Monday, 7 May 2012

Proposed Amendment in Finance BILL

The Finance Minister today (7th May 2012) introduced amendments to the Finance Bill 2012. The text of the amendments is available.

A short Summary of the same is provided.


01.   Section 80CCG introduced  where 50% exempted for purchase of shares  - Max Invst  - Rs. 25,000 – GTI less than Rs. 10 Lakhs.

02.   GAAR deferred for one year.

03.   Amendment in section 112  - Tax on LTCG on listed security @ 10% without indexation (earlier) – now include unlisted shares also.

04.   MAT is not applicable to Insurance companies.

05.   Section 115JG introduce in respect of special provisos of conversion of foreign branch bank into a Indian subsidiary.

06.   TCS on Jewellary exceeding Rs. 5 Lacs and bullion exceeds Rs. 2 Lakhs.

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