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INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA

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INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE

UNION BUDGET 2012-2013 HIGHLIGHT Direct Taxes 1. Exemption limit for the general category of individual (other than point B), HUF, AOP, BOI taxpayers enhanced from Rs.1,80,000 to Rs. 2,00,000. Slabs as under:(check latest Income Tax calculator )

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Due Date March TDS ,Form 16,16A, E tds 24Q ,26Q Income Tax Return Form 2012-13 TDS TCS RATES FY 2012-13 DUE DATES Index :Budget Related Posts Income Tax Rates After Budget 2012 Income Tax calculator after Budget 2012 Excise Duty rate w ef 17.03.2012 Service Tax rates w ef 01.04.12 Negative List of Services

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Slabs (in Rupees) Up to 2,00,000 2,00,001 to 5,00,000

General Nil 10% 20 % 30 %

Women Nil 10% 20 % 30 %

5,00,001 to 10,00,000 Above 10,00,000

B. Slabs (in Rupees) Up to 2,50,000 2,50,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 Senior Citizen (60 to 79) Nil 10 % 20% 30 % Very Senior Citizen (80 +) Nil Nil 20% 30 % Search us Find what you want
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2. For individual tax payers, a deduction of upto Rs.10,000 for interest from savings bank accounts. 3. Deduction of upto Rs. 5,000 for preventive health checks up. 4. Senior citizens not having income from business to be exempted from payment of advance tax. 5. No change in corporate tax structure 6. Low cost funds to stressed infrastructure sectors, rate of withholding tax on interest payment on EC Bs to be reduced from 20 per cent to 5 per cent for 3 years for certain sectors. 7. A new equity scheme called Rajiv Gandhi Equity Saving Scheme is being introduced to promote equity investments. The scheme will get income tax deduction, which will be purely applicable to the new retail investors who will invest directly into equity up to Rs. 50,000, with a lock-in period of three years. The investor's annual income should not exceed Rs. 1,000,000. 8. Repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15 per cent upto 31.3.2013. 9. Investment link deduction of capital expenditure for certain businesses at the enhanced rate of 150 per cent. 10. Weighted deduction of 200 per cent for R&D expenditure in an inhouse facility for a further period of 5 years beyond March 31, 2012. 11. Weighted deduction of 150 per cent on expenditure incurred for agri-extension services. 12. Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from Rs. 60 lakhs to Rs.1 crore. For professionals limit is Rs. 25 lacs. 13. Exemption from C apital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery.

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TDS RATE C HART 11-12 FY TDS RATE 12-13 AY TC S RATES DUE DATES DEPOSIT ,RETURN KNOW YOUR PAN,VERIFY PAN,NAME BY PAN,PAN C ARD STATUS ONLINE TDS RATE C HART FY 2012-13 TC S RATES C HART

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AFTER BUDGET 2012 WEF 01.04.2012

14. Weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector. 15. Reduction in securities transaction tax(STT) by 20 per cent on cash delivery transactions. 16. Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions. 17. A net revenue loss of Rs. 4,500 crore estimated as a result of Direct Tax proposals. 18. Tax proposals for 2012-13 mark progress in the direction of movement towards DTC and GST. 19. 54 B sale of agriculture land now available to HUF(Hindu undivided family) 20. No extension to 80C C F Infra Bonds 21. TDS on sale purchase of Immovable property 22. TC S on cash purchase of Bullion and Jewellary Indirect Taxes Custom 1. Basic customs duty reduced for certain agricultural equipment and their parts. 2. Basic customs duty and excise duty 0 reduced on Soya products to protein deficiency Like children. among address and Like 3. Basic customs duty and excise duty reduced on Iodine. 4. Baggage allowance raises from Rs 2 3,262 people like this. Be the Recommend us on Google! first of your friends. HRA exemption C alculation monthly , yearly basis or period basis? DUE DATE TDS DEPOSIT , FORM 16 ,E TDS RETURN 24Q,26Q MARC H 2012 12.36 % SERVIC E TAX RATES W E F 01.04.2012 BUDGET 2012 AVOID 12.36 % APPLY 10.30 % SERVIC E TAX RATE ! HOW ? WHEN ? INC OME TAX RETURN FORMS AY 2012-13 DOWNLOAD ITR-1,ITR-2,ITR-3 ITR-4,4S INC OME TAX RATES C HART AY 2012-13 AY 201112 =10-11=09-10=08-09=07-08=06-07 C HEC K YOUR INC OME TAX REFUND STATUS ONLINE

