Latest union budget (2011-12) highlights: catch budget 2011 live on fullhyd.com. Yes, there's good news on income tax, and all the other mumbo-jumbo parameters too.
Yes, there are the expected income tax breaks in it. But Budget 2011's income tax breaks aren't its highlights. While presenting his 6th budget in the Parliament today, Finance Minister Pranab Mukherjee said that the Indian economy is back on the pre-crisis growth trajectory.
Which really is the better news. You'd rather get a better job and earn higher than be happy about paying Rs. 2,000 lesser in tax, right? Which is what the hike in personal exemption limit translates to. That too, only for men (the exemption limit for women is unchanged).
Admitting that high inflation is still a stumbling block for the Indian economy, FM Pranab Mukherjee in his union budget speech introduced a number of social reforms, and also liberalised the FDI policy.
Here are live updates from the union budget 2011, and the budget 2011 highlights:
1. The personal income tax exemption limit has been hiked from Rs. 1,60,000 to Rs. 1,80,000 for men.
2. The exemption limit for women stays unchanged at Rs. 1,90,000.
3. The tax exemption limit for senior citizens has been increased to Rs. 2,50,000.
4. The tax exemption limit for very senior citizens above 80 has been increased to Rs. 2,50,000.
5. The minimum age to qualify for being a senior citizen is now 60 years, as against 65 years earlier.
6. Service tax and excise remain unchanged at 10%.
7. Corporate surcharge reduced from 7.5% to 5%.
8. Service tax on air travel to increase.
9. Government to introduce GST (Goods and Service Tax Bill) in the current Parliamentary session.
10. DTC To roll out from 1st April, 2012.
11. Introduction of DTC, GST to improve compliance.
12. Economic growth of 8.75%-9.25% expected in 2011-12.
13. Fiscal deficit to be at 3% of state deficit by FY14.
14. New nutrient-based fertilizer policy on urea being considered.
15. Government to move to direct tax subsidy for kerosene and fertilizer.
16. The divestment target for FY12 is Rs. 40,000 crores.
17. The GDP growth has been pegged at 8.6%, the agricultural growth at 5.4%, industrial growth at 8.1 %, and services growth at 9.6%.
18. The food inflation which was at 20.2% last year, was at 9.3% in January this year, but is still an area of concern, says the FM Pranab Mukherjee.
19. Housing loan limit raised to Rs. 25 lacs for priority sector lending.
20. 1% interest subvention on home loans upto Rs. 15 lacs.
21. Government is also mooting liberalizing the FDI policy in the country.
22. FIIs will now be allowed to invest in mutual funds schemes.
23. FII investment limit in corporate bonds hiked to $ 40 billions.
24. A host of new bills to bring reforms in the financial sector to be introduced in the current parliamentary session including Pension Bill, LIC Bill, Banking Laws Amendment Bill and SBI Subsidiaries Bill.
25. Bill to allow RBI to grant more banking licenses under consideration.
26. Panchayats to go global now with broadband internet connections.
27. Rs. 10,000 crores to be granted to NABARD as short-term credit fund.
28. Rs. 100 crores equity funds to be granted to microfinance institutions.
29. Subsidies to reach BPL families directly now under a new scheme, the modalities of which will be worked out by Nandan Nilekani.
30. Rs. 21,000 crores allocated to National Literary Mission.
31. 15 mega food parks to come up.
32. Food Security Bill to be introduced this time.
33. Wages for Angadwadi workers increased from Rs. 1,500 to Rs. 3,000.
Keep following the Live Union Budget 2011-2012 for India on fullhyderabad.com for more updates.