prateek does it means that if tds is deducted in jan ,can be paid till due date of filing of return.so if it not paid before 7 th of next month it will be allowed as expenses if it is paid before due date of filing the return
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UNION BUDGET HIGHLIGHTS 10-11 - MUST WATCH
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prateek does it means that if tds is deducted in jan ,can be paid till due date of filing of return.so if it not paid before 7 th of next month it will be allowed as expenses if it is paid before due date of filing the return
MAT Rate increased from 15% to 18%
Excise Duty increased from 8% to 10%
Corporate Tax surcharge reduced from 10% to 7.5%
| Originally posted by : Faiz | ||
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The tax rates that are changed, it says only broadly without making distinction between women , senior citizens.... what applies to them(senior citizen, women)????? Will this tax rates change effect DTC to be implemented in april11 as the rates in DTC are quite differnt as mentioned in Bill....??? |
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Minimum Tax Exemption limit for Senior Citizens and Women remains unchanged; i.e. Rs. 2,40,000 and Rs. 1,90,000 respectively.
Faiz...
What has gone wrong brother??
The minimum limit remains the same:
Women - 190000
Senior Citizens - 240000
Others - 160000
Thats it, they are the exmption limits any income above them to the Rs 5 lacs is taxed at 10 % and so on
NEW DELHI: This budget not too tight, neither too loose. The ways in which he has cut the deficit down to 5.5% of GDP is expenditure compression, especially non-plan expenditure with only a 6% increase(adjusted for inflation) is hardly anything. So, there is more emphasis on the spending side rather than on the tax side. The net result, the fiscal deficit has got down to 5.5% of GDP and what is more it's a transparent one.
He says this includes no extra oil bonds and he is aiming at bringing the fiscal deficit down over the next two years to 4.8-4.1. I think this idea that he is on a responsible fiscal policy path has greatly enthused foreign investors. I think that is the main reason why you saw the stock market shoot up after its all these regular proposals.
On financial sector reform there was idea that something could happen or a question whether he will increase the insurance FDI limit to 49%, he said nothing. There has been talk about trying to reduce the public sector share in PSU banks- nothing; increase in the voting share of foreigner investors in banks - nothing, there was a proposal that service tax should be extended to the railways. He said he is showing some memorandum on that but I doubt very much whether railways will be on that otherwise he would have mentioned it.
He has avoided giving any specific sums of money for spending on implementing the Right to Education Act or Food Security Act. He just said we will pull it up for discussion and instead of doing something about the woeful lack of justice and financial sector reform there are new commissions to go into financial sector reform and judicial reform. So, there are various areas he could have done much more and he has not done much more so it's a middle of the road budget. My marks would be 6 out of 10.
He says this includes no extra oil bonds and he is aiming at bringing the fiscal deficit down over the next two years to 4.8-4.1. I think this idea that he is on a responsible fiscal policy path has greatly enthused foreign investors. I think that is the main reason why you saw the stock market shoot up after its all these regular proposals.
On financial sector reform there was idea that something could happen or a question whether he will increase the insurance FDI limit to 49%, he said nothing. There has been talk about trying to reduce the public sector share in PSU banks- nothing; increase in the voting share of foreigner investors in banks - nothing, there was a proposal that service tax should be extended to the railways. He said he is showing some memorandum on that but I doubt very much whether railways will be on that otherwise he would have mentioned it.
He has avoided giving any specific sums of money for spending on implementing the Right to Education Act or Food Security Act. He just said we will pull it up for discussion and instead of doing something about the woeful lack of justice and financial sector reform there are new commissions to go into financial sector reform and judicial reform. So, there are various areas he could have done much more and he has not done much more so it's a middle of the road budget. My marks would be 6 out of 10.
Hi faiz, the rates wil definately change brother.... Its union budget presented on yearly basis... While DTC is kind of a all and new resolution....
So there exists sure chances of changes in tax slabs in DTC
Minimum Alternate Tax up from 15% to 18% on book profits
Reduced Surcharge of 10% on domestic companies to 7.5%
Professionals with Rs 15 lakh income need accounts audit
Additional Rs 20,000 deduction made available for investment in Infrastructure Bonds. This is above Rs. 1,00,000 80C exemption
INDIRECT TAX:
Service Tax rates unchanged at 10%, to bring more services under service tax
Duties on smoking and non-smoking tobacco products up
Peak excise duty hiked from 8% to 10%
Peak customs duty remains unchanged at 10%
Rs 1 per litre excise on petrol, diesel
Full excise cut on electric cars
Partial rollback of excise duty on cement
Agricultural seeds exempt from Service Tax
News agencies exempt from Service Tax
Service tax to GDP ratio is 1%
Customs duty on gold, platinum imports raised to Rs 300 from Rs 200
Import duty on silver raised to Rs 1500 per kg
Minimum Alternate Tax up from 15% to 18% on book profits
Reduced Surcharge of 10% on domestic companies to 7.5%
Professionals with Rs 15 lakh income need accounts audit
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