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General Budget 2011-12 Highlights

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- Budget aims at "transition towards transparent economy"

- Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh.

No new tax exemption limit for women

- Exemption for investment in infra debt funds for another year.

- No difference in lower limit for women employees(Last year limit of  1.9 Lakh continues).

- Additional Rs.20000 will be tax free for investment in Infrastructure bonds.

-Salaried individuals will be exemted from submitting returns.

- Simplified return form 'Sugam' for small scale tax payers.

- Senor Citizen slabs increased to 2.5 Lakhs.

- Senor Citizen age reduced to 60 .

 

- Surcharge reduced on corporate tax to 5%.

- Service tax raised on air travel.

- Customs duty on Pet Coke and Gypsum to be reduced to 2.5%.

- Base rate on excise duty raised to 5%.

- Standard rate of excise duty at 10 pct.

- To raise Rs 40,000cr via disinvestment

- Expected GDP growth in FY11 at 8.6%

- Agriculture sector to grow at 5.4 %, industry at 8.1 % and services 9.3 %

- Economic growth at 9 percent, plus or minus 0.25 pct in 2012

- Imports increased by 17.6%, Exports increased by 29.4%

- Public Debt Management Agency Bill next year

- Current account deficit (CAD) and average inflation to be less than current year

- SEBI registered MF now accessible to foreign investors

- Home Loan Limit Hiked to 25 lakh for priority sector lending.

-  Liberalising of one per cent interest subvention on housing loans up to Rs 15 lakh.

- Rs 3000cr to NABARD from Union Budget 2011.

- Increase in lending to farmers.

- National Knowledge Network to be set up

- Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.

-  Revised scheme for vocational course to improve Youth.

-  Rs. 10,000 crores to rural telephony.

- Rural broadband connectivity to be provided in 3 years.

- Increased pension of Rs 500 pension for those above 80 years.

- Pension eligibility reduced from 65 years to 60 years for BPL.

- Defence sector gets more than 1.64 trln rupees.

- Rs 6,000 cr for PSU banks to maintain capital-to-risk assets ratio norms.

- Rural housing fund to Rs 3,000 crore.

- Rs.2.14 cr to infra development.

- New Scholarships for needy SC/ST students of Class 9/10

New series of coins with new rupee symbol to be introduced.

 See also:

Budget features for employees

Income Tax 2010-11 Slab

 

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