Excise duty rationalized for packaged cement, whether manufactured by mini-cement plants or others. – Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include unbranded jewellery. Operations simplified and measures taken to minimize impact on small artisans and goldsmiths. – Branded Silver jewellery exempted from excise duty.
Presenting the General Budget 2012-13 in LokSabha here today, ShriPranab Mukherjee, Finance Minister announced various majors for mitigating shortage of housing for low income groups. The Finance Minister proposed allowing External Commercial Borrowings (ECB) for low cost affordable housing projects and setting-up of a Credit Guarantee Trust Fund to ensure improved flow of institutional credit for housing loans.
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2012 for consideration and inclusion of the same in the Post Budget Memorandum, 2012 to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 20th March, 2012.
Government Thursday slashed interest rate on deposits in Employees Provident Fund from 9.5 percent to 8.25 percent for 2011-12 affecting over 4.7 crore subscribers. This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said. The Employees’ Provident Fund Organisation (EPFO) had provided 9.5 percent interest rate to its subscribers for 2010-11 after it found Rs 1,731 crore surplus in its books of account.
On the basis of the current macroeconomic assessment, it has been decided to: keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.75 per cent of their net demand and time liabilities; and keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per cent. Consequently, the reverse repo rate under the LAF will remain unchanged at 7.5 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.5 per cent.
there may be other reasons related to CPC or TDS due to which hardships are being faced by the members. In this regard, may we request you to provide the details of the hardships being faced by you or your clients with regard to CPC and also TDS, giving specific particulars including name and PAN of the assessee.
Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money.
Rate of growth estimated to be 6.9%. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14. Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 %, its share in GDP goes up to 59%.
Companies Bill, 2011 provides for more detailed requirements in the form disclosures/declarations to be made by companies, and their promoters/first directors at the time of Incorporation. Detailed disclosure requirements on continuous basis have also been provided. Additionally, the Bill seeks enhancement of accountability through various clauses of the Bill viz appointment and accountability of Key Managerial Personnel, defining role of independent directors and enhanced penalties/fine/imprisonment etc.
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF & SMP) was formed by combining previously formed Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners. Initially, this Committee had thought to establish for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms. Similarly, Committee for Small & Medium Practitioners was formed to empower Small & Medium Practitioners to assimilate and apply ways for carrying out their profession in efficient manner. Thus, the ultimate objective of the Committee is to strengthen CA firms as well as Small & Medium Practitioners to rejuvenate their practice portfolio.
