Budget 2012 has inserted Provision to Section 68 the effect of which is that any share application, share capital or share premium received in a privately held company shall be…
In Budget 2012 new Section 54GB is proposed to be inserted to provide exemption from long term capital gain on sale of residential house by Individual or HUF if the…
Amendment proposed in Budget 2012 in definition of related persons u/s 40A(2)(b) to include a company in which the assessee company has a substantial interest. In plain terms where a…
Consequential amendment has been made in section 10(10D) and 80C of Income tax requiring Sum Assured to be at least 10 times of premium to require getting the benefits of…
In the budget proposals of 2012 an explanation has been inserted in Section 2(14) i.e. the definition of “Capital Asset” to include “any rights in or in relation to an…
Increase in excise rate by 10% to 12% 5% to 6% 1% to 2%
Service tax rate is increased from 10to 12% ( Increase by 2%) Service tax is applicable on all services except negative list
exemption limit in case of Individual is increased by Rs. 20000/- now basic exemption limit is Rs. 200000/- Tax slab is 20% from Rs. 8 to 10Lacs Deduction on saving…
In case of Senior Citizen relief is provided regarding the payment of advance tax unless the income is form Business activities. No compliance regarding the payment of advance tax unless…
Budget 2012: ECB Allowed for Aviation Sector for Working Capital in view of difficulties faced by aviation industry