Budget Highlights
PrintListen to this Article
General
2. Expect inflation to be lower.
3. FM acknowledges subsidies a problem, says it will be brought down to 1.7% of GDP in future.
4. Disinvestment target in 2012-13 is 30,000 crore.
5. Efforts are on to arrive at a consensus with state governments to allow FDI in multi-brand retail sector.
6. Qualified investors to be allowed in infra sector.
7. DTC implementation deferred GST to be operational by August 2012.
8. New equity scheme for small investors.
9. To introduce new Rajiv Gandhi equity scheme.
10. $ 1 billion working capital package for aviation sector.
11. Govt to give contracts for 8800km national highway roads in 2012/13 against 7300km in 2011/12.
12. Direct import of fuel aviation announced.
13. Target for agriculture credit increased to Rs 5,75,000 crore.
14. New PDS to be operational by Dec 2012 with help of aadhar.
15. Interest subsidy for farmers to continue.
16. Propose to allocate Rs 10,000cr NABARD for refinancing RRB.
17. Agriculture credit target raised to Rs 5.75lakh crore in FY13.
18. Rs 5000cr for venture fund by SIDBI to aid MSMEs.
19. Allow ECB for low cost affordable housing projects.
20. FY13 mid-day meal scheme outlay at Rs 11,937 Cr.
21. Rs 14,000cr for rural drinking water and sanitation in FY13.
22.Rs 12,040cr in FY13 for backward area projects 11:56 am.
23. More money to the National Rural Health Scheme.
24. 6,000 schools proposed to be set up in 12th year plan.
25. Credit guarantee fund for education loans.
26. Kisan credit cards can be used at ATMs.
27. NRHM allocation hiked to Rs 20,820cr.
28. Women SHG can avail additional 3% subvention for prompt repayment of loans.
29. 6000 schools to be set up in the 12th year plan: FM
30. To provide interest subvention at 7% for women self-help groups.
31. National mission on food processing with state govts to be set up.
32. Allocated Rs 20,000 cr for rural infra development fund, Allocated Rs 20822 cr for rural health
plan during FY13.
33. Propose to lay white paper on black money in parliament .
34. Subsidy of 1% on loans up to Rs 15 lakh
Direct Taxation.
2. Gross taxes estimated at 10.65% of GDP in FY13.
3. up to 2,00,000 Nill
200000-500000 10 %
500000-1000000 20%
more then 1000000 30%
4. 0.1% STT
5. Senior citizens to be exempt from advance tax payments.
6. Health insurance deduction upto Rs 5000 for preventive health checkup.
7. Remove cascading effect of dividend distribution tax
8. Withholding tax on ECBs for some sectors cut to 5% from 20%.
9. Direct tax proposals to cause net revenue loss of Rs 4,500 cr.
10.Sun set clause on tax incentives for infra projs under 80 IA extended by 1 yr.
11. Introduction of compulsory reporting requirement of assets held abroad.
12. New sectors added to investment-linked deduction: bee-keeping, warehousing for sugar.
13. Purchase of jewellery above Rs 2 lakh now under tax net.
Indirect Taxation
2. Negative list to include pre school and high school education, entertainment services.
3. All services to be taxed except those in negative list.
4. Propose to exempt service tax on copyright on cinematographic films.
5.Common 1 page return for excise and service tax .
6. Propose to hike service tax rate from 10% to 12%.
7. No change in peak rate of customs duty of 10% on non-agri goods, except few exceptions.
8. Exemption of customs duty of 5% on equipment for fert plants.
9. Thermal power co exempted from customs duty for 2 yrs
10 Import of aircraft parts exempt from basic customs duty.
11. Large cars to attract excise duty of 27%
12. Just 17 services exempt from tax net.
13. Automated shuttle looms exempted from customs duty.
14. Titanium dioxide customs duty cut to 7.5% from 10%.
13. Excise duty raised to 12% from 10%.
14. Full exemption on imported equipments for road construction projects.
15. Customs duty on std gold raised from 2% to 4%.
16. Duty reduced on energy saving lamps.
17. Excise duty on cigarettes raised. 10% Advolarom duty on some cigarettes.
18. Customs duty on non std gold raised to 10% from 5%.
19. Doubled custom duty on refined gold.
20. Duty on bicycles and bicycle parts reduced.
21. Branded silver jewellery exempt from excise duty.
Category : Income Tax | Comments : 0 | Hits : 155
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Very Important Income Tax Update regarding Micro and Small Enterprises Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky. If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability. Therefore...
Comments