Union Budget 2011-12

The Budget Attains Finality

Fema / RBI - Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to virtually no debate in the house even on crucial proposals impacting economy and growth of nati...

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Budget 2011-12 – Exemption of certain perquisites of Chairmen and Members of Union Public Service Commission

Fema / RBI - Currently, specified perquisites of the Chief Election Commissioner or Election Commissioner and the judges of the Supreme Court are exempt from taxation consequent to the enabling provisions in the respective Acts governing their service conditions. It is proposed to amend section 10 to extend similar benefit of exemption in respect of s...

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Budget 2011-12 – Definition of "charitable purpose" – Monetary Limit u/s. 2(15) increased to 25 Lakh

Fema / RBI - For the purposes of the Income-tax Act, charitable purpose has been defined in section 2(15) which, among others, includes the advancement of any other object of general public utility. However, the advancement of any other object of general public utility is not a charitable purpose, if it involves the carrying on of any activity in the ...

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Key Features of Budget 2011-2012

Fema / RBI - OPPORTUNITIES Swift and broad based growth in 2010-11 has put the economy back to its pre-crisis growth trajectory. Fiscal consolidation has been impressive. Significant progress in critical institutional reforms that would set the pace for double-digit growth in the near future. Dynamism in the rural economy due to scaled up flow of reso...

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Highlights of Union Budget 2011-12

Fema / RBI - Direct tax sops to result in Rs 11,500 cr net revenue loss Investment-linked deductions for fertilisers and developers of affordable housing Low withholding tax of 5% for notified infra funds Foreign dividend tax rate cut to 15% for Indian companies Total plan expenditure will go up 100% in nominal terms in the next year...

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RBI – Monthly Bulletin – May 2011

Fema / RBI - The May issue of the Bulletin issue carries six special articles: (i) Developments in India's BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An Assessment (iv) Finances of State Governments - 2010-11: Highlights (v) Survey of India's Forei...

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Workshop on Indirect Tax Proposals of Union Budget – 2011-12

Fema / RBI - The Institute of Chartered Accountants of India organized a Workshop on Indirect Proposals of the Union Budget 2011-12 at its Headquarter in New Delhi on March 17,2011. The Workshop was addressed by Shri S. Dutt Majumder, Chairman, Central Board of Excise and Customs. Shri Y.G. Parande, Member, CBEC, Shri V. K. Garg, Joint Secretary (TRU)...

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Budget 2011-2012- Speech of Minister of Finance Pranab Mukherjee

Fema / RBI - Madam Speaker, I rise to present the Union Budget for 2011-12. We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal […]...

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Interest Subvention Scheme claims to be certified by statutory auditor of bank

RBI/2011-12/344 RPCD.No.PLFS.BC.54/05.04.02/2011-12 - (09/01/2012) - In respect of 2 % interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2011 and March 31, 2012, of which, the latter needs to be accompanied by a Statutory Auditor’s certificate certifying the claims for subvention for the entire year ended Marc...

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Recent Posts in "Union Budget 2011-12"

Interest Subvention Scheme claims to be certified by statutory auditor of bank

RBI/2011-12/344 RPCD.No.PLFS.BC.54/05.04.02/2011-12 (09/01/2012)

In respect of 2 % interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2011 and March 31, 2012, of which, the latter needs to be accompanied by a Statutory Auditor’s certificate certifying the claims for subvention for the entire year ended March 31, 2012 as true and correct. Any rema...

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RBI – Monthly Bulletin – May 2011

The May issue of the Bulletin issue carries six special articles: (i) Developments in India's BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An Assessment (iv) Finances of State Governments - 2010-11: Highlights (v) Survey of India's Forei...

Read More
Posted Under: Fema / RBI |

The Budget Attains Finality

Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to virtually no debate in the house even on crucial proposals impacting economy and growth of nati...

Read More
Posted Under: Fema / RBI |

Workshop on Indirect Tax Proposals of Union Budget – 2011-12

The Institute of Chartered Accountants of India organized a Workshop on Indirect Proposals of the Union Budget 2011-12 at its Headquarter in New Delhi on March 17,2011. The Workshop was addressed by Shri S. Dutt Majumder, Chairman, Central Board of Excise and Customs. Shri Y.G. Parande, Member, CBEC, Shri V. K. Garg, Joint Secretary (TRU)...

Read More
Posted Under: Fema / RBI |

Budget 2011-12 – Exemption of certain perquisites of Chairmen and Members of Union Public Service Commission

Currently, specified perquisites of the Chief Election Commissioner or Election Commissioner and the judges of the Supreme Court are exempt from taxation consequent to the enabling provisions in the respective Acts governing their service conditions. It is proposed to amend section 10 to extend similar benefit of exemption in respect of s...

Read More
Posted Under: Fema / RBI |

Budget 2011-12 – Definition of "charitable purpose" – Monetary Limit u/s. 2(15) increased to 25 Lakh

For the purposes of the Income-tax Act, charitable purpose has been defined in section 2(15) which, among others, includes the advancement of any other object of general public utility. However, the advancement of any other object of general public utility is not a charitable purpose, if it involves the carrying on of any activity in the ...

Read More
Posted Under: Fema / RBI |

Key Features of Budget 2011-2012

OPPORTUNITIES Swift and broad based growth in 2010-11 has put the economy back to its pre-crisis growth trajectory. Fiscal consolidation has been impressive. Significant progress in critical institutional reforms that would set the pace for double-digit growth in the near future. Dynamism in the rural economy due to scaled up flow of reso...

Read More
Posted Under: Fema / RBI |

Highlights of Union Budget 2011-12

Direct tax sops to result in Rs 11,500 cr net revenue loss Investment-linked deductions for fertilisers and developers of affordable housing Low withholding tax of 5% for notified infra funds Foreign dividend tax rate cut to 15% for Indian companies Total plan expenditure will go up 100% in nominal terms in the next year...

Read More
Posted Under: Fema / RBI |

Budget 2011-2012- Speech of Minister of Finance Pranab Mukherjee

Madam Speaker, I rise to present the Union Budget for 2011-12. We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal […]...

Read More
Posted Under: Fema / RBI |

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