Search: Look for:   Last 1 Month   Last 6 Months   All time

Highlights of Union Budget 2012-13 (Part-IV)

General News, Fri, 16 Mar 2012 ANI

New Delhi, Mar 16 (ANI): Finance Minister Pranab Mukherjee on Friday presented the Union Budget 2012-13 in Lok Sabha.


The highlights of the Budget are as follows:


Negative list to include pre-school and high school education, entertainment services.ale of residential property exempted from capital gains if invested in equity or equipment of an SME.


All services to be taxed except those in negative list


Interest income from banks tax-free upto Rs 10,000.


No advanced tax requirement for senior citizens.


Remove cascading effect of dividend distribution tax


Withholding tax on external commercial borrowings reduced from 20 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser sectors.


Propose common tax code for service tax and excise


Government services, public transport exempted from service tax


Common 1-page return for excise and service tax


Rs 18,660 crore additional revenue expected from service tax hike


No change in peak custom duty


Withholding tax on power, airlines, road and brides, ports and shipyard, fertilisers, dams and affordable houses lowered to five percent from 20 percent for 3 years.


Service tax rates hiked from 10 per cent to 12 percentntroduction of compulsory reporting of assets held abroad


Large cars duty raised from 22 percent to 27 percent


Securities Transaction Tax (STT) reduced from 0.125 percent to 0.1 percent.


Most luxury items, eating out, air travel, leisure activities to cost more


Exemption of customs duty of five percent on equipment for fertiliser plants


Excise duty on large cars raised from 22 percent to 24 percent


Service tax to yield additional revenue of Rs 18,650 crore. (ANI)


Manohar Lal being presented with a memento
Manoj Tiwari BJP Relief meets the family members of late Ankit Sharma
Haryana CM Manohar Lal congratulate former Deputy PM Lal Krishna Advani on his 92nd birthday
King of Bhutan, the Bhutan Queen and Crown Prince meeting the PM Modi
PM Narendra Modi welcomes the King of Bhutan
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image




Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.