Showing posts from March 17, 2012


BUDGET 2012 Income Tax Corporate Tax Service Tax Indirect Tax Other Tax provisions Tax Reforms Growth & Divestment Black Money Fiscal Health & Estimates Farm & Food Inflation Financial Sector & Banks Infrastructure Subsidy Children & Education Rural Development Health Employment & Skill Development Defence & Security Income Tax Tax collection up 15% Income Tax proposals: Personal Income Tax slabs for individuals relaxed   Exemption limit enhanced from Rs 1.8 lakh to Rs 2 lakh   Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh New Slabs as follows: Upto Rs 2 lakh - Nil   Rs 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 tax In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups Senior Citizens exempted from filing advance tax   Compulsory reporting of assets sold abroad