Major budget updates

CS Ankur Srivastava (Company Secretary & Compliance Officer)   (17853 Points)

17 March 2012  

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.