Budget 2012 Live

Finance Minister Pranab Mukherjee on Friday announced tax relief for individual tax payers. Presenting Union Budget 2012-13 in Lok Sabha, Mukherjee said income upto Rs 2 lakh would be tax free; income from Rs 2 to 5 lakh would be taxed at 10%; from Rs 5 to 10 lakh at 20%; and income above Rs 10 lakh would attract tax of 30%.

In other tax measures, Mukherjee announced that interest from savings account up to Rs 10,000 would be tax free. Also, apart from medical insurance, an additional Rs 5,000 would be exempted for preventive health check-ups.

Senior Citizens have been exempted from filing advance tax.

Meanwhile, Service Tax has been hiked from 10% to 12%. Also, its net has been widened and all services barring 17 would now be taxed. Corporate Tax structure has been left unchanged.

Mukherjee earlier said India continues to remain among front-runners in economic growth. Mukherjee however said the economic growth is estimated at 6.9 percent during the current fiscal year which was "disappointing". The Finance Minister also exuded confidence that headline inflation would moderate in the next few months and remain stable.

Income Tax

• Tax collection up 15%


Income Tax proposals:


• Personal Income Tax slabs for individuals relaxed


• Exemption limit enhanced from Rs 1.8 lakh to Rs 2 lakh


• Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh


New Slabs as follows:


• Upto Rs 2 lakh - Nil


• Rs 2-5 lakh - 10%


• Rs 5–10 lakh – 20%


• Above Rs 10 lakh – 30%


• Interest from savings account up to Rs 10,000 to be exempt from tax


• In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups


• Senior Citizens exempted from filing advance tax


• Compulsory reporting of assets sold abroad


Corporate Tax


• Corporate Tax structure left unchanged


• Withholding tax on certain overseas borrowings reduced to 5% from 20%


• Cuts securities transaction tax by 20% for stock market orders


Service Tax


• Service Tax rates raised from 10% to 12%


• To bring more businesses under Service Tax net; only 17 services exempted now


• Higher Service Tax to add Rs 186.6 bn in revenue


• Changes in direct taxes to result in revenue loss of Rs 45 bn


• Government services, public transport exempted from services tax


• Standard excise rate hiked to 12% from 10%


Tax Reforms


• Advanced pricing agreement in DTC to be in Financial Bill


• New tax exemption on individual share invest with lock-in


• GST network to get operational from Aug


• GST under progress, talks on with states for drafting law


• To examine parliamentary panel report on Direct Tax Code


• Rajiv Gandhi Equity Saving Scheme launched


• Rajiv plan equity invest lock-in period to be 3 years


• Rs 50000 tax exempt for share invest in new Rajiv plan


• Tax exemption on individual share invest below a million rupees


• Tax free infra bonds Rs 600 bn to be issues FY 13


• To allow Rs 100 bn NHAI tax free bonds FY 13


• To allow Rs 100 bn IRFC tax free bonds in FY 13


• To allow Rs 50 bn HUDCO tax free bonds FY 13


• To allow Rs 50 bn SIDBI tax free bonds FY 13


• To allow Rs 100 bn power sector tax free bonds FY 13


• To okay Rs 50 bn National Housing Bank tax free bonds


• 1% loan sop plan for home loans up to Rs 2.5 mn


• Interest subvention on low cost homes extended by a year


Other Budget Highlights


• GDP to grow by 6.9% in 2011-12


• This year’s performance disappointing


• India still among front runners in economic growth


• Monetary policy was geared towards containing inflation


• Need to improve supply side of economy


• Exports grew 23 %


• Imports grew 29%


• Past year was supposed to be year of recovery


• To keep subsidies under 2% of GDP over next 3 years


• We were facing several challenges; global situation a dampener


• Industry pulled down growth in past two years


• Industry now showing signs of recovery


• Need to improve supply side of economy


• Subsidy for food security law to be fully provided


• Some subsidies inevitable


• Agriculture to services performed well


• Economy now turning around


• Manufacturing on cusp of revival


• Need to improve micro-economic environment


• Expect headline inflation to moderate in the next few months and remain stable


• Agri growth at 2.5%


• External trade growth encouraging


• India has successfully achieved diversification of import and export market


• Diversification has helped overcome global slowdown


• Current account deficit at 3.6%


• Fiscal balance has deteriorated due to increase in direct tax seepages and increased subsidy


