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Key to Budget Documents Budget Highlights (Key Features) Budget Speech Budget at a Glance Annual Financial Statement Finance Bill Memorandum Receipt Budget Expenditure Budget Customs & Central Excise The Macro Economic Framework Statement The Medium Term Fiscal Policy Statement The Fiscal Policy Strategy Statement Statement of Revenue Foregone Implementation of Budget Announcements
Growing Faster, Improving Stability, Progressing on Structural Challenges. The Indian economy this year (2010-11) has been characterized by robust economic growth and steady fiscal consolidation. Inflation continues to be high even though it has come down markedly from where it was at the start of the fiscal year. There are structural challenges that we face, concerning economic governance, efficiency in [...]
The critics considers that the Union Budget 2012-2013 is a regressive budget which will result in pushing up prices and imposing greater burdens on the working people. The bias towards the corporates and the rich in this budget is seen from the fact that while the direct taxes being levied from the rich will result in a loss of 4500 [...]
Tamil Nadu Chief Minister J. Jayalalithaa Friday criticised the union budget 2012-13 as anti-people and demonstrating “the continued policy paralysis gripping the central government”. Reacting to the union budget presented by Finance Minister Pranab Mukherjee in parliament, Jayalalithaa in a statement issued here said: “The Budget does not provide any tangible solutions to the problems crippling the Indian economy. The [...]
From a game to a graphic book to a 12-city tour, Saif Ali Khan is using every possible marketing tool to promote his newest production “Agent Vinod”. The actor-producer says marketing is expensive but vital to a film’s success. “We are marketing the film in various ways. It is expensive and a completely different area of production. It is something [...]
With India’s global profile growing, and opening of more missions planned in Africa and Latin America, the government Friday hiked budgetary outlay for the external affairs ministry from Rs.7,106 crore (around $1.4 billion) to Rs.9,661.97 crore ($1.9 billion), an increase of 36 percent. This amounts to an increase of Rs.2,555.97 crore (around $500 million) over the previous financial year. The [...]
Every tax payer in India is set to gain at least Rs.2,000 per annum, thanks to the relief proposed by Finance Minister Pranab Mukherjee. But the happy story ends there! With a hike of 2 percentage points in service tax and higher excise and customs duty on a host of other items, your household budget is actually set to rise. [...]
Union Finance Minister Pranab Mukherjee Friday proposed to raise the service tax rate from 10 percent to 12 percent, expecting to mop up an additional revenue of Rs.18,660 crore. The minister proposed to tax all services except those in the negative list which comprises 17 heads drawn up keeping in view the “federal nature of our polity, the best international [...]
Finance Minister Pranab Mukherjee Friday proposed a two percentage point hike in peak excise duty from 10 percent to 12 percent. Market analysts said the increase was expected. Mukherjee, in his budget proposals for 2012-13, also proposed to increase excise duty on ‘demerit’ goods such as certain cigarettes, bidis, pan masala, gutka, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. [...]
The ninth budget of the Congress-led United Progressive Alliance (UPA) misses the big picture and fails to address challenges like inflation and high economic growth, former finance minister and Bharatiya Janata Party (BJP) leader Yashwant Sinha said Friday. “This budget is not for the aam aadmi… there is no big picture… it pays lip service to vital sectors like infrastructure [...]
The Union Finance Minister ShriPranab Mukherjee while presenting the Union Budget 2012-13 in the LokSabha today said that government proposes to take forward the process of Financial Sector Legislative Reforms. Announcing this during his Budget speech, the Union Finance Minister ShriPranab Mukherjee stated that following bills will be moved in the current Budget session of the Parliament. • The Micro [...]
While presenting the General Budget 2012-13 in LokSabha here today, the Union Finance Minister, ShriPranab Mukherjee informed that the Japanese Prime Minister has announced US $ 4.5 billion for the Delhi-Mumbai Industrial Corridor (DMIC). In September last year, the Government approved Central assistance to the tune of Rs. 18,500 crore for a period of five years for the project, the [...]
The Union Finance Minister ShriPranab Mukherjeewhile presenting the Union Budget 2012-13 announced introduction of amendments to the Fiscal Responsibility and Budget Management Act, 2003 (FRBM Act). The two important features of this amendment in the direction of expenditure reforms are Effective Revenue Deficitand Medium Term Expenditure Framework. Effective Revenue Deficit is the difference between revenue deficit and grants for creation of capital assets. This will [...]
The Union Finance MinisterShriPranab Mukherjeetoday announced the Government’s commitment to fully provide for subsidies relating to the Food Security Act, but cautioned that some other subsidies which were incompatible with macroeconomic fundamentals of the economy, and were not reaching the intended beneficiaries, could be revisited. Presenting the General Budget 2012-13 in the LokSabha here , the Finance Minister said efforts [...]
The Union Finance Minister ShriPranab Mukherjee today expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee. The Bill was introduced in Parliament in August 2010, and was to come into force from April 1 this year. However, the timeline could not be adhered to [...]
Heralding the Government’s evolved approach to divestment of Central Public Sector Enterprises (CPSEs), the Union Finance Minister ShriPranab Mukherjee today said CPSEs are being given a level-playing field vis-à-vis the private sector with regard to practices like buy-backs and listing at stock exchange. Presenting the General Budget 2012-13 in LokSabha, he said the treasury management options for CPSEs have also [...]
Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax The exemption limit for the general category of individual taxpayers has been enhanced to Rs. 2,00,000 from Rs. 1,80,000 in the General Budget 2012-13, presented [...]
Promote Higher Level of Investments in Several Sectors Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent Restriction on Venture Capital Funds to Invest in Specified Sectors Removed Rate of Investment Linked Deduction of Capital Expenditure Proposed to be Enhanced to 150 Per Cent; New Sectors Added In [...]
To deter the generation and use of unaccounted money, a series of measures have been proposed by the Union Finance Minister Shri Pranab Mukherjee in the General Budget 2012-13 presented by him in the LokSabha here today. The measures include: Introduction of compulsory reporting requirement in case of assets held abroad. Allowing for reopening of assessment upto 16 years in relation to assets held abroad. Tax collection [...]
In the General Budget 2012-13 presented by the Union Finance MinisterShriPranab Mukherjee in LokSabha here today, it has been proposed to provide weighted deduction for expenditure in several sectors with the objective of promoting investment and facilitating growth. To promote investment in research and development (R&D), the Finance Minister, Shri Pranab Mukherjee said that it has been proposed to extend the weighted deduction of 200 per cent [...]
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