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INCOME TAX,SERVICE TAX,EXCISE CU CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA
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BUDGET
ITR 12-13
SERVICE TAX 12.36
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TDS RATES FY 12-13
TDS
TAX RATES 11-12
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INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE UNION BUDGET BUDGET 2012-2013 HIGHLIG HIGHLIGHT HT
KNOW KN OW UR
RECE RE CENT NT POS POST T
BLOG BL OG AR ARCH CHIVE IVE
Due Date March TDS ,Form 16,16A, E tds 24Q ,26Q Income Tax Return Form 2012-13
Direct Taxes
TDS TCS RATES FY 2012-13 DUE DATES
1. Exemption limit for the general category of individual (other than point B), HUF, AOP, BOI taxpayers enhanced from Rs.1,80,000 to Rs. 2,00,000. Slabs as under:(check under:(check latest Income
Index :Budget Related Posts Income Tax Rates Af ter Budget 2012 Income Tax calculator after Budget 2012 Excise Duty rate w ef 17.03.2012
Tax calculator )
Service Tax Tax rates w ef 01.04.12
A .
Negative Negat ive List of Services
Search
Slabs (in R upe e s )
Ge ne ral
Wome n
Up to 2,00,000
N il
Nil
5,00,000
10%
10%
5,00,001 to 10,00,000
20 %
20 %
Above 10,00,000
30 %
30 %
Slabs (in R upe e s )
Se nior Citize n
Very Senior
(60 to 79)
Citizen (80 +)
N il
N il
2,50,001 to 5,00,000
10 %
N il
5,00,001 to 10,00,000
20%
20%
Above 10,00,000
30 %
30 %
2,00,001 to
B.
Up to 2,50,000
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2. For individual tax payers, a deduction of upto Rs.10,000 for interest from savings bank accounts. 3. Deduction of upto Rs. 5,000 for preventive health checks up. 4. Senior citizens not having income from business to be exempted from payment of advance tax. 5. No change in corporate tax structure 6. Low cost funds to stressed infrastructure sectors, rate of withholding tax on interest payment on ECBs to be reduced from 20 per cent to 5 per cent for 3 years for certain sectors. 7. A new equity scheme called Rajiv Gandhi Equity Saving Scheme is being introduced to promote equity investments. The scheme will get income tax deduction, deduction, which will be purely applicable to the new retail investors who will invest directly into equity up to Rs. 50,000, with a lock-in period of three years. The investor's annual income should not exceed Rs. 1,000,000. 8. Repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15 per cent upto 31.3.2013. 9. Investment link deduction of capital expenditure for certain businesses at the enhanced rate of 150 per cent. 10. Weighted deduction of 200 per cent for R&D expenditure in an inhouse facility for a further period of 5 years beyond March 31, 2012. 11. Weighted deduction of 150 per cent on expenditure incurred for agri-extension services. 12. Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from Rs. 60 lakhs to Rs.1 crore. For professionals limit is Rs. 25 lacs. 13. 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.
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USEFUL POSTS TDS RATE CHART 11-12 FY TDS RATE 12-13 AY TCS RATES DUE DATES DEPOSIT ,RETURN KNOW YOUR PAN,VERIFY PAN,NAME BY PAN,PAN CARD STATUS ONLINE ONLINE TDS RATE CHART FY 2012-13 2012-13 TCS RATES C HART
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INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA AFTER BUDGET 2012 WEF 01.04.2012
14. Weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector. 15. Reduction in securities transaction tax(STT) by 20 per cent on cash delivery transactions. 16. Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions.
INCOME TAX RATES C HART AY 2012-13 AY 201112 =10-11=09-10=08-09=07-08=06-07 CHECK YOUR INCOME TAX REFUND STATUS ONLINE
17. A net revenue loss of Rs. 4,500 crore estimated as a result of Direct Tax proposals. 18. Tax proposals for 2012-13 mark progress in the direction of movement towards DTC and GST. 19. 54 B sale of agriculture land now available to HUF(Hindu undivided family)
AVOID 12.36 % APPLY 10.30 % SERVICE TAX RATE ! HOW ? WHEN ? INCOME TAX RETURN FORMS AY 2012-13 DOWNLOAD ITR-1,ITR-2,ITR-3 ITR-4,4S
20. No extension to 80CCF Infra Bonds 21. TDS on sale purchase of Immovable property 22. TCS on cash purchase of Bullion and Jewellary
DUE DATE TDS DEPOSIT , FORM 16 ,E TDS RETURN 24Q,26Q MARCH 2012 12.36 % SERVICE TAX RATES W E F 01.04.2012 BUDGET 2012
Indirect Taxes HRA exemption Calculation monthly , yearly basis or period basis?
Custom 1. Basic customs duty reduced for certain agricultural equipment and their parts.
0 2. Basic customs duty and excise duty reduced on Soya products to address protein Like deficiency children.
among
women
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3. Basic customs duty and excise duty reduced on Iodine. 4.
