TMI BlogUNION BUDGET 2012-13 - DIRECT TAX - INCOME TAX.X X X X Extracts X X X X X X X X Extracts X X X X ..... UNION BUDGET 2012-13 - DIRECT TAX - INCOME TAX. - News and Press Release Dated:- 16-3-2012 - News - Measures Proposed for Skill Development and Augmenting Funds for SMEs Turnover Limit for Compulsory Tax Audit Raised to Rs. One Crore. STT Proposed to be Reduced by 20 Per Cent GAAR PANEL Mooted to Counter Aggressive Tax Avoidance Schemes Levy of Alternate Minimum Tax Proposed to be Extend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. To Promote Investment, Weighted Deduction for Expenditure in R D and AGRI-Extension Services Proposed Sunset Date for Tax Exemption in Power Sector Extended. Slew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lained Money to be Taxed at 30 Per Cent. Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent Restriction on Venture Capital Funds to Invest in Specified Sectors Removed Rate of Investment Linked Deduction of Capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Expenditure Proposed to be Enhanced to 150 Per Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax , Buy Backs, Stock Exchange Listings Allowed to PSUs in Divestmentmode Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees 30,000 Crores to Raised Through Disinvestment. Rajiv Gandhi Equity Savings Scheme Launched. Advance Pricing Agreement Introduced. Curbing the Black Money A Priority Concern for the Government; Number of Proactive Steps To Tackle the Malaise Announced; White Paper to be Laid in Current Session Itself: FM. - News - Press release - PIB Tax Management India - taxmanagementin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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