budget 2012

TCS on cash sale of bullion and jewellery

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 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. ...

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Expectations from Budget 2012

Income Tax - 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...

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ICSI releases Pre-budget Memorandum for Union Budget 2012-13

Income Tax - 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...

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Standard deduction of Rs 50 thousand for salaried employees- CBDT committee suggests

Income Tax - 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 ex...

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Corporate India wants no change in tax rates in 2012-13 Budget

Income Tax - 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 h...

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FM holds Pre Budget institutions with Representatives of Banks and Financial institutions

Income Tax - 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 de...

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States Seek Growth-Centric Budget in Pre-Budget Consultations with union Finance Minister

Income Tax - 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...

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Finance Minister Holds First Pre Budget Consultations with Agriculture Group

Income Tax - 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...

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Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

F.No.334/9/2011-TRU - (02/11/2011) - In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct ...

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Recent Posts in "budget 2012"

TCS on cash sale of bullion and jewellery

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. ...

Read More
Posted Under: Income Tax | ,

Expectations from Budget 2012

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...

Read More
Posted Under: Income Tax |

Standard deduction of Rs 50 thousand for salaried employees- CBDT committee suggests

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 ex...

Read More
Posted Under: Income Tax |

Corporate India wants no change in tax rates in 2012-13 Budget

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 h...

Read More
Posted Under: Income Tax |

FM holds Pre Budget institutions with Representatives of Banks and Financial institutions

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 de...

Read More
Posted Under: Income Tax |

States Seek Growth-Centric Budget in Pre-Budget Consultations with union Finance Minister

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...

Read More
Posted Under: Income Tax |

Finance Minister Holds First Pre Budget Consultations with Agriculture Group

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...

Read More
Posted Under: Income Tax |

Union Budget to be presented after March 9 – Finance Minister

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 th...

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Posted Under: Income Tax |

ICSI releases Pre-budget Memorandum for Union Budget 2012-13

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...

Read More
Posted Under: Income Tax |

Finance budget 2012-13 likely on February 29

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, ...

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Posted Under: Income Tax |
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