INCOME TAX AMENDMENT
1. Budget 2012 – Share premium in excess of the fair market value to be treated as income
3. Budget 2012 – Penalty on undisclosed income found during the course of search at 10 pc, 20 pc, 30 pc
4. Budget 2012 – Prosecution and imprisonment for Income Tax Evasion
6. Budget 2012 – No Basic Exemption on Unexplained Income – To be taxed at 30 percent
7. Budget 2012 – Onus to prove Source of Fund recd as Share Capital shifted on Company
8. Budget 2012 – TCS on sale of Coal, Lignite, Iron ore
9. Budget 2012 – TCS on cash sale of bullion and jewellery
10. Budget 2012 – Directors Remuneration not in nature of Salary to attract TDS U/s. 194J
11. Budget 2012 : TDS on transfer of certain immovable properties (other than agricultural land)
12. Budget 2012- Alternate Minimum Tax (AMT) on all persons other than companies
14. Budget 2012 – I-T exemption limit raised to Rs 2 lakh
15.Budget 2012 – Daily tonnage income of shipping company
16. Proposal to hike basic tax exemption limit and likely beneficiaries
18. S. 80C No Deduction on life insurance Premiume if premium payable exceed 10% of sum assured
19. Deduction for Donation not allowed for cash donations in excess of ten thousand rupees
20. Presumptive taxation not applicable to commission/ brokerage and Income from Agency business
22. Threshold Limit for TDS on payment of interest on debentures raised to Rs. 5000
23. STT rate reduced on Delivery Based Share Transactions
24. Tax Audit & presumptive taxation Limit rasied to One Crore
25. Senior Citizens not having Business Income Exempt From Advance tax payment
26. Budget 2012 – Provisions relating to Venture Capital Fund (VCF) or Venture Capital Company (VCC)
27. Budget 2012 – Lower rate of tax on dividends received from foreign companies
WEALTH TAX AMENDMENTS
Wealth Tax – Salary Limit for Exemption of residential house allotted to employee hiked
EXCISE DUTY AMENDMENTS
1. Budget 2012 – Amendments In Excise Duty provisions
2. Budget 2012 – Changes In Rates Of Excise Duty
CUSTOM DUTY AMENDMENTS
1. Budget 2012 – Amendments In Customs Duty provisions
2. Budget 2012 – Industry wise Changes in Custom Duty rates
SERVICE TAX AMENDMENTS
1. Budget 2012 – Changes in Service Tax
MISCELLANEOUS/GENERAL AMENDMENTS
1. Key Features / Highlights of Budget 2012-2013
2. Budget 2012 -Speech of Finance Minister Pranab Mukherjee
3. Download Power Point Presentation on Budget 2012
4. Key Features of Budget 2012-13 on Tax Front
This is really an appreciable practice which leads to convenient and easy understanding of Fiscal Bills………
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