While presenting his 6th budget in the Parliament today, Finance Minister Mr Pranab Mukherjee said that the Indian economy is back on the pre-crisis growth trajectory. Admitting that high inflation is still a stumbling block for the Indian economy, the FM introduced a number of social reforms, and also liberalised the FDI policy. And there were the expected income tax breaks.Here are a few live updates from the Union Budget 2011:-
1. The personal income tax exemption limit has been hiked from Rs. 1,60,000 to Rs. 1,80,000 for men.
2. The exemption limit for women stays at Rs. 2,40,000.
3. The tax exemption limit for senior citizens has been increased to Rs, 2,50,000.
4. The tax exemption limit for senior citizens above 80 has been increased to Rs, 2,50,000.
5. The minimum age to qualify for being a senior citizen is now 60 years, as against 65 years earlier.
6. Government to introduce GST (Goods and Service Tax Bill) in the current Parliamentary session.
7. GTC To roll out from 1st April, 2012.
8. Introduction of GTC, GST to improve compliance.
9. Economic growth of 8.75%-9.25% expected in 2011-12.
10. Fiscal deficit to be at 3% of state deficit by FY14.
11. New nutrient-based fertilizer policy on urea being considered.
12. Government to move to direct tax subsidy for kerosene and fertilizer.
13. The divestment target for FY12 is Rs. 40,000 crores.
14. The GDP growth has been pegged at 8.6%, the agricultural growth at 5.4%, industrial growth at 8.1 %, and services growth at 9.6%.
15. The food inflation which was at 0.2% last year, was at 9.3% in January this year, but is still an area of concern, says the FM Pranab Mukherjee.
16. Housing loan limit raised to 25lacs for priority sector lending.
17. 1% interest subvention on home loans upto 15 lacs.
18. Government is also mooting liberalizing the FDI policy in the country.
19. FIIs will now be allowed to invest in mutual funds schemes.
20. FII investment limit in corporate bonds hiked to $ 40 billions.
2. The exemption limit for women stays at Rs. 2,40,000.
3. The tax exemption limit for senior citizens has been increased to Rs, 2,50,000.
4. The tax exemption limit for senior citizens above 80 has been increased to Rs, 2,50,000.
5. The minimum age to qualify for being a senior citizen is now 60 years, as against 65 years earlier.
6. Government to introduce GST (Goods and Service Tax Bill) in the current Parliamentary session.
7. GTC To roll out from 1st April, 2012.
8. Introduction of GTC, GST to improve compliance.
9. Economic growth of 8.75%-9.25% expected in 2011-12.
10. Fiscal deficit to be at 3% of state deficit by FY14.
11. New nutrient-based fertilizer policy on urea being considered.
12. Government to move to direct tax subsidy for kerosene and fertilizer.
13. The divestment target for FY12 is Rs. 40,000 crores.
14. The GDP growth has been pegged at 8.6%, the agricultural growth at 5.4%, industrial growth at 8.1 %, and services growth at 9.6%.
15. The food inflation which was at 0.2% last year, was at 9.3% in January this year, but is still an area of concern, says the FM Pranab Mukherjee.
16. Housing loan limit raised to 25lacs for priority sector lending.
17. 1% interest subvention on home loans upto 15 lacs.
18. Government is also mooting liberalizing the FDI policy in the country.
19. FIIs will now be allowed to invest in mutual funds schemes.
20. FII investment limit in corporate bonds hiked to $ 40 billions.
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