10 POINTS TO REMEMBER IN BUDGET 2012-13
- New Tax slabs/Income Tax rates;
|
New Income Tax slab |
Rates of Income Tax |
|
Income up to Rs. 2 Lacs |
0% |
|
Income from Rs. 2 Lacs to 5 Lacs |
10% |
|
Income from Rs. 5 Lacs to 10 Lacs |
20% |
|
Income from Rs. 10 Lacs and above |
30% |
- Goods and Services Tax shall be applicable from August, 2012 and Direct Tax Code has been deferred for the time being.
- Health insurance deduction shall be allowed upto Rs. 5000 for preventive health checkup.
- Introduction of strict anti tax avoidance measures like compulsory reporting requirement of assets held abroad etc.
- Purchase of jewellery above Rs. 2 lacs shall come under tax net.
- Service Tax @ 12% shall be applicable on all services except those in negative list like; Govt. services, entertainment, public transport, pre school and high school education etc.
- PAN Card No. shall be used as a common identifier for all tax purposes/matters.
- Senior citizens shall be exempted from advance tax payments.
- Branded silver jewellery shall be exempted from excise duty.
- Tax exemption upto 50% on the investments upto 50,000/- in Rajeev Gandhi Equity Scheme/Fund for the people having income below Rs. 10 Lacs.
Brijesh Baranwal
Practicing Chartered Accountant
Note:
1. The above write up is only for awareness purpose and should not be considered as expert opinion.
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