Quick View : A One-Minute Budget

Revenue loss from direct taxes at Rs 11,500 cr, gain from indirect taxes at Rs 11,300 cr  Service tax to boost revenue by Rs 4,000 cr  AC hospitals with more than 25 beds under service tax  Domestic travel to pay Rs 50 service tax, Rs 250 on international travel  Life insurance services in area of investment now in service tax  No excise duty on equipment for Ultra Mega Power projects  Health check-up services now attract service tax  No change in Central Value-added Tax rates  No new tax exemption limits for women  Cut in import duties of raw material for mobile phones  Basic food, fuel exempted from central excise duty  Tax sops of Rs 20,000 on infra bonds extended by a year  1% excise duty on 130 new items  Rs 5 lakh tax exemption limit for individuals above 80 years of age  SEZ to come under MAT  Minimum alternative tax raised 185% vs 18%  Tax exemption limit increased to Rs 2.5 lakh for senior citizens Eligibile age for senior citizens is now 60 years against 65 years earlier  Exemption limit for individual tax payers raised to Rs 1.8 lakh from Rs 1.6 lakh  FY13 fiscal deficit at 43%  FY11 Fiscal Deficit at 51%, FY12 deficit seen at 46%  Revenue deficit pegged at 34%  Plan expenditure at Rs 414 lakh crore  Gross Tax Receipts at Rs 932 lakh crore, up 25%  Non-tax revenue Rs 1,25,000 crore  Tax procedures for small businesses to be simplified  Info exchange treaties signed with 13 tax havens  Banks to cover 20,000 villages for opening accounts in FY12  To allocate Rs 58,000 cr to Bharat Nirman projects  SC/ST scholarship scheme will benefit about 40 lakh students  Scholarships to SC/ST students in Class IX and X  Social projects spending outlay up 17% to Rs 16 lakh crore  Food security bill to be introduced this year  Rural broadband connectivity to be provided in 3 years  Task force will be formed to deal with black money  To allow Rs 30K crore tax-free bonds for railways, NHAI  Metro projects in key cities will get financial aid  Farm credit flow raised to Rs 475 lakh crore  GoM to consider issues related to environmental conflicts  Allocation for farm development raised to Rs 7,860 cr  Subvention of 3% to farmers paying loans before time  Allocation for farm development increased to Rs 7,860 cr  Short term interest to farmers will continue to be at 7%  Agricultural credit limit raised to Rs 4,75,000 crore  New companies bill to be introduced in this session Rs 100 cr equity fund for MFIs  Rs 6,000 cr for some PSU banks to help them maintain Tier-I capital at 8%  To prevent fraud in loan cases, govt has set up Central Electronic Registry  Liberalisation of FDI policy  Govt commited to retain 51% holding in PSUs  FII allowed to invest in MF schemes  FII limit in corporate bonds has been raised by $20 billion  FY12 Divestment target at Rs 40,000 crore  FDI regulations consolidated into one comprehensive document  States to cut down fiscal deficit to 3% of Gross State GDP by 2014  Preparations for GST rollout in final stages, bill in current session  DTC comes in force in April 2012  Economy expected to grow at 9%  Food inflation at 20.2% in February