By TCN News,
New Delhi: In the Union Budget 2011-12, the allocation for Social Sector has been increased by 17% to Rs. 1,60,887 crore. While Credit to Farmers will be increased to Rs. 4,75,000 crore the Eligibility for Old Age Pension Scheme has been reduced from 65 years to 60. Given below are the details
Union Finance Minister, Pranab Mukherjee giving final touches to the General Budget 2011-12, in New Delhi on February 27, 2011. Minister of State (Revenue), S.S. Palanimanickam, Minister of State (EB&I), Namo Narain Meena and the Secretaries of the Ministry are also seen.
*Allocation for Bharat Nirman Programme increased by Rs. 10,000 Crore.
*Plan Allocation for Education hiked by 24% and Health by 20%.
*Eligibility for Old Age Pension Scheme reduced from 65 years to 60.
*Allocation for Infrastructure increased by 23.3% to Rs. 2,14,000 crore.
*Credit to Farmers to be increased to Rs. 4,75,000 crore.
*Fiscal Deficit pegged at 4.6% of GDP.
*Exemption Limit for Income Tax raised by Rs. 20,000 to Rs. 1,80,000
*Minimum Alternate Tax increased from 18 to 18.5%.
*One Percent Central Excise Duty imposed on 130 Items.
*Lower Rate of Excise Duty raised from 4 to 5%.
*Service Tax Hiked on Domestic and International Air Travel.
*Direct Taxes Code to be effective from April 2012.
[Photo: PIB]