Budget 2011-2012 Highlights

Budget 2011-2012 Highlights, Budget 2011-2012 updates,Budget 2011New income tax slab.

Finance minister Pranab Mukherjee presented Union Budget 2011 in Parliament today (28th February 2011, Monday)

Budget 2011 Highlights and updates

Here are a few live updates from the Union Budget 2011:

Union Budget 2011 bring big relief for farmers as the Finance minister Pranab Mukherjee said credit flows to farmers will be raised from Rs 3.75 lakh crore to Rs 4.75 lakh crores and the allocation under Rashtriya Krishi Vikas Yojana will be raised from Rs 6755 crore in the current year to Rs 7860 crore. ( Farm loans at 4%; credit target raised to Rs 4,75,000cr ) moreover an additional Rs 300 cr will be provided to promote pulses cultivation in rain-fed areas and another Rs 300 cr to promote farm product cultivation.

The remuneration of Anganwadi workers is being raised from Rs 1500 to Rs 3,000 per month. Anganwadi helpers will get Rs 1,500 from Rs 750.

Old age pension to persons of over the age of 80 will be raised from Rs 200 to Rs 500.

The finance minister has allotted Rs 1.64 lakh crore for defence saying that more will be given if required. Rs 9 lakh compensation will be given to men of defence and central paramilitary forces for permanent disability and on being discharged from service.

New Income Tax Slab Budget 2011 No change in tax slabs has been proposed. The tax exemption limit for general category has been raised from Rs 1,60,000 to Rs 1,80,000.

For senior citizens, exemption age limit has been reduced from 65 to 60. Their tax exemption limit will be Rs 2,50,000. A new exemption bracket has been created for those above 80 years of age. Their tax exemption limit will be Rs 5,00,000.

Direct Tax Code 2011 will be implemented from April, 2012 and the Goods and Services Tax Bill is to be introduced in Parliament this year

There will be change in excise duty. The standard rate of central exercise duty will be maintained at 10%. A 1% central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted and there will be no change in CENVAT rates.

Tax-free bonds of Rs 30,000 cr will be issued for infrastructure development which will cover Warehousing Corporation, NHAI, IRFC and HUDCO.

A Rs50cr grant is being allocated to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala. Also, the government has decided to allot Rs 100 cr to IIT Kharagpur.

There is also a proposal to increase rural housing fund to Rs 3,000 crore.

NABARD capital base to be strengthened, Rs 10,000 cr to be provided to it as short term credit fund.

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Direct Tax Code 2011

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