9911796707
TMI BlogPains & Gains From Budget 2012-13X X X X Extracts X X X X X X X X Extracts X X X X ..... Pains & Gains From Budget 2012-13 - By: - ajay singh - Budget - Dated:- 17-3-2012 - - For Taxpayer:- NEW TAX SLAB Income uptoRs. 2 lakh - Nil Income above Rs. 2 lakh and uptoRs. 5 lakh - 10 per cent Income above Rs. 5 lakh and upto Rs.10 lakh - 20 per cent Income above Rs. 10 lak h- 30 per cent TDS @ 5% (including surcharge cess) on interest payment made to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non resident other than company by specified companies u/s 194 LC School education exempt from service tax FM announces new equity savings scheme For Investor:- TDS @ 1% (including surcharge cess) is required to be deducted on the consideration paid for the transfer of immovable property to non resident where such consideration exceeds Rs. 50 Lacs in case such property is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... situated in a specified urban agglomeration or Rs. 20 Lacs for any other area. (Applicable from 01st Oct. 2012) Scope of Section 194J has been widened to include the payments made to directors not in the nature of salary. (Applicable from 01st July 2012) TCS @ 1% is applicable on the transaction in bullion and jewellery if sale consideration exceeds Rs. 2 Lacs and the sale is in cash. (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licable from 01st July 2012) TCS @ 1% is also applicable on the transaction in Coal; Lignite Iron Ore. For Businessmen:- The Corporate Tax Rate for Domestic Companies and foreign companies remains at 30 per cent and 40 percent respectively. MAT AMT remains at 18.5%. Scope of AMT (Alternate Minimum Tax) has been widened from existing only to LLP to all persons other than C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies who have claimed deduction under chapter VI-A (other than 80P) or u/s 10AA Provisions of AMT shall not apply to an individual, HUF, BOI, AOI Artificial Juridical Person if the adjusted total income of such person does not 20 Lacs. Adjusted total income for the purpose of AMT means Total Income as increased by deduction Claimed under chapter VI-A (other than 80P) Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10AA. Automated shuttle looms exempted from customs duty Mobile phone parts exempted from basic customs duty Proposes to remove sector-specific restriction on venture capital fund investments To allow external commercial borrowing to part finance rupee debt in power projects Cuts customs duty on rail equipment to 7.5% from 10% Customs duty on some gold and platinum products ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... increased Import of aircraft parts exempt from basic customs duty Customs duty on refined gold doubled Direct Tax Code implementation deferred: Pranab Service tax up from 10% to 12% Rs 18660 crores will result from service tax rise Standard excise duty hiked to 12% Common tax code for service tax and excise FY 13 net market borrowing at Rs 4.8 lakh crores Some ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... infra construction services exempt from service tax To raise duty on large cars to 27% Customs duty reduced from 7.5% to 2.5% for iron ore equipment Government hikes defence spending to Rs 1,93,007 crore LCD and LED panels exempted from custom duty 12% excise duty imposed on branded retail garments No change in peak customs duty Full exemption on customs duty on coal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LNG out of customs duty 5% customs duty exempted on equipment for fertilizer plants Thermal power companies exempted from customs duty for 2 years Efforts on for consensus on 51% FDI in multi-brand retail Govt aims to trim subsidy burden - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
