Union Budget 12-13 Key Features
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Hi Friends, Union Budget for 12-13 is Out.
Key Features are:-
1. Major changes have been in Indirect tax as compared to Direct tax.
2. Slab rate for individual has been raised from Rs. 180000 to Rs. 200000.
3. New Slab is under:- T/income from 0-200000 - Nil
Above 200000 to 500000 - 10%
Above 500000 to 1000000 - 20%
Above 1000000 - 30%
4. Interest income from saving a/c is exempted to Rs. 10000
5. Exp. on infrastructure & eduction has been increased.
6. In Indirect Tax :- Excise Duty on luxury item like car etc has been increased.
7. Service tax ambit has been increased to all services except negative list items.
8. Service Tax has been increased from 10% to 12%.
9. Reassessment in case of Black Money cases have been increased from 6 Yr. to
16 years. (welcome change)
10. Capital linked Tax benefit via sec. 35 AD - New specified business added.
11. Smoking will also be costly this year- Excise duty raised.
12. Sec 44AB for Tax Audit.- 60 lakh increased to 1 Crore.
13. In budget there will be a Loss of Rs. 4500 Cr. as against estimate of
Direct Tax collection in 12-13.
14. But in indirect Tax there will be a increase in collection of Rs. 45000 Cr. by
Major changes in Indirect tax especially in service Tax.
15. No DTC this year.
16. GST from August.
Category : Income Tax | Comments : 0 | Hits : 567
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