Income Tax : Tax Collection at Source (TCS) on cash sale of bullion and jewellery - Under the existing provisions of the Income-tax Act, tax is...
Finance : The Budget 2012-13 will be announced on March 16, 2012 by the Finance Minister Pranab Mukherjee. There are a lot of expectations f...
CA, CS, CMA : Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 100...
Income Tax : The members of the Committee representing different fields made various suggestions to improve tax administration, better taxpayer...
Income Tax : Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retain...
Finance : The Union Finance Minister Shri Pranab Mukherjee said that the growth rate would be around 7.2 percent during the current year. He...
Finance : The Union Finance Minister, Shri Pranab Mukherjee has emphasized that in a federal country like ours, States and Centre complement...
Finance : The Union Finance Minister Shri Pranab Mukherjee said that the current year was a challenging one as far as the domestic and the g...
Income Tax : In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by...
Tax Collection at Source (TCS) on cash sale of bullion and jewellery – Under the existing provisions of the Income-tax Act, tax is required to be collected at source by the seller at the specified rate on certain goods like alcoholic liquor, tendu leaves, scrap etc. at the time of sale.
The Budget 2012-13 will be announced on March 16, 2012 by the Finance Minister Pranab Mukherjee. There are a lot of expectations from Budget as the economy of the country is not yet stable and after effects of recession can still be felt. The European Union economic crisis is also having a negative effect on the Indian economy
The members of the Committee representing different fields made various suggestions to improve tax administration, better taxpayer services and impetus to the economy. The suggestions among others include to extend the Section 80CCF of Income tax Act of deduction for investment in the infrastructure bonds introduced from 1.4.2011 to be extended at least for one more year and the monetary limit to be enhanced to Rs 50 thousand. Sub members suggested to curb black money in real estate transactions, relief to the salaried employees by retaining the standard deduction under Section 16 of Income Tax Act for a sum of Rs 50 thousand and benefit of nil TDS be extended to NBFCs under Section 194A of Income Tax Act.
Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that healthcare services be kept outside service tax ambit, and privatise coal mines.
The Union Finance Minister Shri Pranab Mukherjee said that the growth rate would be around 7.2 percent during the current year. He said that due to current uncertainty in global economy as euro zone crisis is still unresolved and volatility in international commodity prices especially fuel etc, it may be difficult to contain the fiscal deficit at 4.6 percent as targeted during the last budget.
The Union Finance Minister, Shri Pranab Mukherjee has emphasized that in a federal country like ours, States and Centre complement each other in managing the fiscal policy and the economy. He said that coordination between Centre and States is extremely vital for creating a conducive environment for growth and inclusive development in the country.
The Union Finance Minister Shri Pranab Mukherjee said that the current year was a challenging one as far as the domestic and the global economy was concerned. The Finance Minister said that the inflation especially the food inflation remained very high during the major part of the year. He said that it is only after tightening of monetary policy over the year to contain demand side inflationary pressures and removal of supply side constraints that we were able to contain the food inflation.
The government will present the Union Budget for 2012-13 after March 9, Finance Minister Pranab Mukherjee said on Wednesday. We are working on date. We will (present) the budget after (Assembly) election is over… The code of conduct will be operational till March 9, Mukherjee said. The government has postponed the budget in view of the Assembly elections in five states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur between January 30 and March 3.
Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 1000 per month per child for maximum 2 children or actual expenses, whichever is less. ii) Transport Allowance – The exemption limit for transport allowance to meet expenditures of commuting from residence to the place of work may be raised from Rs. 800 to Rs. 3200 per month. This is considering huge fluctuation/increase in fuel cost in relevant past.
In the usual course, the budget is presented in the Lok Sabha on last working day of February. As 2012 is the leap year, the last working day of the month falls on February 29. There are reports that the government might postpone the date of presentation of the budget in view of assembly elections in five states — Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. As per the schedule worked out by the Election Commission, last polling will take place on March 3 in Goa and counting of votes will begin on March 4.
