Year Budget Effected on Tax Policies for nest Financial Year all taxpayee knows although it more effected on Income Tax except other Tax i.e. Service Tax, Excise Tax etc. A common Man watches all on Budget every year only for projection of income and saving of tax. Some Important Changes in this Financial Year 2012-13 by Budget-2012 are as follows:
- Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who invest upto Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in.
- Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012.
- Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh. 30% slab now starts from 10 lakh rather than 8 lakh earlier. Men and women now have same tax slab. No gender bias.
- Within the existing limit for deduction allowed for health insurance, Rs 5000 deduction for preventive health checkup is allowed.
- Deduction of upto 10,000 for interest from savings bank accounts under a new section 80TTA.
- Senior citizens not having income from business proposed to be exempted from payment of advance tax.
- Securities Transaction tax (STT) reduced to 0.1% from 0.125%
- Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery.
- Service tax rate increased to 12% from current 10%. This would mean more taxes in your mobile, telephone, internet, restaurant bills and life insurance premium etc.
- Import duty free amount limit raised to Rs 35000 from 25000. So guys coming from abroad can bring more stuff.
- Gold to be more expensive. Customs duty on standard gold raised from 2 per cent to 4 per cent.
- Duty on large cars raised to 27%, so cars would be more expensive now.
- Tax saving mutual funds (ELSS) deduction to continue.
- 80C deduction on insurance policies purchased after 1st April, 2012 only if premium is less than 10% of sum assured. Benefit for existing purchased policies to continue.
- 1% TDS on any immovable property sale above 50 lakh (20 lakh in case of non-urban areas).
- 1% tax at source on cash purchases of jewellery over Rs 2 lakh.
- 80CCF deduction for infrastructure bonds not valid anymore.
- Income tax return filing would be now mandatory for every resident having any asset located outside India irrespective of the fact whether the resident taxpayer has taxable income or not.
- 80G deduction not applicable in case donation is done in form of case for amount over Rs 10,000.
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