• Expect smaller fiscal deficit in the coming year


• Concept of effective revenue deficit is being brought in as a fiscal parameter


• Crude oil prices to cross USD 115/barrel


• Need to take a close look at revenue expenditure, particularly subsidies


• Endeavour to restrict subsidy to under 2% of GDP


• Recommendation of task force under Nandan Nilekani has been accepted


• Direct transfer of fertilizer subsidy to retailer and then on to farmer to be rolled out


• Direct transfer of kerosene subsidy pilot project in Alwar, Rajasthan


• Direct subsidy transfer to be implemented in at least 50 more districts soon


• DTC to be implemented at the earliest


• The structure of GST network has been approved by EGoM


• Treasury management for CPACs has been enhanced


• Rs 30000 cr to be raised via disinvestment


• At least 51% stake will remain with the govt


• FDI in multi-band retail held in abeyance


• GST to be operational by August 2012


• Provision for advance pricing agreement included in DTC bill


• Reform in financial sector has been pursued to ensure more market intervention


• New scheme - Rajiv Gandhi equity scheme - to be introduced


• Simplifying process of IPOs


• Mandatory for companies to issue stocks over Rs 10 cr through online system


• 8 financial amendments bills to be introduced this year


• Central Know Your Customer repository would be set up


• 70,000 habitations have been provided with banking services


• Ultra small branches would be set up


• Swabhiman campaign to be extended to habitations with population of 1000 people


• 81 Regional Rural Banks have migrated to core banking


• Weak RRBs to be recapitalized for another two years


• Viability gap funding under PPP is an important factor


• Oil and gas and LNG storage and oil gas pipeline, telecom towers will also be made eligible under viability gap finding


• The first infra debt fund with a outlay of Rs 8,000 cr has been launched


• Tax free infra bonds to be raised to Rs 60,000 cr


• Coal India has been advised to sign power purchase agreements with power plants


• 8,800 km roads to be covered under NHDP


• ERCB for capex of toll system and maintenance


• ECB for working capital requirement of aviation industry for a period of 1 year with an upper cap of USD 1 bn


• Delhi-Mumbai industrial corridor has made progress


• USD 4.5 bn has come Japan for DMIC


• ECB for low cost housing


• New handloom cluster in Prakasam and Guntur districts of AP and leather cluster in Jharkhand


• Power loom mega cluster in Ichalkaranji in Maharashtra


• India opportunity venture fund to be launched


• 1% interest subvention for homes costing less than Rs 25 lakhs to continue


• RKBY under Rs 300 cr for irrigation program


• National food security mission, integrated development of pulses villages


• National mission of sustainable irrigation being taken up


• National mission on oil seed and oil palms


• Rs 500 cr for aquaculture


• Rs 10,000 cr to NABARD to refinance RRBS


• Kisan card can be operated from ATMs


• Allocation for SC/ST increased to Rs 37,113 crore


• Food security a legal entitlement


• PDS network being created using AADHAR platform


• Multispectral programs to address maternal nutrition to be rolled out in select district


• Budget OKs overseas borrowing to part-fund power projects' rupee debts


• Budget approves overseas borrowing of upto USD 1 bln for airlines' working capital needs


