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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