Manufacturing Sector Provided Relief in Customs Duty Posted: 16 Mar 2012 09:19 AM PDT The Union Finance Minister ShriPranab Mukherjee while presenting the Union Budget for 2012-13 has announced to reduce basic customs duties on plant and machinery imported for setting-up of iron ore pellet plants or iron ore beneficiation plants from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| PM's interview on the Union Budget- 2012-13 Posted: 16 Mar 2012 09:17 AM PDT Following is the text of the Prime Minister, Dr. Manmohan Singh's interview after the Union Budget 2012-13: Question - There was a decline in our GDP growth. It is now 6.9% - that was a wake-up call. Hopefully we're now awake. What do you see in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Note on Rule 10A of Cenvat Credit Rules Posted: 16 Mar 2012 08:47 AM PDT Budget, 2012 has brought a facility of transferring Cenvat Credit for the manufacturer having more than one registered premises. Notification No. 18/2012-Central Excise(Non-Tariff) dated 16.3.2012 has been issued in this regard which is effective... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Download Full Finance Bill 2012 Posted: 16 Mar 2012 06:33 AM PDT The Finance Bill 2012 was introduced today, 16.3.2012, in Parliament. Download the Bill dealing with Rates of Income Tax , Income Tax, Wealth Tax , Customs Duty, Excise Duty, Service Tax, Amendments to the FRBM Act, 2003 and others. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Proposal to hike basic tax exemption limit and likely beneficiaries Posted: 16 Mar 2012 06:18 AM PDT The Finance Minister in his budget speech proposed to raise basic exemption limit from Rs.1.8lacs to Rs.2lacs resulting in tax savings of Rs.2000. For the income above the basic exemption limits, new tax slabs have been announced too. Rs. 2 Lacs to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Download Power Point Presentation on Budget 2012 Posted: 16 Mar 2012 06:11 AM PDT The Power Point Presentation (PPT) file highlights Key Features of Budget 2012-13. File Covers Direct and Indirect Tax Provisions in a very crisp manners. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Key Features of Budget 2012-13 on Tax Front Posted: 16 Mar 2012 05:52 AM PDT 1. Income tax exemption limit raised to Rs.2 lakh to provide relief of relief of Rs.2,000 for assessee in this category; 20 percent tax on income over Rs.10 lakh, up from Rs.8 lakh. 2. No change in corporate tax 3. Deduction of up to Rs.10,000 from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Relief from LTCG tax on transfer of residential property if invested in a manufacturing small or medium enterprise Posted: 16 Mar 2012 05:41 AM PDT It is proposed to insert a new section 546B so as to provide rollover relief from long term capital gains tax to an individual or an HUF on sale of a residential property (house or plot of land) in case of re-investment of sale consideration in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Wealth Tax – Salary Limit for Exemption of residential house allotted to employee hiked Posted: 16 Mar 2012 05:33 AM PDT Considering general increase in salary and inflation since revision of this limit, it is proposed to increase the existing threshold of gross salary from five lakh rupees to ten lakh rupees for the purpose of levying wealth-tax on residential house... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| No Dividend Distribution Tax (DDT) on Dividend Payment upto DDT Paid Dividend recd from subsidiary Company Posted: 16 Mar 2012 05:29 AM PDT With a view to remove the cascading effect of DDT in multi-tier corporate structure, it is proposed to amend Section 115-O of the Act to provide that in case any company receives, during the year, any dividend from any subsidiary and such... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| S. 80C No Deduction on life insurance Premiume if premium payable exceed 10% of sum assured Posted: 16 Mar 2012 04:48 AM PDT It is proposed to amend the provisions to provide that the deduction for life insurance premium as regards insurance policies issued on or after 1st April, 2012 shall be allowed for only so much of the premium payable as does not exceed 10% of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Deduction for Donation not allowed for cash donations in excess of ten thousand rupees Posted: 16 Mar 2012 04:44 AM PDT Currently, there is no provision in either of the aforesaid sections specifying the mode of payment of money. Therefore, it is proposed to amend sections 80G and 80GGA so as specify therein that any payment exceeding a sum of ten thousand rupees... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Presumptive taxation not applicable to commission/ brokerage and Income from Agency business Posted: 16 Mar 2012 04:40 AM PDT It is proposed to amend section 44AD to clarify that this presumptive scheme is not applicable to (i) a person carrying on profession as referred to in sub-section (1) of section 44AA; (ii) persons earning income in the nature of commission or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Threshold Limit for TDS on payment of interest on debentures raised to Rs. 5000 Posted: 16 Mar 2012 04:36 AM PDT In order to reduce the compliance burden on small assessees and companies, it is proposed that no deduction of tax should be made from payment of interest on any debenture, (whether listed or not) issued by a company, in which the public are... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| STT rate reduced on Delivery Based Share Transactions Posted: 16 Mar 2012 04:33 AM PDT Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004. It is proposed to reduce STT in Cash Delivery segment from the existing 0.125% to 0.1%. The proposed new rates along with details... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Tax Audit & presumptive taxation Limit rasied to One Crore Posted: 16 Mar 2012 04:30 AM PDT Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed sixty lakh rupees. Similarly, a person carrying on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Senior Citizens not having Business Income Exempt From Advance tax payment Posted: 16 Mar 2012 04:27 AM PDT In order to reduce the compliance burden of such senior citizens, it is proposed that a resident senior citizen, not having any income chargeable under the head "Profits and gains of business or profession", shall not be liable to pay advance tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Provisions relating to Venture Capital Fund (VCF) or Venture Capital Company (VCC) Posted: 16 Mar 2012 04:25 AM PDT Provisions of Section 10(23FB) and Section 115U of the Act were intended to ensure a tax pass through status to Securities and Exchange Board of India (SEBI) registered Venture Capital Fund (VCF) or Venture Capital Company (VCC). Section 10(23FB)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Lower rate of tax on dividends received from foreign companies Posted: 16 Mar 2012 04:23 AM PDT Section 115BBD of Income Tax Act (the Act) provides for taxation of gross dividends received by an Indian company from a specified foreign company (in which it has shareholding of 26% or more) at the rate of 15% if such dividend is included in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012- Withholding tax rate on Interest Paid on foreign currency loan by Specified Company reduced to 5% Posted: 16 Mar 2012 04:21 AM PDT Section 115A of the Income Tax Act provides that any interest income received by any non-resident from the Government or an Indian concern shall be taxable at the rate of 20% on the gross amount of such interest income. The interest income received... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Share premium in excess of the fair market value to be treated as income Posted: 16 Mar 2012 03:51 AM PDT It is proposed to insert a new clause in section 56(2). The new clause will apply where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Prosecution and imprisonment for Income Tax Evasion Posted: 16 Mar 2012 03:45 AM PDT The existing provisions of section 276C, 276CC, 277, 277A and section 278 of the Income-tax Act provide that in a case where the amount of tax, penalty or interest which would have been evaded by a person exceeds one hundred thousand rupees, he... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Penalty on undisclosed income found during the course of search at 10 pc, 20 pc, 30 pc Posted: 16 Mar 2012 03:39 AM PDT It is proposed to provide that the provisions of section 271AAA will not be applicable for searches conducted on or after 1st July, 2012. It is also proposed to insert a new provision in the Act (section 271AAB) for levy of penalty in a case where... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Reopening time limit Increased to 16 Years for income in relation to asset located outside India Posted: 16 Mar 2012 03:35 AM PDT It is proposed to amend the provisions of section 149 so as to increase the time limit for issue of notice for reopening an assessment to 16 years, where the income in relation to any asset (including financial interest in any entity) located... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Amendment in Budget 2012 – Income Tax, Service Tax, Excise Duty, Custom Duty at One Place Posted: 16 Mar 2012 03:26 AM PDT 1. Budget 2012 – Share premium in excess of the fair market value to be treated as income 2. Budget 2012 – Reopening time limit Increased to 16 Years for income in relation to asset located outside India. 3. Budget 2012 – Penalty on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Compulsory filing of income tax return in relation to assets located outside India irrespective of Income Posted: 16 Mar 2012 03:16 AM PDT Under the existing provisions of section 139, every person is required to furnish a return of income if his income during the previous year relevant to the assessment year exceeds the maximum amount which is not chargeable to tax. The return of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – No Basic Exemption on Unexplained Income – To be taxed at 30 percent Posted: 16 Mar 2012 03:12 AM PDT In order to curb the practice of laundering of unaccounted money by taking advantage of basic exemption limit, it is proposed to tax the unexplained credits, money, investment, expenditure, etc., which has been deemed as income under section 68,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Onus to prove Source of Fund recd as Share Capital shifted on Company Posted: 16 Mar 2012 03:07 AM PDT It is, proposed to amend section 68 of the Act to provide that the nature and source of any sum credited, as share capital, share premium etc., in the books of a closely held company shall be treated as explained only if the source of funds is also... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – TCS on sale of Coal, Lignite, Iron ore Posted: 16 Mar 2012 02:50 AM PDT In order to collect tax at the earliest point of time and also to improve reporting mechanism of transactions in mining sector, it is proposed that tax at the rate of 1% shall be collected by the seller from the buyer of the following minerals: (a) ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – TCS on cash sale of bullion and jewellery Posted: 16 Mar 2012 02:47 AM PDT Tax Collection at Source (TCS) on cash sale of bullion and jewellery - Under the existing provisions of the Income-tax Act, tax is required to be collected at source by the seller at the specified rate on certain goods like alcoholic liquor, tendu... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Directors Remuneration not in nature of Salary to attract TDS U/s. 194J Posted: 16 Mar 2012 02:40 AM PDT Under the existing provisions of the Income-tax Act, a company, being an employer, is required to deduct tax at the time of payment of salary to its employees including Managing director/whole time director. However, there is no specific provision... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 : TDS on transfer of certain immovable properties (other than agricultural land) Posted: 16 Mar 2012 02:38 AM PDT On transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012- Alternate Minimum Tax (AMT) on all persons other than companies Posted: 16 Mar 2012 02:35 AM PDT Under the existing provisions of the Income-tax Act, Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) are levied on companies and limited liability partnerships (LLPs) respectively. However, no such tax is levied on the other form of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Tax rates for Individual, HUF, Senior Citizen, Female, AOP, Firms, Company for F.Y. 2012-13 Posted: 16 Mar 2012 02:32 AM PDT The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Amendments In Excise Duty provisions Posted: 16 Mar 2012 02:16 AM PDT Amendments In Central Excise Act, 1944 And Amendments In Central Excise Tariff Act, 1985 as prescribed by Union Budget 2012-13 Presented by the Finance Minister Pranab Mukherjee [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Amendments In Customs Duty provisions Posted: 16 Mar 2012 02:11 AM PDT Amendments carried out through the Finance Bill, 2012 come into effect on the date of its enactment unless otherwise specified in Customs Act, 1962 and in CUSTOMS TARIFF ACT, 1975. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Industry wise Changes in Custom Duty rates Posted: 16 Mar 2012 02:00 AM PDT The method of computation of Education Cess and Secondary & Higher Education cess on imported goods is being simplified. Currently, these cesses are first charged on the CVD portion of customs duty and thereafter on the aggregate of customs... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Changes in Service Tax Posted: 16 Mar 2012 01:56 AM PDT We have discussed Rate Of Service Tax, Introduction Of Negative List Approach, Amendments In The Finance Act, 1994, New Reverse Charge Mechanism, Renting Of Immovable Property Service, Retrospective Exemptions, Amendments In Rules. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Changes In Rates Of Excise Duty Posted: 16 Mar 2012 01:51 AM PDT 1) The effective rate of excise duty of 10% on non-petroleum products is being increased to 12% with a few exceptions where exemptions/concessions have been given. 2) Concessional rate of excise duty of 5% on non-petroleum products is being... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Income Tax exemption limit raised to Rs 2 lakh Posted: 16 Mar 2012 01:41 AM PDT Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh. Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Key Features / Highlights of Budget 2012-2013 Posted: 16 Mar 2012 01:34 AM PDT Tax proposals for 20 12-13 mark progress in the direction of movement towards DTC and GST. DTC rates proposed to be introduced for personal income tax. Exemption limit for the general category of individual taxpayers proposed to be enhanced from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 -Speech of Finance Minister Pranab Mukherjee Posted: 16 Mar 2012 01:28 AM PDT Last year I provided relief to individual taxpayers by enhancing the exemption limit as a move towards DTC rates. Although DTC will not be effective from this year, I propose to introduce the DTC rates for personal income tax. I propose to enhance... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Health and Nutrition Gets Major Boost in the Budget 2012-13 Posted: 16 Mar 2012 12:30 AM PDT The Union Finance Minister Shri Pranab Mukherjee, while presenting the Union Budget for 2012-13, has proposed to extend concessional basic customs duty of 5 per cent with full exemption from excise duty/ CVD to six specified life-saving drugs/... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Budget 2012 – Daily tonnage income of shipping company Posted: 16 Mar 2012 12:30 AM PDT The Tonnage Tax Scheme introduced vide Finance Act 2005 provides for taxation of income of a shipping company on presumptive basis. Under this scheme, the operating profit of a shipping company is determined on the basis of tonnage capacity of its... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Excise Duty on 'Demerit' Goods Hiked as a Measure for Additional Resource Mobilisation Posted: 16 Mar 2012 12:24 AM PDT The Union Budget 2012-13 proposes to increase excise duty on 'demerit' goods such as certain cigarettes, hand rolled bidis, pan masala, gutka, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. While presenting the Budget in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Concessions and Exemptions Extended to Energy Saving Devices, Plants and Equipments Required for Solar Thermal Projects Posted: 16 Mar 2012 12:21 AM PDT Presenting the Budget in the LokSabha today, the Union Finance Minister Shri Pranab Mukherjee has proposed concessions and exemptions for encouraging the consumption of energy-saving devices, plant and equipment needed for solar thermal projects.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| S.129(6) of the Customs Act – Ex-Tribunal Members Cannot Practice Before Tribunal – SC Posted: 15 Mar 2012 09:51 PM PDT Section 146(2)(c) of the Customs Act refers to the appearance by a legal practitioner who is entitled to practice as such in accordance with law. Section 129(6) places a restriction, which is reasonable and valid restriction, as held by us above.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Rates of Interest – RIDF and other funds Posted: 15 Mar 2012 09:02 PM PDT Consequent upon the revision of Bank Rate from 6 percent to 9.5 percent vide RBI's notification dated February 13, 2012, the interest rates applicable to RIDF and other similar funds with SIDBI and NHB have been reviewed and it has been decided as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
 |
| Procedure for scrutiny and revalidation of Registration Certificate for export of cotton [ITC(HS) code 5201 & 5203] Posted: 15 Mar 2012 08:53 PM PDT Public Notice No. 102 (RE-2010) /2009-2014 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009, as amended from time to time, Director General of Foreign Trade, in pursuance of Notification No. 106...
[[ This is a content summary only. Visit www.taxguru.in for full article.]] |