• Budget OKs overseas borrowing for low-cost housing projects


• To increases outlay for agriculture by 18% to Rs 202.08 bn


• India to be self sufficient in urea manufacturing in 5 years


• Foreign borrow for capex to maintain, operate toll roads


• Irrigation including damns under viability gap funding FY 13


• Irrigation, fertilizer, terminal market under viability gap funding


• To allow Rs 100 bn NHAI tax free bonds FY 13


• To allow Rs 100 bn IRFC tax free bonds in FY 13


• To allow Rs 50 bn HUDCO tax free bonds FY 13


• To allow Rs 50 bn SIDBI tax free bonds FY 13


• To allow Rs 100 bn power sector tax free bonds FY 13


• Inter ministerial panel to monitor allocated coal mines


• To OK Rs 50 bn National Housing Bank tax free bonds


• ECBs allowed to part finance rupee debt of power projects


• Hike in agri credit by Rs 1 tnh To Rs 5.75 tn next FY


• Outlay for agriculture up by 18% to Rs 202.08 bn


• Mid-Day meal scheme allocated Rs 11937 cr


• RG for empowerment of adolescent girls scheme gets 750 cr


• Rural drinking water and satiation allocated 14000 cr


• PMGSY get Rs 24000 cr


• Backward region development fund allocated Rs 12040 cr


• Development projects for drought mitigation in Bundelkhand and other select areas Rs 20000 cr


• Rs 5000 cr for developing warehousing facility


• 6000 schools to be set up at block levels and developed as model schools


• No new case of polio was reported in last one year


• New vaccine unit to be set up near Chennai


• NRHM enlarged to include iodine deficiency and vaccination


• NRHM allocated Rs 20822 cr


• National urban health mission launched


• Seven more govt medical colleges to be upgraded to AIIMS


• National Rural Livelihood Mission to provide self employment - allocation upped to Rs 3915 cr


• Interest subvention of additional 3% on loans upto Rs 3 lakhs to women self help groups - effective rate of 4%


• Credit guarantee fund for skill development


• In the eventuality of the death of the bread earner of a BPL family they will get Rs 10,000


• Rs 25 cr to Institute of Rural Management in Anand


• Rs 100 cr for Kerala agricultural University


• Rs 50 cr of Dharwad Agriculture University


• Rs 50 cr to Agri universities in Haryana, Odisha


• Indira Gandhi pension scheme beneficiaries to get Rs 300 pm as against current Rs 200


• National population registry project to be completed in the next two years


• 14 cr AADHAR number generated


• AADHAR is ready for payments under MGNERGA, pension scheme


• 82 double tax avoidance agreements have been finalized


• 17 tax info sharing agreements has been finalized


• Will table white paper on black money


• Dedicated information cells to track black money


• Allowed direct import of ATF by airlines


• Realtors can borrow from overseas for low cost home projects


• Gave Rs 40 bn in FY 13 for rural housing Vs Rs 30 bn in FY 12


• Announces 2 new handloom mega clusters


• To set up 3 technical assistance centres for textiles


• Allot Rs 700 mn for Maharashtra power loom cluster


• East Indian states produced 7 mn tones more of paddy


• Rs 5 bn pilot plan in 12 plan for geo textiles in NE


• Allot 10 bn to up kharif output in NE FY 13


• Allot 4 bn to up kharif output in NE FY 12


• Rs 5.75 tn farm credit in FY 13


• Rs 100 bn to NABRAD for refinancing RRBs


• NABARD to give rural banks Rs 100 bn for short term loans


• Allocated Rs 255.55 bn under Right to Education


• Allocated Rs 208.22 bn under rural health plan FY 13


• No new case of polio


• Credit guarantee fund proposed for poor students


• Allocated Rs 31.24 bn for secondary education


• Allocated Rs 200 bn for rural infra development in FY 13


• Allocated Rs 240 bn under rural road project


• Allocated Rs 158.50 bn for child development in FY 13


• Expect gross tax receipts at Rs 10.78 tn next FY


• Total spending Rs 14.49 tn next FY


• Expect non-tax revenue at Rs 1.64 tn next FY


• Non-Plan spending Rs 9.69 tn next FY


• Fiscal deficit 5.9% of GDP this FY


• Expect Fiscal deficit 5.1% of GDP next FY


Five focus areas this year:


• Revival of domestic consumption


• Achieve condition for revival of high growth


• Remove supply bottlenecks


• Intervene decisively to address malnutrition


• Expedite improvement in delivery systems and address black money

source: http://zeenews.india.com/business/budget-2012/budget-2012-live-i-t-exemption-limit-hiked-to-rs-2-lakh_43962.html

How To Speed Up Weight Loss

High levels of fruits, vegetables, greens and beans help you lose weight because they are low in calories, high in volume and high in critically important nutrients. On a very practical level they fill you up, without loading you up with fat and calories. And when your stomach is filled up with high volume, low calorie food, there is less room for other bad stuff.

