union budget

Budget Highlights: Aam Adami Perspective

Income Tax - Rate of tax for all assessee Individual reduced from 10% to 5% in slab of Rs. 2,50,000 to Rs. 5,00,000. Introduction of Surcharge at 10% for assessee having income between Rs. 50 lacs to Rs. 1 Crore. Simplified form for filing income tax return to be announced which will be a one-page form only....

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TDS on transfer of immovable properties (other than agricultural land)

Income Tax - On transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition of certain immovable properties. ...

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Budget 2012 – Amendments In Excise Duty provisions

Income Tax - Amendments In Central Excise Act, 1944 And Amendments In Central Excise Tariff Act, 1985 as prescribed by Union Budget 2012-13 Presented by the Finance Minister Pranab Mukherjee ...

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Budget 2011-12- Quick Highlights

Income Tax - Section 282 in respect of Document Identification number has been omitted. Section 194LA had been introduced which deals with TDS of FIIs investment in Infrastructure debt fund @ 5%. In section 115-0, the benefit of DDT exemption to SEZ developer & SEZ units has been omitted. Now they have to pay DDT on their declared dividends....

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What is Budget?

Income Tax - What is the Budget? Why is it so important? Why does it affect all of us? And, above all, how does one interpret the budgetary lingo flying around? Union Budget is the annual report of India as a country. It contains the government of India's revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March...

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Download Finance Act, 2012 as Assented by President

Income Tax - Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post....

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Measures Introduced to Allow Corporates to Access Lower Cost Funds

Income Tax - Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors. Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent. Restriction on Venture Capital Funds to Invest in Specified Sectors Removed. Rate of Investment Linked Deduc...

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Union Budget 2012-13 on March 16, Railway Budget 2012-13 on March 14

Income Tax - The Union Budget 2012-13 date is out. Finance Minister Pranab Mukherjee will address Parliament on March 16, a minister said on Tuesday. Parliamentary affairs minister Pawan Kumar Bansal said the Budget session of Parliament will start on March 12, with the Railway Budget slated to be presented on March 14....

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Union Budget on 16th March and Rail Budget on March 14

Income Tax - The Union Budget, delayed because of elections in five states, will now be presented on March 16, four days after Parliament will begin its Budget session. The budget session, which normally commences in the third week of February, will start on March 12 with President Pratibha Patil addressing the joint sitting of members of both the Hou...

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FM asked to retain tax rates at existing levels and to increase exemption limits

Income Tax - Worried over the impact of global financial turmoil on the economy, India Inc today asked the finance ministry to retain tax rates at existing levels, but increase exemption limits to promote growth. In their customary pre-Budget meeting with finance minister Pranab Mukherjee, industry leaders also demanded that healthcare services should...

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Recent Posts in "union budget"

Budget Highlights: Aam Adami Perspective

Rate of tax for all assessee Individual reduced from 10% to 5% in slab of Rs. 2,50,000 to Rs. 5,00,000. Introduction of Surcharge at 10% for assessee having income between Rs. 50 lacs to Rs. 1 Crore. Simplified form for filing income tax return to be announced which will be a one-page form only....

Read More
Posted Under: Income Tax |

Download Finance Act, 2012 as Assented by President

Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post....

Read More
Posted Under: Income Tax |

Measures Introduced to Allow Corporates to Access Lower Cost Funds

Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors. Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent. Restriction on Venture Capital Funds to Invest in Specified Sectors Removed. Rate of Investment Linked Deduc...

Read More
Posted Under: Income Tax |

TDS on transfer of immovable properties (other than agricultural land)

On transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition of certain immovable properties. ...

Read More
Posted Under: Income Tax | ,

Budget 2012 – Amendments In Excise Duty provisions

Amendments In Central Excise Act, 1944 And Amendments In Central Excise Tariff Act, 1985 as prescribed by Union Budget 2012-13 Presented by the Finance Minister Pranab Mukherjee ...

Read More
Posted Under: Income Tax | ,

Expectations of Individuals from Budget 2012 on Direct tax

Increase in the Basic Income Tax Exemption Limits for Individuals - To compensate partially for rising inflation it would be right move if govt. increases basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-. The education cess of 3% is expected to be abolished. Similarly, the basic exemption limits for women and senior...

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Posted Under: Income Tax |

Union Budget 2012-13 on March 16, Railway Budget 2012-13 on March 14

The Union Budget 2012-13 date is out. Finance Minister Pranab Mukherjee will address Parliament on March 16, a minister said on Tuesday. Parliamentary affairs minister Pawan Kumar Bansal said the Budget session of Parliament will start on March 12, with the Railway Budget slated to be presented on March 14....

Read More
Posted Under: Income Tax |

Union Budget on 16th March and Rail Budget on March 14

The Union Budget, delayed because of elections in five states, will now be presented on March 16, four days after Parliament will begin its Budget session. The budget session, which normally commences in the third week of February, will start on March 12 with President Pratibha Patil addressing the joint sitting of members of both the Hou...

Read More
Posted Under: Income Tax |

FM asked to retain tax rates at existing levels and to increase exemption limits

Worried over the impact of global financial turmoil on the economy, India Inc today asked the finance ministry to retain tax rates at existing levels, but increase exemption limits to promote growth. In their customary pre-Budget meeting with finance minister Pranab Mukherjee, industry leaders also demanded that healthcare services should...

Read More
Posted Under: Income Tax |

Budget 2012 – Finance Minister holds Pre Budget Consultations with Trade Union Groups

The Union Finance Minister Shri Pranab Mukherjee said that food inflation has come down on the negative side in the last two consecutive weeks. The annual rate of inflation (year on year) for December 2011 has declined to 7.47% as against 9.11 % in November 2011 and 9.45% in December 2010. The Finance Minister Shri Mukherjee was addressin...

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Posted Under: Income Tax |
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