Budget 2012-13 Highlights

·           Income tax exemption limit raised to Rs 2 lakh from Rs 1.8 lakh -- i.e., no tax to be paid for    

     incomes upto Rs 2 lakhs

·          Income of Rs 2-5 lakh taxed at 10% 

·          Income tax for Rs 5-10 lakh at 20% 

·          Income tax for incomes above Rs 10 lakh taxed at 30%

 

·         Excise duty raised to 12% from 10%

·          Duty on large cars raised to 27%

·         Direct, indirect tax reforms to miss deadline

·         Branded silver jewellery fully exempt from excise duty

·          Customs duty on gold, platinum raised to 4% from 2%

·         Advalorem duty on some cigarettes

·         Duty on handrolled beedis increased

·         Diamonds emerald and ruby prices will increase

·         Eating out to be more expensive

·         ACs, refrigerators and computers to be more expensive

·         Cars, bikes to be more expensive

·         Cement to be more expensive