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There were expectations that the 7th budget of Pranab Mukherjee might contain progressive development oriented proposals, so that despite political provocations and vagaries, the optimism of progress and growth could have held centre stage. But it has belied that promise, though some eminent Economists called it, a budget by the Book.
At last the budget day arrived and we have heard the budget speech of Finance Minister. Some of us could also read few relevant papers of budget document. On macro view, the budget seems to be an non event so far as providing impetus and further fuel to the economy is concerned, there being no major policy steps in taking a leap into the next decade. This opportunity could have been used, more so 2012 being first year of the new five year plan.
We have uploaded below all the notifications, Circulars issued by CBEC Post Budget 2012-13 related to amendment in Central Excise Duty (Tariff and Non Tariff), Custom Duty (Tariff and Non Tariff), Service Tax, Clean Energy Cess, Medicinal and Toilet Preparations.
Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors. Rate 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 Capital Expenditure Proposed to be Enhanced to 150 Per Cent; New Sectors Added
Following is the text of the Prime Minister, Dr. Manmohan Singh’s interview after the Union Budget 2012-13: Question – There was a decline in our GDP growth. It is now 6.9% – that was a wake-up call. Hopefully we’re now awake. What do you see in the budget as a response to the wake-up call?
The Finance Bill 2012 was introduced today, 16.3.2012, in Parliament. Download the Bill dealing with Rates of Income Tax , Income Tax, Wealth Tax , Customs Duty, Excise Duty, Service Tax, Amendments to the FRBM Act, 2003 and others.
The Power Point Presentation (PPT) file highlights Key Features of Budget 2012-13. File Covers Direct and Indirect Tax Provisions in a very crisp manners.
1. Income tax exemption limit raised to Rs.2 lakh to provide relief of relief of Rs.2,000 for assessee in this category; 20 percent tax on income over Rs.10 lakh, up from Rs.8 lakh. 2. No change in corporate tax 3. Deduction of up to Rs.10,000 from interest from savings bank accounts
1. Budget 2012 – Share premium in excess of the fair market value to be treated as income 2. Budget 2012 – Reopening time limit Increased to 16 Years for income in relation to asset located outside India. 3. Budget 2012 – Penalty on undisclosed income found during the course of search at 10 pc, 20 pc, 30 pc
Tax proposals for 20 12-13 mark progress in the direction of movement towards DTC and GST. DTC rates proposed to be introduced for personal income tax. Exemption limit for the general category of individual taxpayers proposed to be enhanced from `1,80,000 to `2,00,000 giving tax relief of `2,000.
