Personal income tax slabs got changed in the recent budget given by Pranab Mukharjee, details are as follows:
--> Income upto Rs.1.8 lakhs – nil.
--> Income between Rs. 1.8 lakhs and Rs. 5 lakhs – 10%.
--> Income between Rs. 5 lakhs and Rs. 8 lakhs – 20%.
--> Income above Rs. 8 lakhs – 30%.
--> Incomes of senior citizens between 60 and 80 years of age, to be exempted upto Rs.
2.5 lakhs and for those above 80 years, exemption applicable upto Rs. 5 lakhs.
Some key Highlights in this budget are:
Fiscal deficit pegged at 4.6% of GDP for 2011-12.
Fiscal deficit projected at 4.1% and 3.5% for 2012-13 and 2013-14, respectively.
Revenue deficit for 2011-12 pegged at 3.4%.
Revenue deficit for 2010-11 revised downwards to 3.4% from the budgeted estimate of 4.0%.
Net market borrowings for 2011-12 is budgeted at Rs. 3,430 billion, 2.3% over 2010-11.
Total expenditure for 2011-12 to increase by 3.4% over 2010-11.
1.4% fall in capital expenditure, while 4.1% increase in revenue expenditure over 2010-11.
Standard rate of excise duty on all non-petroleum products to be maintained at 10%.
Minimum Alternate Tax (MAT) rate to be increased from 18% to 18.5%.
Rate of service tax retained at 10%, but coverage extended.
Disinvestment receipts for 2011-12 estimated at Rs 40,000 cr.
Government to move towards direct transfer of cash subsidy for kerosene and fertilizers.
Foreign investors who meet Know Your Customers (KYC) norms to be allowed to invest in
Indian equity mutual funds.
FII limit for investment in corporate bond with residual maturity of over five years issued by companies in infrastructure sector, is raised by US$ 20 billion to US$ 25 billion
Rs 6,000 cr allotted to public sector banks to maintain a Tier 1 CRAR of 8% during 2011-12
Direct Tax Code to be implemented by April 1, 2012
Allocation to infrastructure at Rs. 2,14,000 cr for 2011-12, 23.2% higher over previous year
--> Income upto Rs.1.8 lakhs – nil.
--> Income between Rs. 1.8 lakhs and Rs. 5 lakhs – 10%.
--> Income between Rs. 5 lakhs and Rs. 8 lakhs – 20%.
--> Income above Rs. 8 lakhs – 30%.
--> Incomes of senior citizens between 60 and 80 years of age, to be exempted upto Rs.
2.5 lakhs and for those above 80 years, exemption applicable upto Rs. 5 lakhs.
Some key Highlights in this budget are:
Fiscal deficit pegged at 4.6% of GDP for 2011-12.
Fiscal deficit projected at 4.1% and 3.5% for 2012-13 and 2013-14, respectively.
Revenue deficit for 2011-12 pegged at 3.4%.
Revenue deficit for 2010-11 revised downwards to 3.4% from the budgeted estimate of 4.0%.
Net market borrowings for 2011-12 is budgeted at Rs. 3,430 billion, 2.3% over 2010-11.
Total expenditure for 2011-12 to increase by 3.4% over 2010-11.
1.4% fall in capital expenditure, while 4.1% increase in revenue expenditure over 2010-11.
Standard rate of excise duty on all non-petroleum products to be maintained at 10%.
Minimum Alternate Tax (MAT) rate to be increased from 18% to 18.5%.
Rate of service tax retained at 10%, but coverage extended.
Disinvestment receipts for 2011-12 estimated at Rs 40,000 cr.
Government to move towards direct transfer of cash subsidy for kerosene and fertilizers.
Foreign investors who meet Know Your Customers (KYC) norms to be allowed to invest in
Indian equity mutual funds.
FII limit for investment in corporate bond with residual maturity of over five years issued by companies in infrastructure sector, is raised by US$ 20 billion to US$ 25 billion
Rs 6,000 cr allotted to public sector banks to maintain a Tier 1 CRAR of 8% during 2011-12
Direct Tax Code to be implemented by April 1, 2012
Allocation to infrastructure at Rs. 2,14,000 cr for 2011-12, 23.2% higher over previous year
