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Showing posts from March 17, 2012

BUDGET 2012 - HIGHLIGHTS

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BUDGET 2012
Income TaxCorporate TaxService TaxIndirect TaxOther Tax provisionsTax ReformsGrowth & DivestmentBlack MoneyFiscal Health & EstimatesFarm & FoodInflationFinancial Sector & BanksInfrastructureSubsidyChildren & EducationRural DevelopmentHealthEmployment & Skill DevelopmentDefence & Security


Income Tax
Tax collection up 15%

Income Tax proposals:
Personal Income Tax slabs for individuals relaxedExemption limit enhanced from Rs 1.8 lakh to Rs 2 lakhUpper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakhNew Slabs as follows:

Upto Rs 2 lakh - NilRs 2-5 lakh - 10%Rs 5–10 lakh – 20%Above Rs 10 lakh – 30%Interest from savings account up to Rs 10,000 to be exempt from taxIn addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-upsSenior Citizens exempted from filing advance taxCompulsory reporting of assets sold abroad



Corporate Tax
Corporate Tax structure left unchangedWithholding tax on certain overseas borrowings re…