Friday, March 16, 2012

India - Budget 2012-2013

> In the Budget estimates for 2012-13, the Gross Tax Receipts are estimated at Rs 10, 77,612 crore which is an increase of 15.6 per cent over the Budget Estimates and 19.5 per cent over the revised estimates for 2011-12. After devolution to States, the net tax to the Centre in 2012-13 is estimated at Rs 7,71,071crore.

> The Non Tax Revenue Receipts are estimated at Rs 1,64,614crore and Non-debt Capital Receipts at Rs 41,650 crore. The total expenditure for 2012-13 is budgeted at Rs 14,90,925 crore. Of this Rs 5,21,025crore is the Plan Expenditure while Rs 9,69,900 crore is budgeted as Non Plan Expenditure.

> Individual income up to Rs 2 lakh will be free from income tax; income upto Rs 1.8 lakh was exempt in 2011-12. Income above Rs 5 lakh and upto Rs 10 lakh now carries tax at the rate of 20 per cent; the 20% tax slab was from Rs 5 lakh to Rs 8 lakh in 2011-12. A deduction of up to Rs 10,000 is now available for interest from savings bank accounts. Within the existing limit for deduction allowed for health insurance, a deduction of up to Rs 5000 is being allowed for preventive health check-up. Senior citizens not having income from business will now not need to pay advance tax.

> A provision of Rs 1,93,407crore for Defence Services including Rs 79,579 crore for capital expenditure.

> Rs 20,208 crore in the total Plan Outlay for the Department of Agriculture and Cooperation in 2012-13. The outlay for Rashtriya Krishi Vikas Yojana (RKVY) is being increased to Rs 9217 crore in 2012-13.

> covering 8,800 km. under NHDP next year and increase in allocation of the Road Transport and Highways Ministry by14 per cent to Rs 25,360 crore in 2012-13.

> an allocation of Rs 15,850 crore has been made for ICDS scheme which is an increase of 58% and Rs 11,937 crore for National Programme of Mid-Day Meals in schools for the year 2012-13.

The Finance Minister proposed an increase in allocation by 21.7 per cent for Right to Education – Sarva Shiksha Abhiyan to Rs 25,555 crore and by 29 per cent for Rashtriya Madhyamik Shiksha Abhiyan to Rs 3,124 crore

Union Budget 2012-13 Summary Indian Express

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