Highlights of Union Budget 2012 Year

Union Finance Minister Pranab Mukherjee presented the annual Budget for the year 2012-13 in parliament on Friday.

The service tax being hiked to 12 per cent from the existing 10 per cent.

The income tax exemption limit for individuals have been raised to Rs.2,00,000 from Rs.1,80,000 and revised the tax slabs to bring relief to some 35 million people in the country. New Tax Slabs - (income up to Rs.2 lakh will be totally exempt from paying tax, need to pay 10 percent on Rs.2 lakh to Rs.5 lakh, 20 percent on Rs.5 lakh to Rs.10 lakh and 30 percent on income above Rs.10 lakh).

Completely exempting the film industry from service tax. This is a big boon to the film industry, which is already in the doldrums with piracy and excessive cost of production.

Prices Gone Up For:

Platinum-Diamond-Gold Jewellery, ACs, Refrigerator, Luxury cars, Air Travel, Telephone Bills, Sport Utility Vehicles, Branded Retail Garments, Cigarettes and Beedis, Hotel Accommodation, Eating Out At Restaurants, etc.,.

Prices Gone Down For:

Films, Mobile Phones, School Education, LPG, Natural Gas, LCDs and LEDs, Solar Power Lamps, LED Bulbs, Imported Bicycles, Cancer Medicines, HIV Processed Food, Soya Products, etc.,