper on black money - *Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup us 80D.* - No change in peak custom duty. - Rs 1000 cr for National Skill Development Fund in FY13. - Gross taxes estimated at 10.6 per cent of GDP. - Pranab proposes to bring white paper on black money in the current Parliament session. - *Gross taxes estimated at 10.6% of GDP.* - Exemption of customs duty of 5% on equipment for fertiliser plants. - Introduction of compulsory reporting of assets held abroad. - Withholding tax on external commercial borrowings reduced from 20 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser sectors. - Government services, public transport exempted from service tax. - Common 1-page return for excise and service tax. - *Propose common tax code for service tax and excise* - *Govt services, public transport exempt from service tax*. - Service tax net widened; to include most sectors - *Negative list to include pre-school and high school education, entertainment services.* - Sale of residential property exempted from capital gains if invested in equity or equipment of an SME. - *All services to be taxed except those in negative list.* - *No advance tax for senior citizens.* - *Health insurance deduction upto Rs 5000 for preventive health checkup. * - Govt aims to trim subsidy burden - *Efforts on for consensus on 51% FDI in multi-brand retail*