Kindly help me! I need to do a presentation on budgeting to my other colleague managers. I am in charge of HR and Admin.
From Ghana, Accra
From Ghana, Accra
HR that grows with you?scalable solutions for high-growth startups. See It In Action - Book Your Demo
Union Budget 2012-2013 - Tax Proposals
The following are some of the budget proposals prepared based on the budget speech by the Finance Minister.
1) Baggage allowance for people of Indian origin increased from Rs 25,000 to Rs 35,000 and for children from Rs 12,000 to Rs 15,000.
2) Tax Assessment re-opened 15 years for overseas assets.
3) Direct tax proposals:
Personal tax: Exemption limit for individuals increased from Rs 1,80,000 to Rs 2,00,000.
Income up to Rs 2 lakh - Nil
Rs 2-5 lakh - 10%;
Rs 5-10 lakh - 20%
Rs 10 lakh and above - 30%
Since there is no other announcement, the income rates applicable for women and senior citizens are unknown. Please wait for more information and announcements.
4) Exemption on interest from savings bank accounts up to Rs 10,000.
5) Tax exemption of up to Rs 5,000 for health insurance towards annual preventive check-up.
6) Dividend repatriation for foreign companies extended by a year.
7) Securities Transaction Tax reduced to 0.1% for delivery-based transactions.
8) Compulsory reporting requirement for companies with assets abroad.
9) No change in corporate tax rate.
10) Service tax increased from 10% to 12%.
11) Excise duty increased from 10% to 12%.
12) Basic custom duty remains at 10%.
13) All services except 17 in the negative list to be brought under the service tax net.
14) Gold jewellery not bearing a brand name to be included in the 1% levy on precious metal jewellery.
15) Doubled custom duty on refined gold.
16) DTC Implementation deferred.
17) Cars to cost more - Excise tax on cars raised, small cars at 12% from 10%; large cars at 24% from 22%.
18) Exempts LCD, LED panels from Customs duty.
19) Branded silver jewellery exempted from Customs duty.
20) Use of PAN in both direct and indirect taxes as a preparation towards GST rollout.
21) DTC implementation deferred.
22) To encourage investment in the infrastructure sector, tax-free bonds of Rs 60,000 crore for the next fiscal. Of this, Rs 10,000 crore each for NHAI, IRFC, IIFCL, Power; Rs 5,000 crore each for HUDCO, NHB, SIDBI, and Ports.
23) PPP schemes for 2,500 schools announced.
24) A new equity savings scheme named after Rajiv Gandhi will provide for income tax deduction of 50% for those who invest Rs. 50,000 in equity and whose annual income is less than Rs. 10 lakh.
25) Senior citizens need to pay Advance Tax subject to certain conditions (more details awaited).
26) Salaried employees having an annual salary up to 500,000 and bank interest up to 10,000 need not file tax returns.
Best Regards
From India, Madras
5The following are some of the budget proposals prepared based on the budget speech by the Finance Minister.
1) Baggage allowance for people of Indian origin increased from Rs 25,000 to Rs 35,000 and for children from Rs 12,000 to Rs 15,000.
2) Tax Assessment re-opened 15 years for overseas assets.
3) Direct tax proposals:
Personal tax: Exemption limit for individuals increased from Rs 1,80,000 to Rs 2,00,000.
Income up to Rs 2 lakh - Nil
Rs 2-5 lakh - 10%;
Rs 5-10 lakh - 20%
Rs 10 lakh and above - 30%
Since there is no other announcement, the income rates applicable for women and senior citizens are unknown. Please wait for more information and announcements.
4) Exemption on interest from savings bank accounts up to Rs 10,000.
5) Tax exemption of up to Rs 5,000 for health insurance towards annual preventive check-up.
6) Dividend repatriation for foreign companies extended by a year.
7) Securities Transaction Tax reduced to 0.1% for delivery-based transactions.
8) Compulsory reporting requirement for companies with assets abroad.
9) No change in corporate tax rate.
10) Service tax increased from 10% to 12%.
11) Excise duty increased from 10% to 12%.
12) Basic custom duty remains at 10%.
13) All services except 17 in the negative list to be brought under the service tax net.
14) Gold jewellery not bearing a brand name to be included in the 1% levy on precious metal jewellery.
15) Doubled custom duty on refined gold.
16) DTC Implementation deferred.
17) Cars to cost more - Excise tax on cars raised, small cars at 12% from 10%; large cars at 24% from 22%.
18) Exempts LCD, LED panels from Customs duty.
19) Branded silver jewellery exempted from Customs duty.
20) Use of PAN in both direct and indirect taxes as a preparation towards GST rollout.
21) DTC implementation deferred.
22) To encourage investment in the infrastructure sector, tax-free bonds of Rs 60,000 crore for the next fiscal. Of this, Rs 10,000 crore each for NHAI, IRFC, IIFCL, Power; Rs 5,000 crore each for HUDCO, NHB, SIDBI, and Ports.
23) PPP schemes for 2,500 schools announced.
24) A new equity savings scheme named after Rajiv Gandhi will provide for income tax deduction of 50% for those who invest Rs. 50,000 in equity and whose annual income is less than Rs. 10 lakh.
25) Senior citizens need to pay Advance Tax subject to certain conditions (more details awaited).
26) Salaried employees having an annual salary up to 500,000 and bank interest up to 10,000 need not file tax returns.
Best Regards
From India, Madras
Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.