Discuss budget 2012-13 here !!

As negative list has been proposed in 66D for services to be liable for service tax,

which includes"recognized education at higher levels " in negative list ,then will it also apply to coaching classes for CA???

According to me, it will not apply for coaching classes.. It will apply only for the tuition fee (admission fee) that you pay to the institute.

Earlier Director Remuneration paid by company is being treated as Salary under section 192, but now after budget 2012, Director Remuneration will be covered under section 194J and TDS will be deducted @ 10% under Fee for professional or technical services under section 194J.

Under the existing provisions of the Income-tax Act, a company, being an employer, is required to deduct tax at the time of payment of salary to its employees including Managing director/whole time director. However, there is no specific provision for deduction of tax on the remuneration paid to a director which is not in the nature of salary.

It is proposed to amend section 194J to provide that tax is required to be deducted on the remuneration paid to a director, which is not in the nature of salary, at the rate of 10% of such remuneration.

The above change will be in case of non executive directors remunerations i.e. not in the nature of Salary.

The remuneration paid to WTD/MD which are in the nature of salary are continue to be treated as salary. However, as earlier there was no separate provision for the treatment of remunerations paid to directors which are not in the nature of salary and thus it also included in the salary.

Now there is a separate provision and all the above remuneration paid to directors which are not in the nature of salary are to be covered under 194J and TDS will be deducted @ 10%.

This amendment will take effect from 1st  July, 2012.

I don't know whether govt is aware of the fact that they are collecting taxes on other taxes too.

such as  VAT on excise. TDS on Service tax. These amounts are higher in nature.

They are collecting extra tax from the assessees.  Provisions are to be brought to cancel this double taxation.somebody has to take these issues to Mr.Pranab.

NO increase in slabs for junior resident women

guys,

IN BUDGET,IT SAYS THE DEFINITION OF INPUT SERVICE WILL NOT INCLUDE:

1.RENT A-CAB OR SUPPLY OF TANGIBLE GOOD IN SO FAR AS THEY RELATE TO A MOTOR VEHICLE WHICH IS NOT A CAPITAL GOOD

2.GENERAL INSURANCE OR REPAIR ,RECONDITIONING OR RESTORATION OF ANY MOTOR VEHICLE EXCEPT WHEN USED BY MANUFACTURER OF MOTOR VEHICLE OR BY THE GENERAL INSURANCE COMPANY.

guys pls let me know whther motor vehicle is capital good or not?
n second...pls explain me above amendments in saeiest language...pls