Monday, 19 March 2012

Direct Tax Highlights of Budget 2012-13 List

Direct Tax Highlights of Budget 2012-13 List

  • Turnover limit for compulsory tax audit for SMEs raised from Rs.60 lakh to Rs.1 crore
  • Income tax exemption limit raised from Rs.1,80,000 to Rs.2,00,000; upper limit of 20 per cent tax slab raised from Rs.8 lakh to Rs.10 lakh
  • White paper on Black Money to be introduced in the current session of Parliament
  • Interest from savings bank accounts deductible upto Rs.10,000; deduction of upto Rs.5,000 for preventive health check-up
  • General Anti Avoidance Rule being introduced to counter aggressive tax avoidance
  • Withholding tax rate on interest on ECB reduced from 20% to 5% for 3 years for specified sectors
  • TCS on cash purchase of immovable property above specified limit
  • Cascading effect of DDT in a multi-layer corporate structure removed
  • A number of measures proposed to deter generation and use of unaccounted money
  • STT reduced from 0.125% to 0.1%
  • 82 Double Taxation Avoidance Agreements and 19 Tax Information Exchange Agreements finalised: FM
  • Tax @ 30% on unexplained credit or investment (slab rate benefit not available)
  • TCS on cash purchase of bullion and jewellery
  • No change in corporate tax rate and tax structures
  • Senior citizens without business income exempt from advance tax
  • Re-opening of tax assessments upto 16 years in case of overseas assets
  • 15% rate for dividends from foreign companies extended for FY 2012-13

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