Indian Budget 2008: Impact on you

Unsure about how the budget would impact your life? Read to find out what the finance minister had in store for you.

Here are the major highlights of Union Budget 2008 that would impact your life directly:

--Income Tax: Threshold limit of exemption increased from Rs 1,10,000 to Rs 1,50,000
-Threshold tax exemption for women increased to Rs 1.8 lakh
- New tax slabs: 10% for 1,50,000 to 3,00,000; 20% for 3,00,000 to 5,00,000; and 30% above 5,00,000.
- Sixth Pay Commission report by March 2008
-Small cars to cost less by Rs 10,000 to 15,000
-Two wheelers to cost less, excise duty reduced by 10%
-Requirement of PAN extended to all financial transactions
-PAN to be sole identification in securities market
-3 IITs to be set up in Bihar, AP, Rajasthan
- Set-top boxes to become cheaper
-Duty reduced on life saving drugs; exempt from excise
-Anti-Aids drug exempted from excise duty
-Excise on packaged softwares to lower from 8% to 12%
--Duty on non-filter cigarettes to be raised
-Excise duty slashed to 8% on water purification items
-Duty withdrawn on naptha for production of polymers
-Refigeration components to become cheaper
-Improved infrastructure for Sainik schools
-Debt waiver scheme for farmers announced
-Loan waiver amounts to 4% of total bank loans
-Farmers eligible for fresh agri loans post the waiver or one time settlement
-Rs 340 cr insurance scheme to cover 17 lakh farmers and weavers
-300 more ITIs to be upgraded with an investment of Rs 750 cr
-LIC to cover all woman SHGs linked to the bank
-Schemes for women to get Rs 1,460 crore this fiscal
-Child-related schemes to get Rs 33,434 crore
-Jawaharlal Navoday Vidyalaya to be set in 20 new districts for SC/STs
-16 new Central Universities to be built
-NE region to get Rs 1,455 cr as budgetary support
-NREGS to be extended to 596 rural districts at an outlay of Rs 16,000cr
-Science scholarships for young learners
-About 6,000 high quality schools to be built by 2009
-Rs 200 cr for providing potable water system in each school in areas of water scarce regions
-Education & health to get 20% more from Rs 28,674 cr to Rs 34,4000 cr
-Agri credit doubled in first two years
-Keeping inflation under check to be on focus
-Women entitled to equal share and equal say
--Pilot plan to use smart cards for food grain distribution in Haryana, Chandigarh

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