<h1>Union Budget 2012-13: Raised Tax Audit Limit, GAAR Panel Proposed, AMT Extended, New Schemes to Curb Black Money.</h1> The Union Budget 2012-13 introduced several direct tax measures aimed at boosting skill development and supporting SMEs. The turnover limit for compulsory tax audits was increased to Rs. 1 crore, and the Securities Transaction Tax was reduced by 20%. A General Anti-Avoidance Rule (GAAR) panel was proposed to counter tax avoidance. The budget extended the levy of Alternate Minimum Tax and proposed a weighted deduction for R&D and agricultural extension services. Measures to curb unaccounted money included taxing unexplained money at 30% and implementing tax collection at source for certain transactions. The exemption limit for individual taxpayers was raised to Rs. 2 lakh, and the upper limit of the 20% tax slab was increased to Rs. 10 lakh. The budget also introduced the Rajiv Gandhi Equity Savings Scheme and announced steps to curb black money.