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Budget 2012-13

HIGHLIGHTS IN DIRECT TAX SOME OF IMPORTANT SECTIONS:

i. Rates of income-tax

(1)For resident Individuals, HUF, AOP, BOI and Including Women assessee

Income Rs.

Income tax rate %

Rs. 0/- to Rs. 2,00,000

 Nil

Rs. 2,00,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

(2) For resident Individuals, age of 60 years (Men and Women)

Income Rs.

Income tax rate %

Rs. 0/- to Rs. 2,50,000

 Nil

Rs. 2,50,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

(3) For resident Individuals, age of 80 years (Men and Women)

Income Rs.

Income tax rate %

Rs. 0/- to Rs. 5,00,000

 Nil

Rs. 5,00,001 to Rs. 10,00,000

 20%

Above Rs. 10,00,000

30%

Section 44AB: Professionals whose receipts exceeds - Rs. 25 lakhs. Any Individual who are engaged in the Business and gross receipts exceeds - Rs. 1 crore

Section. 44AD: Limit increased from 60 lacks to 1.00 Crore.

Section. 49:Capital asset or intangible asset of a firm or sole proprietory concern succeed by company, in such of those cases the cost of acquisition of assets shall be deemed to be the costs for previous owner.

Sec. 50 D: (New Sec) Consideration not ascertainable as a result of transfer of capital asset in such of those cases fair market value shall be treated as consideration.

Sec. 54 B: Exemption under the section i.e., investment in agricultural lands are extended to Hindu Undivided family.

Sec. 54 GB: (New Section) (Under Study)

Sec. 55A: Matter refer to valuation officer.

Section. 68: Share application money, Share Capital, Share Premium or any such amount received by the company (not being company in which public or substantially interested) are brought under the tax net. This provision shall not apply to venture capital fund or venture capital company.

Sec. 80C: Eligible for deduction in respect of Insurance policy 10% of actual capital sum assured.

Sec. 80D: Age of Senior citizen reduced from 65 years to 60 years. (Payment can be made in cash or cheque)

Sec. 80DDB: Age of Senior citizen reduced from 65 years to 60 years.

Sec. 80IA: Deduction under this section for generation and distribution of power extend the time limit from 31-03-2012 to 31-03-2013.

Sec. 80TTA: (New section) Individual or HUF receives interest from SB A/c account are exempt upto Rs. 10,000/-

Sec. 115JB: Applicable to assessee whose Balance sheet are required to prepare u/s 211(2) of Companies Act like., Banking, Insurance, generation and supply of electricity

Sec. 139(1): (New proviso) In addition to taxable income every resident individual who is having any asset or financial interst or account in out side India is required to file ROI on or before due date.

Sec. 115BBE: (new section) : Total income includes any amounts specified u/s 68,69, 69A,69B,69C and 69D are taxable @ 30% and these amounts are required to be reduced from total income.

Sec. 147: Escaped assessment failure on the part of the assesseee to file ROI u/s 139 or 142(1) or 148 of the I.T.Act.

Sec. 149: As per the new proposal income chargeable under the Income Tax Act from assets located outside India or any financial interest.

Agent of non resident time limit from 2years to 6 years.

Sec. 194J: Remuneration received by Director of a company (Other than those on which is tax deductible u/s 192) shall deduct tax @ 10%.

Sec. 260C: TCS is required to be collected from the buyer, if sale amount paid in cash of jewellery, bullion exceeds Rs. 2,00,000/-

K.K.VISWESWARA RAO

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