Key Highlights of Union Budget 2012

  • Income Tax exemption limit hiked to Rs 2 lakh.
  • Income tax on income between Rs 5 lakh and Rs 10 lakh at 20%
  • Senior citizens without business income exempt from advance tax
  • Interest from savings bank accounts deductible upto Rs.10,000
  • Deduction of upto Rs.5,000 for preventive health check-up
  • Turnover limit for compulsory tax audit for SMEs raised from Rs.60 lakh to Rs.1 crore
  • STT on cash delivery reduced by 25 per cent to 0.1%
  • All services to attract service tax except those in the negative list
  • Standard rate of excise duty raised from 10 per cent to 12 per cent
  • Service tax rates raised from 10 per cent to 12 per cent
  • No change in peak customs duty of 10 per cent on non-agricultural
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