There is also a growing body of evidence that shows that plant-based foods help to control food cravings and overeating. They are nutrient dense, which simply means they are packed with all sorts of good things for you, which is something most of us know.

But what is new is the idea that a diet very high (much more than the recommended 5 servings a day) can help turn off our cravings for processed foods. They can short circut the food addiction cycle, and help provide a jolt to your weight loss efforts.

Your Diet May Be Balanced- But Are You?

The average American diet is roughly 8% fruits, vegetables and beans. We are told to eat 5 or more portions a day, but to get real impact on your weight or health, you need to radically and dramatically increase daily intake, and put a special focus on green vegetables like spinach, broccoli and salad. Often what keeps us from doing this is that we are told to pursue a "balanced diet" and to "eat sensibly". But what if your body is out of balance and overweight? In order to attain balance, might we need to pursue an "unbalanced diet" where we simply invert the ratios of fruits and vegetables in relation to everything else?

For those of you following the PEERtrainer Cheat System, you know how easy this can be, even if you eat "normally" most days. The key thing we have discovered, is that many "health" plans are hard to follow, and can be unforgiving, especially for newcomers. Traditional diet plans are generally very "status quo" oriented, because that is where the money is. PEERtrainer's free system is a hybrid of the two approaches, and it works really well if you are willing to some very basic portion control. For those of you who have not downloaded your copy, you can find out how to do so here.

Why Fruits and Vegetables Fight Food Cravings

Our body is really smart, and often sends us signals. Hunger is a big signal. It is your own body telling you to eat. If you have ever been pregnant (or known someone who has!) you are familiar with peculiar food cravings. It is the same thing with your body and nutrients. Your body is looking for specific nutrients and is not getting them in nutrient poor processed foods, and anything marked low fat or low carb. So you eat and you eat and you eat but the body still hasn't gotten what it needs. It's still looking for the nutrients available in fruits and vegetables. Learning to listen to your body will be a skill you develop as you log daily on PEERtrainer or take part in our free coaching program. You will begin to see how you feel in relation to what you eat. You can test these ideas on yourself.

Vegetables Can Rapidly Lower Elevated Cholesterol Levels

Arguably the most important "modifiable risk factor" for heart disease is one's "blood cholesterol level." This is an EASILY MEASURABLE THING! According to the U.S. National Institute for Health:

"Your blood cholesterol level has a lot to do with your chances of getting heart disease. High blood cholesterol is one of the major risk factors for heart disease. A risk factor is a condition that increases your chance of getting a disease. In fact, the higher your blood cholesterol level, the greater your risk for developing heart disease or having a heart attack. Heart disease is the number one killer of women and men in the United States. Each year, more than a million Americans have heart attacks, and about a half million people die from heart disease."

Green Vegetables Like Kale Can Help To Quickly Bring Down LDL Cholesterol Levels!

Scientists and researchers are just starting to understand how green vegetables like Kale can quickly and measurably bring down blood cholesterol levels. When you consume Kale for some reason your "bile acids" are used in the process of digesting it. The "bile acids" are then excreted.

When bile acids are excreted, the body needs to make more. One of the main uses of cholesterol in the body is in the production (or "synthesis") of new bile acid! So, high daily consumption of leafy greens can speed up the process of bile excretion and production, which can help to directly lower cholesterol levels.

Pectin-Containing Fruits Like Apples and Pears Function The Same Way...

You have heard the old saying that "An Apple A Day Keeps The Doctor Away." That is literally true. "Pectin" is a fiber that binds to bile acids in the digestive system. So when you eat an apple, or a pear or a pile of green vegetables, you are triggering a process that can literally suck elevated levels of bad cholesterol out of your system!

PEERtrainer Diet Tip: Beans Are A Dieters Best Friend

Did you know that a serving of beans (legumes) has the same amount of protein as a serving of meat? The calories are also the same, but the fat content of beans is negligible. The fiber content of beans is extremely high. Meat is the exact opposite. The most important part though, is that beans will fill you up even more so than a hamburger. A 1/4 pound of beans is simply much bigger in your stomach than 1/4 pound of hamburger. Try it and you will be amazed.

