Home » Indian Budget » Indian Budget 2012-13 » Budget News

The final destination for the country

New Delhi, 28th Feb 2011: Finally the much awaited Union budget 2011-2012 has been presented in the parliament. The session lasted for complete 2 hours; starting from 11:00 AM and ending at 13:00 PM. In his speech; honorable Finance Minister Pranab Mukherjee ensured of a more transparent economy in coming days. He also stated that last year there was tremendous growth in export up to 29.4%. He showed concern about the increasing rate of price inflation for the essential commodities and proposed some measures to curtail the problem.

The Finance Minister for a change emphasized more funding on higher education. The proposition came for funding of Rs.200 crore to IIT Kharagpur, Rs.20 crore to improvise the education structure in IIM Kolkata and Rs.50 crore to Muslim universities in different states. With this the nation is eying for a bright future of the youth.

---

What the upcoming budget session has in store for the Tax payers?

New Delhi, 28th Feb 2011: Finance Minister Pranab Mukherjee presented the Union Budget 2011-2012 in the house at 11:00 AM. The Minister announced a hike in Tax exemption limit from Rs 1.6 lakh to Rs 1.8 lakh and also a simple form to be introduced to simplify tax payment. Whereas, the service tax remains unchanged which is 10%. The Minister also proposed for extending Rs. 20,000 exemption for investment in infra debt funds for next fiscal year.

The session announced the minimum alternate tax to 18.5% from existing rate which is 18%raised of book profits. The custom duties on micro irrigation equipments will be reduced. The basic commodities like food, fuel will be exempted from central excise duty. However the base rate on excise duty raised to 5%.

---

Future of Common Mass on Upcoming Union Budget 2011-2012

New Delhi, Feb 28th 2011: The Indian Union Budget 2011-2012 will be on 28th February 2011 chairing by Finance Minister of the country. This upcoming budget seems to b e very crucial for the traders as the annual expenditure and costing of the business depends on the budget session. For the common mass; it will decide the pricing of the commodities. The most challenging for the Union Budget 2011-2012 will be to undertake equal economic growth, improving GDP growth and working on the weaker section of various government strategies.

The Union Budget 2011-2012 will also consider – tax reforms, Import – export amendments, banking, financial development, fertilizer, oil and gas related announcements. Common mass expects to bring relief from high fuel price. This fiscal year; the common mass expects higher tax exemption which will minimize suppression of unaccounted money.

---