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Highlights of Union Budget 2012-13 (Part-I)

New Delhi , Fri, 16 Mar 2012 ANI

New Delhi, Mar 16 (ANI): Finance Minister Pranab Mukherjee on Friday presented the Union Budget 2012-13 in Lok Sabha.

 

The highlights of the Budget are as follows:

 

Efforts on for consensus with states on FDI in multi-brand retail

 

Direct Tax Code (DTC) Bill to be enacted at the earliest

 

Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan.

 

PAN identity for direct, indirect taxes to check tax evasion

 

Divestment target for next yr - 30,000 crore; 51 percent control will remain with government

 

Restrict expenditure on subsides to 2 percent to improve quality of public spending

 

The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted

 

Food security subsidy to be fully provided

 

Fiscal 2011-12 interrupted as the year of recovery; reality turned out to be different

 

International crude oil prices may cross 115 dollars per barrel

 

Government to create financial holding company to meet financial needs of PSU banks

 

Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks

 

Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector

 

Tax free bond limit enhanced to 60,000 to benefit individual taxpayers

 

Corporate market reforms to be initiated

 

Bills on micro-finance institutions, national land bank and public debt management among those to be introduced in 2012-13

 

New equity savings scheme to provide for income tax deduction of 50 percent for those who invest Rs.50,000 in equity and whose annual income is less than Rs.10 lakh

 

irlines allowed to tap foreign loans on working capital now. (ANI)

 


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