Community & General News
Service Tax Rate Raised from 10 Per Cent to 12 Per Cent
16 March 2012 at 13:44The Service tax rate has been marginally raised from 10 per cent to 12 per cent. Presenting the Union Budget 2012-13 in LokSabha today, the Union Finance Minister ShriPranab Mukherjee said that to maintain a healthy fiscal situation, the Government
Full Exemption from Basic Customs Duty Given to Certain Infrastructure Sectors
16 March 2012 at 13:34The Finance Minister ShriPranab Mukherjee has announced full exemption from basic customs duty and a concessional CVD of 1 per cent to Steam coal for a period of two years till March 31, 2014. While presenting the Union Budget 2012-13 in LokSabha
Gross Tax Receipts Estimated at Rs.10,77,612 Crore-19.5% Increase Over 2011-12
16 March 2012 at 13:34Gross Tax Receipts Estimated at Rs.10,77,612 Crore-19.5% Increase Over 2011-12 Re Indirect Tax Revenue Growth Estimated at 26.7% &Direct Tax Revenue Growth at 13.9% Over 2011-12. Total Expenditure Estimatedrs. 14,90,925 Crore
Turnover Limit for Compulsory Tax Audit Raised to Rs. One Crore
16 March 2012 at 13:30Measures Proposed for Skill Development and Augmenting Funds for SMEs Turnover Limit for Compulsory Tax Audit Raised to Rs. One Crore In order to augment funds for SMEs (Small and Medium Enterprises), theUnion Finance Minister Shri Pranab Mukh
STT Proposed to be Reduced by 20 Per Cent
16 March 2012 at 13:27STT Proposed to be Reduced by 20 Per Cent GAAR PANEL Mooted to Counter Aggressive Tax Avoidance Schemes Levy of Alternate Minimum Tax Proposed to be Extended In the General Budget 2012-13presented by theUnion Finance Minister ShriPranab Mukhe
Sunset Date for Tax Exemption in Power Sector Extended
16 March 2012 at 13:26To Promote Investment, Weighted Deduction for Expenditure in R&D and AGRI-Extension Services Proposed Sunset Date for Tax Exemption in Power Sector Extended In the General Budget 2012-13 presented by the Union Finance Minister ShriPranab Mu
Unexplained Money to be Taxed at 30 Per Cent
16 March 2012 at 13:24Slew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexplained Money to be
Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors
16 March 2012 at 13:21Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent Restriction on Venture Capital Funds to Invest in Specified Sectors Removed Rate of Investment Linked Deduction of Cap
Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh-Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh
16 March 2012 at 13:18Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Pay
Government Keen on Early Enactment of DTC Bill
16 March 2012 at 13:13Model Legislation for GST on the Anvil National Information Utility to be Operational by August The Union Finance Minister ShriPranab Mukherjee today expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after exp
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