2012-2013 Budget highlights:

 

CUSTOMS AND EXCISE DUTIES:

Excise duty hiked to 12% from 10%
Excise duty on large cars raised from 22% to 24%
LCD, LED panels exempted from customs duty
Customs duty on standard gold bar and coins exceeding 99.5 per cent purity, platinum and non-standard gold raised.
Gold jewellery not bearing brand name to be included in the one per cent levy on precious metal jewellery.
Standard excise duty rate raised from 10 per cent to 12 per cent.
Excise duty on handmade and semi-mechanised matches reduced from 10 to 6 per cent.
Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted.
Full exemption from basic customs duty for equipment for road and highway construction.
Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
Import of equipment for fertilizer plants fully exempt from customs duty for three years.
No change in the peak rate customs duty.

ON TAX SLABS:
Income up to Rs. 2 lakh - NIL
Income between Rs. 2 lakh to Rs. 5 lakh - 10%
Rs. 5-10 lakh - 20%
Above Rs. 10 lakh - 30 lakh

ON TAXATION:

Individual tax payer exemption limit to be raised to Rs. 200,000 from Rs. 180,000
Upper limit of 20% tax slab raised from 8 lakhs to 10 lakhs
Deduction of upto 10,000 on interest on Savings Bank Accounts
No change in corporate tax rates
Increased exemption will lead to a basic tax saving of Rs. 22,000
No capital gains tax from sale of Property if money is invested in SME
Deduction of up to Rs.10,000 from interest from savings bank accounts.
Service tax raised from 10 per cent to 12 per cent
Withholding tax on power, airlines, road and bridges, ports and shipyard, fertilisers, dams and affordable houses lowered to 5 per cent from 20 per cent for 3 years.