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25,000 to Rs 35,000 for the people of Indian origin and from Rs 12,000 to Rs 15,000 for the children 5. Full exemption from basic customs duty for import of equipment for expansion or setting up of fertiliser projects upto 31st March, 2015. 6. Full exemption from basic customs duty and a concessional C VD of 1 per cent to steam coal till 31st March, 2014. 7. Full exemption from basic duty provided to certain fuels for power generation. 8. Full exemption from basic customs duty to coal mining project imports. 9. Basic custom duty to be reduced for machinery and instruments needed for surveying and prospecting for minerals. 10. Basic custom duty to be reduced for equipments required for installation of train protection and warning system and upgradation of track structure for high speed trains. 11. Full exemption from import duty on certain categories of specified equipment needed boring for road construction, and parts of tunnel their machines
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assembly. 12. Tax concessions for parts of aircraft and testing equipment for repair and third party of maintenance, civilian aircraft. 13. Relief to be extended to sectors such as steel, textiles, branded ready made garments, of mass lowcost medical and devices, matches labour-intensive sectors producing items consumption produced by semi-mechanised units. 14. C oncessional basic customs duty of 5 per cent with full exemption from excise duty/C VD to 6 specified life saving drugs/vaccines. overhaul

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15. Basic customs

INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA

duty reduced on

Probiotics. 16. C oncessions and exemptions proposed for encouraging saving needed the for consumption plant solar of and Energyequipment projects. 17. C oncession from basic customs duty and special C VD on certain items imported for manufacture vehicle vehicles. 18. C ustoms duty raised from 2% to 4% on standard gold 19. Basic customs duty proposed to be enhanced completely for certain units categories of of built large and for hybrid packs or electric for such battery devices,

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cars/MUVs/SUVs. 20. Import of foreign-going vessels to be exempted from C VD of 5 per cent retrospectively. 21. Indirect taxes estimated to result in net revenue gain of Rs. 45,940 crore. Service Tax 1. Service Tax rate hike from 10% to 12% 2. Levy to tax all services except those in the negative list comprising of 17 heads. 3. Service tax need to bring it closer to C entral Excise Law for eventual transition to GST. 4. A common simplified registration form and a common return comprising of one page for C entral Excise and Service Tax. 5. Revision Application Authority and

Settlement C ommission to be introduced in Service Tax for dispute resolution. 6. Utilization of input tax credit permitted in number of services to reduce cascading of taxes. 7. Place of Supply Rules for determining the location of service to be put in public domain for stakeholders comments. 8. New scheme announced for

simplification of refunds. 9. Rules pertaining to point of taxation to be rationalised. 10. Proposals from service tax expected to yield additional revenue of Rs. 18,660 crore. Excise 1. Standard rate of excise duty to be raised from 10 per cent to 12 per cent. 2. Merit rate from 5 per cent to 6 per cent and the lower merit rate from 1 per cent to 2 per cent with few exemptions. 3. Excise duty on large cars raised to 24% 4. Excise duty to increase on cigarettes, hand-rolled bidis, pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. 5. C ess on crude petroleum oil produced in India revised to Rs. 4,500 per metric tonne. 6. Excise duty rationalised for packaged cement, whether manufactured by minicement plants or others. 7. Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include

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unbranded jewellery.

INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA

8. Branded Silver jewellery exempted from excise duty. 9. C hassis for building of commercial vehicle bodies to be charged excise duty at an ad valorem rate instead of mixed rate.

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LABELS: BUDGET 2012, C HANGES IN SER VIC E TAX AC T, C USTO M C HANGES IN BUDGET, DIR EC T TAX C HANGES IN BUDGET, EXC ISE C HANGES IN BUDGET, UNIO N BUDGET 2012-13 SATUR DAY 17 MAR C H 2012

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Excise duty rate 12% ,6 % ,2 % wef 17.03.2012 3.Enhancement of excise duty on cigars, cheroots and cigarillos to 12% or Rs.1370 per thousand, whichever is higher. 4.The basic excise duty on hand-rolled bidis is being increased from Rs.8 to Rs.10 per thousand and on machinerolled bidis from Rs.19 to Rs.21 per thousand.

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BUDGET SPEECH UNION BUDGET 2011-12 203. Concessions have

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already been provided for encouraging the consumption of energy-saving devices. I propose to fully exempt a coating chemical Finance Bill, Additional Relief used for c... 2010 in Lok Sabha I have received a large number of representations on behalf of the manufactures of hand-rolled cheroots an industry located primarily in the cottage and household Excise taxes sector. ... Excise duty, Excise duties

Service Tax Excise duty rates Increased By 2 % Bud... Finance Minister Pranab Mukherjee hiked standard excise duty rate from 10% to 12%. Even he raised duty on large cars from 22% to Concepts to explore: 24%.Service tax increased to Taxation 12%...

Rajiv Gandhi Equity Savings Scheme Launched A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to encourage flow of saving in financial instruments and Withholding taxes improve the depths of

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