Baggage
allowance
raises
from
Rs
25,000 to Rs 35,000 for the people of Indian origin and from Rs 12,000 to Rs 15,000 for the children 5. Full exemption from basic customs duty for import of equipment for expansion or setting up of fertiliser projects upto 31st Widgets
March, 2015. 6. Full exemption from basic customs duty
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and a concessional CVD of 1 per cent to steam coal till 31st March, 2014. 7. Full exemption from basic duty provided to certain fuels for power generation. 8. Full exemption from basic customs duty to coal mining project imports. 9. Basic custom duty to be reduced for machinery and instruments needed for surveying and prospecting for minerals. 10. Basic custom duty to be reduced for equipments
required
for
installation
of
train protection and warning system and upgradation of track structure for high speed trains. 11. Full exemption from import duty on certain categories of specified equipment needed boring
for
road
machines
construction, and
parts
tunnel
of
their
assembly. 12. Tax concessions for parts of aircraft and testing equipment for third party maintenance,
repair
and
overhaul
of
civilian aircraft. 13. Relief to be extended to sectors such as steel, textiles, branded ready made garments,
low-
cost
medical
devices,
labour-intensive sectors producing items of
mass
consumption
and
matches
produced by semi-mechanised units. 14. Concessional basic customs duty of 5 per cent with full exemption from excise duty/CVD
to
6
specified
life
saving
drugs/vaccines.
www.simpletaxindia.net/2012/03/income-taxservice-taxexcise-custom.html
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4/18/12 15.
INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA Basic
customs
duty
reduced
on
Probiotics. 16. Concessions and exemptions proposed for
encouraging
Energy-
the
saving
equipment
consumption
devices,
needed
for
of
plant
solar
and
thermal
projects. 17. Concession from basic customs duty and special CVD on certain items imported for
manufacture
vehicle
and
for
hybrid
battery
packs
or
electric
for
such
vehicles. 18. Customs duty raised from 2% to 4% on standard gold 19. Basic customs duty proposed to be enhanced
for
completely
certain
built
categories
units
of
of
large
cars/MUVs/SUVs. 20. Import of foreign-going vessels to be exempted
from
CVD
of
5
per
cent
retrospectively. 21. Indirect taxes estimated to result in net revenue gain of Rs. 45,940 crore. Service Tax 1. Service Tax rate hike from 10% to 12% 2. Levy to tax all services except those in the negative list comprising of 17 heads. 3. Service tax need to bring it closer to Central Excise Law for eventual transition to GST. 4. A common simplified registration form and a common return comprising of one page for C entral Excise and Service Tax. 5.
Revision
Application
Authority
and
Settlement Commission to be introduced in Service Tax for dispute resolution. 6. Utilization of input tax credit permitted in number of services to reduce cascading of taxes. 7. Place of Supply Rules for determining the location of service to be put in public domain for stakeholders’ comments. 8.
New
scheme
announced
for
simplification of refunds. 9. Rules pertaining to point of taxation to be rationalised. 10. Proposals from service tax expected to yield additional revenue of Rs. 18,660 crore. Excise 1. Standard rate of excise duty to be raised from 10 per cent to 12 per cent. 2. Merit rate from 5 per cent to 6 per cent and the lower merit rate from 1 per cent to 2 per cent with few exemptions. 3. Excise duty on large cars raised to 24% 4. Excise duty to increase on cigarettes, hand-rolled bidis, pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. 5. Cess on crude petroleum oil produced in India revised to Rs. 4,500 per metric tonne. 6. Excise duty rationalised for packaged cement, whether manufactured by minicement plants or others. 7. Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include
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INCOME TAX,SERVICE TAX,EXCISE CUSTOM CHANGES AT GLANCE | SIMPLE TAX INDIA
unbranded jewellery. 8. Branded Silver jewellery exempted from excise duty. 9. Chassis for building of commercial vehicle bodies to be charged excise duty at an ad valorem rate instead of mixed rate.
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LABELS: BUDGET 2012, CHANGES IN SERVICE TAX ACT, CUSTOM CHANGES IN BUDGET, DIRECT TAX CHANGES IN BUDGET, EXCISE CHANGES IN BUDGET, UNION BUDGET 2012-13 SATURDAY 17 MARCH 2012
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Excise duty rate 12% ,6 % ,2 % wef 17.03 .2012
BUDGET SPEEC H UNION
3.Enhancement of excise d uty on cigars, cheroots a nd
BUDGET 201 1-12
cigarillos to “12% or Rs.1370 pe r thousand , whichever is
203.
higher”. 4.The ba sic excise duty on hand -rolled bidis is be ing
already been provided for
increas ed from Rs.8 to Rs.10 per thousand and on machine-
encouraging the consumption
rolled b idis from Rs.19 to Rs.21 per thousa nd.
of energy-saving devices. I
Concess ions have
propose to fully exempt a Service Tax Excise duty rates
Rajiv Gandhi Equity Savings
Additional Relief Finance Bill,
Increased By 2 % Bud...
Scheme La unched
2010 in Lok Sabha
Finance Minister Pra nab
A new scheme called Rajiv
I have received a large
Mukherjee hiked standard
Gandhi Equity Savings
number of representations on
excise duty rate from 10% to
scheme is proposed in the
behalf of the manufactures of
12%. Even he raised duty on
Union Budget 2012-13 to
large cars from 22% to Concepts to explore:
encourage flow of saving in
Taxation
Withholding taxes
Indirect taxes, Ad Valorem, Withholding Tax rates, Taxation
‘hand-rolled che roots ’ – an industry located primarily in Excise ta xes Excise d uty, Excise duties
Dhiti
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Form Registration Weight loss drugs Unsecured business loans Form Registration
Kids musical instruments
Income Taxes
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