I Don't Like Fruits and Vegetables!!!!

What if you don't like fruits and vegetables? Take out a pen and list all the vegetables you've heard of and we'll bet there are a few you like. Artichokes? Corn? Cucumber? On this list, circle all the vegetables you like, and tape the list to your refrigerator. You don't have to eat a different one a day. Find a few you like, and start to incorporate them in your diet. Start by incorporating just one vegetable a day in each meal and one fruit. Maybe you are getting older and would be motivated by the fact that certain fruits like Pears help to preserve your eyesight, lower your cholesterol and help reduce the risk of colon cancer. Just being told that "something is good for you" often does nothing. But if you have a specific reason, for example mapping pears and fruit to better eyesight, it will help in your day to day decision making.

You'll find, as time goes on and you get suggestions of ways to prepare them from others, you'll start to try different ones. Just get the habit formed with ones you like and your body will start to build up its nutrient reserves. Getting in the habit of eating a huge salad or two each day is a great way to make the bulk of your diet healthy and nutrient dense. If you make enough of a change in your diet, your body will start to respond very quickly. If you replace meat and dairy with healthy foods, you will lose weight quickly.

What Vegetables and Fruits Speed Up Weight Loss

There is a growing body of evidence that shows that not all fruits and vegetables are created equally. Certain fruits and vegetables contain more nutrients per calorie than others, and these nutrients help your body do what it needs and wants to. When your body is getting what it needs, you are going to feel better physically. And you just may feel better emotionally. The absolute best vegetables to help speed up weight loss are green vegetables- Collard Greens, Spinach, Swiss Chard, Brussels Sprouts, Broccoli, Cabbage. If you are in a Chinese restaurant, pay very close attention to the vegetables they serve. And get in the habit of eating them. If you want to lose weight quickly, you need to eat a ton of these vegetables every day and start to get a sense of your portion sizes. Other things that will help you lose weight quickly are Romaine Lettuce, Vegetable Juice, Boston Lettuce, Carrot Juice, Tomato Sauce and Red and Green Peppers. If it grows, eat a LOT of it!!

Just like vegetables, not all fruit is created equally. You hear that certain fruits are "anti-oxidant superfoods." These fruits also will help you lose weight more quickly. Strawberries, Raspberries and Blueberries are at the top of the list when it comes to helping speed up weight loss. You might be worried about the calories in strawberries but you need to realize there are only 74 per cup and those are the calories you want. There are even fewer calories in raspberries. They will give you energy, make you feel great and help burn off fat very quickly. They also help to fight cancer. This summer, find a place where wild raspberries grow and take a hike to that place. And gorge on them! You will have a great day- and it is free. If you are a parent, these kinds of activities kids love and will help them form great behaviors for their lifetime. A gift to yourself and others.

"This Is Nothing I Have Not Heard Before, What Will Make It Different This Time?"

One thing we hear over and over is that people know a lot of this stuff but have a hard time following through and putting it into practice. The thing that we would observe is that people have developed an all or nothing mentality when it comes to weight loss. You really need to stop, take a deep breath and just give yourself a break first of all. A good way to think about adding fruits and vegetables to your diet is that you are "building your fruits and veggies muscle." Just build the muscle over time. Every meal is a chance for a workout. Every trip to the grocery store is a chance to plan your workout. And this workout you get to eat!

It also may be that you have some mindset issues to work on that are the real block to weight loss. We hear from so many people that they "know all this" about vegetables and greens, but they have a hard time with emotional eating and other issues relating to "knowing what to do but not being able to follow through on what they know. PEERtrainer has recently created a formal program to help people totally change their thinking and habits. To learn more about this program click here.

February 14th, 2011 Introducing The New PEERtrainer Cheat System

If you are looking for some help implementing the ideas presented in this article, you will find the new PEERtrainer Cheat System very helpful. This is a new, free and simple to follow system for eating. The objective is to help guide you towards a way of eating that will make it easier to lose weight, give you more energy and help you feel better. The system is explained in a short 26 page PDF document, and consists of a simple incentive system combined with a list of foods to focus on and foods to avoid.

