Extracts of Budget 2012
(begins from 11.A.M. 16-03-2012)
Keep on refreshing as same is updated as and when information received
1. GST to be operational from August 2012
2. Advance Pricing Agreement started
3. Rajiv Gandhi Investor Scheme have started having tax benefit of 50% max income Rs. 10 Lakh . details provided later
4. IPO Greater than Rs. 10 Cr thru Electrnonc Form
5. Qualified FIIScan now enter Bond Market
6. Increase in Tax Saving Infrastructure fund will save tax for small investor
7. Direct cash subsidiy for oil and Kerosine
8. 3% subsidy to Farmers on Loan
9. Prosecution for Undisclosed Bank Account overseas.
10. Income tax rates are now
upto 2 Lakh Nil
2-5 Lakh 10%
5-10 Lakh 20%
above 10 30%
11. DTC Delayed
12.Interest from Bank exempt upto Rs. 10,000
13. For personal health Check Up deduction of Rs. 5,000
14. No advance Income tax for Senior Citizen
15. No Change in Corporate Income tax rate
16. Witholding tax reduced on ECB from 20% to 5% for Infrastructure sector
17. Tax 15% on Foreign Company Dividend
18. Tax Audit Limit raised to 1 Cr
19. STT Reduced by 20% new rate is 0.1%
20. in case of undisclosed foreign investment reassessment period is 15 Years
21. GAAR introduced
22. Service Tax - Rate increased to 12.36%
23. All services tax to be taxed except negative list of 17 services .
24. excise duty hike to 12%
25. Rules of CENVAT - there are some amendments
26. Income tax weighted deduction @ 150% introduced for number of infrastructure development
27. TDSon sale of Immovable Property
28. sunset clause for power sector extended
29. Addln Depreciation @ 20% for power sector companies
(begins from 11.A.M. 16-03-2012)
Keep on refreshing as same is updated as and when information received
1. GST to be operational from August 2012
2. Advance Pricing Agreement started
3. Rajiv Gandhi Investor Scheme have started having tax benefit of 50% max income Rs. 10 Lakh . details provided later
4. IPO Greater than Rs. 10 Cr thru Electrnonc Form
5. Qualified FIIScan now enter Bond Market
6. Increase in Tax Saving Infrastructure fund will save tax for small investor
7. Direct cash subsidiy for oil and Kerosine
8. 3% subsidy to Farmers on Loan
9. Prosecution for Undisclosed Bank Account overseas.
10. Income tax rates are now
upto 2 Lakh Nil
2-5 Lakh 10%
5-10 Lakh 20%
above 10 30%
11. DTC Delayed
12.Interest from Bank exempt upto Rs. 10,000
13. For personal health Check Up deduction of Rs. 5,000
14. No advance Income tax for Senior Citizen
15. No Change in Corporate Income tax rate
16. Witholding tax reduced on ECB from 20% to 5% for Infrastructure sector
17. Tax 15% on Foreign Company Dividend
18. Tax Audit Limit raised to 1 Cr
19. STT Reduced by 20% new rate is 0.1%
20. in case of undisclosed foreign investment reassessment period is 15 Years
21. GAAR introduced
22. Service Tax - Rate increased to 12.36%
23. All services tax to be taxed except negative list of 17 services .
24. excise duty hike to 12%
25. Rules of CENVAT - there are some amendments
26. Income tax weighted deduction @ 150% introduced for number of infrastructure development
27. TDSon sale of Immovable Property
28. sunset clause for power sector extended
29. Addln Depreciation @ 20% for power sector companies
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