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

4.    Budget 2012 – Prosecution and imprisonment for Income Tax Evasion

5.   Budget 2012 – Compulsory filing of income tax return in relation to assets located outside India irrespective of Income

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

13. Budget 2012 – Tax rates for Individual, HUF, Senior Citizen, Female, AOP, Firms, Company for F.Y. 2012-13

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

17. No Dividend Distribution Tax (DDT) on Dividend Payment upto DDT Paid Dividend recd from subsidiary Company

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

21. Relief from LTCG tax on transfer of residential property if invested in a manufacturing small or medium enterprise

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

28. Budget 2012- Withholding tax rate on Interest Paid on foreign currency loan by Specified Company reduced to 5%


Wealth Tax – Salary Limit for Exemption of residential house allotted to employee hiked


1.     Budget 2012 – Amendments In Excise Duty provisions

2.    Budget 2012 – Changes In Rates Of Excise Duty


1.     Budget 2012 – Amendments In Customs Duty provisions

2.    Budget 2012 – Industry wise Changes in Custom Duty rates


1.     Budget 2012 – Changes in Service Tax


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

5. Budget 2012 – Download Full Finance Bill 2012

3.  Budget 2012 – Download Full Finance Bill 2012

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Tags : Budget (1957)

0 responses to “Budget 2012 Amendment – Income Tax, Service Tax, Excise Duty, Custom Duty”

  1. PUNIT says:

    This is really an appreciable practice which leads to convenient and easy understanding of Fiscal Bills………

  2. Atmaram Gupta says:

    Thanks for providing above information,

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