New Delhi: Finance minister Pranab Mukherjee presented the Union Budget 2011 in Parliament today.

The gross tax receipts for 2011-12 are estimated at Rs9,32,440 crore - an increase of 24 per cent, even as expenditure in 2011-12 is pegged at Rs12,57,729 crore, an increase of 13.4%.

Revenue deficit is fixed at 2.3% in the revised estimates for 2010-11 and estimated at 1.8% in 2011-12.

The finance minister estimates overall tax reductions will result in a revenue loss of Rs11,500 crore.

Income Tax

There are no changes in the tax slabs though tax exemption limits for the general category have been raised from Rs1,60,000 to Rs1,80,000.