Hindi Tamil English vegetables/fruits names

Hindi - English - Tamil

Aam - Mango - Maampazham

Adrak - Ginger - inji

Aloo - potato - urulaikazhangu

Hing - Asafetida - perungayam

baingan - eggplant/brinjal/aubergine - katharikai

Besan - Chick pea flour - kadalai maavu

chana - chick peas/garbanzo beans - kadalai

dal - lentils - paruppu

dhania - cilantro/coriander leaves - kothamali

sabut dhania - coriander seeds - kothamali verai

Ghee - Clarified - butter nei

Haldi - turmeric - manjapodi

hari - mirch green chili - pachai molagai

jeera - cumin seeds - jeeragam

kadipatta - curry leaves - karuvapilai

kali mirch - black pepper - molagu podi

kali mirch, sabut - peppercorns - molagu

knol khol/ganth gobi - kohl rabi - knol khol

lal mirch - red chili powder - molagai podi

cayenne pepper

lal mirch, sabut - dried red chilies - vatha molagai

Lasan - Garlic - poondu

Lauki - Bottle gourd - Sorakkai

Methi - fenugreek (leaves) - mendhiya keerai

sabut methi - fenugreek seeds - mendhiyam

Nariyal - Coconut - thengai

Nimbu - Lemon - elimichapazham

Paalak - Spinach - Keerai

Pyaaz - Onion - vengayam

Rajma - red kidney beans -

Sarson - mustard seeds - kadagu

Sarson saag - Mustard leaves - kadagu keerai

Seviyan/Semiya - Vermicelli - semiya

Shakarkand - Sweet potato - shakaraivelikazhangu

Sooji - Semolina - Rava

Imli - Tamarind - Puli

Tamatar - Tomato - thakkali

Tindli - ivy gourd? I don’t know - kovakkai

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Union Budget 2011: Pranab Mukherjee's proposals

Finance minister Pranab Mukherjee today presented the Union budget for the financial year 2011-12 in the Lok Sabha.

The budget was approved earlier this morning by the Union cabinet.

Following are the salient points and proposals made by Mukherjee in his budget speech:

* Corruption is a problem, we have to fight it collectively.

* Total food inflation is down from 20.2% last year to 9.3% in January; but it is still a matter of concern.

* Government has to reconcile ecological concerns with development aspirations.

* Budget 2011-12 will help a transition towards more transparent and result-oriented economic management.

* In current year, overall economic growth is expected at 8.6%,
agriculture growth at 5.4%, industrial growth at 8.1%, and services
growth at 9.3%.

* Government's principle concern is high food prices; food prices were high for cereals, while there was a spurt in prices of onions and milk.

* High current account deficit is a cause of concern.

* Current account deficit and average inflation in 2011-12 is likely to be less than current year.

* Public Debt Management Agency Bill will be introduced in the next financial year.

* Direct Tax Code Bill likely to be passed by Parliament in the next financial year after getting standing committee's report.

* Goods and Services Tax Bill will be introduced in Parliament this year.

* Government will move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March
2012 in view of large-scale diversion.

* Government will keep up tempo of divestment process.

* Discussions on to further liberalise foreign direct investment policy.

* Portfolio investment from foreign subscriptions will be permitted in mutual funds registered with the Securities and Exchange Board of India.

* Financial-sector reforms will move forward; Insurance (amendment) Bill, LIC Bill and Pension Development Authority Bill will be introduced in the current session of Parliament.

* Banking Laws (Amendment) Bill, SBI Subsidiaries Bill and BIFR
Bill will also be introduced in the current session.

* Rs6,000 crore will be given to public-sector banks to maintain capital-to-risk assets ratio norms.

* Indian micro finance equity with SIDBI will be formed at Rs100 crore.

* Proposal to increase rural housing fund to Rs3,000 crore.

* Proposal to raise housing loan limit from Rs20 lakh to Rs25 lakh from priority-sector lending.

* Government plans to create a Women's Self Help Group
Development Fund with a corpus of Rs500 crore.

* Allocation under the Rashtriya Krishi Vikas Yojana will be raised from Rs6,755 crore in the current year to Rs7,860 crore.

* Rs300 crore are being provided to promote pulses cultivation in rain-fed areas, another Rs300 crore to promote farm product cultivation.

