Budget 2012: Are you better or worse off now? here’s the bottomline

The hike in IT exemption limit from Rs 1.8 lakh to Rs 2 lakh saves men Rs 2,060 in annual taxes, but women gain only Rs 1,030 since they had a higher limit of Rs 1.9 lakh. Senior citizens gain nothing since they were even now not paying tax below Rs 2.5 lakh a year. The shift in slabs with 30% kicking in at Rs 10 lakh, not Rs 8 lakh, means those between these two limits save anything from Rs 2,060 to Rs 22,660 per annum (or Rs 1,030 to 21,630 for women), while those with annual incomes above Rs 10 lakh save Rs 22,660 (or Rs 21,630), irrespective of their income. For senior citizens, savings are at best Rs 20,600.

Read more:http://timesofindia.indiatimes.com/business/budget-2012/union-budget/Budget-2012-Are-you-better-or-worse-off-now-heres-the-bottomline/articleshow/12298879.cms

Budget more cruel than kind on your pocket

New Delhi, March 16 (IANS) Every tax payer in India is set to gain at least Rs.2,000 per annum, thanks to the relief proposed by Finance Minister Pranab Mukherjee. But the happy story ends there! With a hike of 2 percentage points in service tax and higher excise and customs duty on a host of other items, your household budget is actually set to rise.

In his seventh national budget presented in the Lok Sabha Friday, Mukherjee raised the income tax exemption limit for individuals 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.

Read More:http://in.finance.yahoo.com/news/mukherjee-puts-money-one-pocket-094924379.html

BUDGET 2012 LIVE: Duty on big cars hiked to 27%

Pranab ends his speech with a warning: "India stands on the brink of a recession"

Long cigarettes will now cost more, Pranab announces an increase in excise duty on cigarettes.

Sensex begins to tank with increase in service taxes and excise duties

Duty on bicycle and bicycle parts has been reduced , duty on energy savings lamps have also been eased.

At 1230 hrs, the 30-share BSE Sensex is up 53 points at 17,729.09, a gain of 0.30%.

The NSE Nifty is up 20 points at 5,400.25, a gain of 0.37%.

Indirect Taxes

ReadMore:http://in.finance.yahoo.com/news/live-budget-2012--what-to-expect-.html?mod=budgetNews

Tracking the Railway Budget

The Railway Minister proposed to hike fares this budget, how much will this affect your pocket?

Read More:http://in.finance.yahoo.com/photos/tracking-the-railway-budget-1331785395-slideshow/railway-photo-1331785132.html

LIVE COVERAGE: Union Budget 2012

Welcome to  live coverage of the Union Budget 2012-13.

AVIATION SOPS

ECB for working capital of up to $1bn has been allowed for aviation companies. This move would bebe positive for Kingfisher, Spicejet, Jet 

FDI of 49% in aviation is actively being considered and the government will also permit direct import of ATF (air turbine fuel)

Micro-finance Institution Regulation Bill, National Housing Bank Regulation Bill, Bank Regulation Bill and Public Debt Management Bill likely to be passed this session. The finance minister also proposes to recapitalise banks -- rural, urban and argiculture-related banks -- to the extent of Rs 15,000 crores.

11:35 pm: Sensex at 17858, up 182 points, 

Good news for investors: Changes in IPO norms will also be introduced which will increase participation in small towns

The finance minister seeks to bring down subsidies to a level of 1.7% of the GDP over the next three years. He also plans to roll out a computerised scheme for transfer of fertilizer subsidy. 

The finance minister assured the Lok Sabha that he plans to implement the Direct Taxes Code "at the earliest". Speaking about the Goods and Services Tax, he said that GST would be operational by August 2012.

Read More:http://in.finance.yahoo.com/news/live-budget-2012--what-to-expect-.html?mod=budgetNews

Budget 2012: Politics, slower growth, oil prices hobble reform

MUMBAI/NEW DELHI: The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's federal budget unveiling is low expectations.

The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms that could unclog flagging growth in Asia's third-largest economy.

Read More:http://economictimes.indiatimes.com/news/economy/policy/budget-2012-politics-slower-growth-oil-prices-hobble-reform/articleshow/12234879.cms