Union Budget 2012 Highlights

§  Fiscal deficit for FY13 contained at 5.2%, pegged at 4.8% for FY14

§  Current account deficit a bigger worry than fiscal deficit; need $75 billion to feed CAD over next 2 years

§  Super-rich tax introduced: 10% surcharge on tax on individual incomes above Rs 1 crore a year

§  Basic slabs and tax rates untouched; Tax credit of Rs 2,000 to taxpayers in Rs 2,00,000-Rs 5,00,000 income bracket

§  Securities Transaction Tax on equity futures reduced from 0.17% to 0.1%

§  Commodities transaction tax of 0.01% introduced on non-farm commodity futures

§  Dividend Distribution Tax (DDT) surcharge raised from 5% to 10%

§  1% TDS introduced on non-farm land deals valued at more than Rs 50 Lakhs

§  Duty-free gold import limit raised to Rs 50,000 for male passenger, Rs 1,00,000 for females

§  Duty on imported luxury cars hiked from 75% to 100%, motorbikes not spared either

§  DTC Bill to be introduced in Budget Session of Parliament