Budget 2012: No tax up to 2 lakh

Following are the slew of tax change announcements made by Pranab Mukherjee in Budget 2012.

> Exemption limit for direct taxes increased to Rs 2 lakh from Rs 1.8 lakh in FY13 > STT reduced from 0.125% to 0.1% > No tax return upto Rs 5 lakh > Tax exemption on individual share investments below Rs 10 lakh. > Tax free infrastructure bonds doubled to Rs 60,000 crore > Rs 50,000 tax exemption for retail investors > No change in corporate tax rate > Propose to hike service tax rate from 10% to 12% > Government services, education, entertainment, public transport exempted from service tax > Senior citizens to be exempt from advance tax payments > Income above Rs 10 lakh to be taxed at 30%