* Credit flows to farmers will be raised from Rs3.75 lakh crore to Rs4.75 lakh crore.

* Government proposes to promote organic farming methods
to enable farmers to get the best from their land.

* Existing interest subvention scheme on short-term farm loans at 7% interest will continue.

* NABARD's capital base will be strengthened; the bank will be given Rs10,000 crore as a short-term credit fund.

* Tax-free bonds of Rs30,000 crore will be issued for infrastructure development. This will cover the Warehousing Corporation of India, National Highways Authority of India, IRFC, and Housing and Urban Development Corporation.

* Capital investment in fertiliser production will be considered infrastructure sub-sector.

* A new scheme will be introduced for refund of service tax on lines of drawback of duties.

* Proposal to introduce self-assessment of customs duty under which importers and exporters will themselves assess the duty they have to pay.

* Remuneration of aanganwadi workers has been raised from Rs1,500 a month to Rs3,000. Helpers will get Rs1,500, up from Rs750.

* Rs50 crore grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.

* Old age pension for persons aged 80 and above will be raised from Rs200 to Rs500.

* Budgetary allocation of Rs100 crore for Ladakh and Rs150 crore for Jammu for implementation of projects identified by task force.

* Rs9 lakh compensation will be given to men of the defence and central paramilitary forces in case they suffer from permanentdisability and are discharged from service.

* Rs300 crore will be provided as assistance to states to modernise stamps and registration administration.

* Budget estimates for 2011-12 project Rs9,32,440 crore — an increase of 24%.

* Net tax to Centre will be Rs6,64,457 crore. Non-tax receipts are pegged at Rs1,25,435 crore.

* Fiscal deficit has been brought down from 5.5% to 5.1% in 2010-11. In 2011-12, it will be brought down further to 4.6%.

* Total plan expenditure will go up cent per cent in nominal terms in the next year.

* Revenue deficit has been fixed at 2.3% in revised estimates for 2010-11 and 1.8 per cent in projections for 2011-12.

* Threshold income-tax limit is being raised from Rs1.6 lakh to Rs1.8 lakh.

* Exemption limit for senior citizens above 80 years of age is being increased to Rs5 lakh.

* Minimum alternate tax (MAT) is being raised from 18% to 18.5% of book profits.

* Proposal to extend investment on long-term infrastructure bonds by one more year.

* Investment-linked deductions will be provided for fertilisers and developers of affordable housing.

* Eligibility age for senior citizens for tax exemptions is being reduced to 60 from 65 years.

* Net loss from direct tax proposals has been estimated at Rs11,500 crore.

* The central government's debt in proportion to the GDP will be 44.2% in 2011-12.

* Standard rate of central excise duty has been maintained at 10%.

* CENVAT (central value-added tax) rates will remain unchanged.

* Nominal 1% central excise duty will be levied on 130 items entering the tax net. Basic food, fuel and precious stones as well as gold and silver jewellery will be exempted.

* Peak rate of customs duty is being maintained at 10% in view of the global economic situation.

* Basic customs duty on agricultural machinery will be reduced to 4.5% from 5%.

* Basic customs duty on raw silk reduced from 30% to 5%.

* Export duty rates on iron ore are being unified and kept at 20% ad valorem.

* Excise and customs duty proposals are expected to result in a net gain of Rs7,300 crore.

* The service-tax net is being widened to cover hotel accommodation costing more than Rs1,000 a day, air-conditioned restaurants serving liquor, and some categories of hospitals and diagnostic tests.

* Service tax on air travel is being increased by Rs50 for domestic travel and Rs250 for international travel in the economy class. In higher classes, the tax will be a flat 10%.

* Some legal services will be brought under the service-tax net. Service by an individual to another individual is exempted.

* Net revenue loss on account of taxes and duties is estimated at Rs200 crore.

* Service-tax proposals are expected to result in a revenue gain of Rs4,000 crore.

* Net revenue loss on account of direct taxes will be Rs11,500
crore. Net revenue gain on account of indirect taxes will be Rs11,300 crore.

source : http://www.dnaindia.com/money/report_union-budget-2011-pranab-mukherjee-s-proposals_1513562

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