@ Vijayalakshmi.K: It will be applicable for 2012-13.

Rest you can see important highlights on:

https://indiabudget.nic.in/index.asp

Gold Jewellery cost increased in order to make people invest more in shares and bonds which will lead to more circulation of money in economy....

Service tax and excise uty hiked to 12% in order to increase its share in GDP..

Basic Exciese duty has been increase 10% to 12%

very bad budget..... 

whether benefit of below mention will be available to cement company who are importing coal for mfg of cement

 


Steam Coal classified under CTH 2701 19 20 is being fully exempted from basic customs duty alongwith 1% CVD. This dispensation would be valid upto 31st March, 2014. [S. No123 of notification No.12x/2012-Customs dated 17.03.2012 refers]
 

What about the Basic tax exemtion limit of Women and Senior citizens?

For women its 200000/- and for senior citizens its 250000/- (No change)

At this point of inflation , budget sould have been more people friendly rather than be a cause to  inflation. Increase in duties have added more to the common man pocket. Deductions or interest on housing loan limit for SOP have remained unchanged, a change in this could have certainly helped layman at this time.

CAN ANYONE SOLVE MY QUERY PLEASE !!!

/forum/small-service-provider-exemption-increased--194500.asp

Budget Highlights:

• Service tax increased, effective rate will be 12.36
• GST wef August 2012
• standard excise duty increased to 12 %
• large cars duty raised from 22% to 24% and 27%
• STT reduced by 20% - only on delivery transactions
• Personal income tax- no tax upto 2 lacs, 10% from 2-5 lacs, 20% from 5-10 lacs
• No discrimination  between men and women in income tax- same tax limits
• Infrastructure bond investment doubled to Rs 40000/-
• no duty on branded jewelleries, import duty on gold increased from 1.5 to 3%.
• allow ECB for low cost  housing projects
• EPF Rate reduced to 8.25%
• No advance tax for senior citizens
• Tax audit u/s 44AN limit raised to 1 Crore.

AUDIT

Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from Rs.60 lakhs

to Rs.1 crore.

This scheme is not applicable to persons earning income in the nature of commission or brokerage or carrying on any agency business. Proposed to amend this scheme which will take retrospective effect  from 1^st April, 2011.

TDS

It is proposed that in order to have reporting mechanism in Real Estate transactions, every transferee shall deduct TDS @ 1%  and pay to Income tax and provide TDS challan to transferor for transfer of such property exceeding :-

1. Rs.50 lakh in the case property situated in a specified urban agglomeration or
2. Rs.20 lakh in the case property situated in any other area

. Not required to obtain TAN or file returns. This amendment will take effect from 1^st October, 2012

INTERNATIONAL TAXATION PROVISIONS

Transfer pricing Regulation applied to international transactions to apply certain domestic transactions section 40A. (Related party transactions)

This Budget Seem to Prepare as Per Preplanning for General Election 2014.