UNION BUDGET 2012 CHANGES IN TAXES

Changes Amended In Finance Bill by Finance Minister 07/05/2012

  1. Finance minister speech (download link also given open this link)
  2. Main changes at a glance on 07/05/2012



INCOME TAX CHANGES
  1. Income Tax slabs Rates After Budget 2012 
  2. Income Tax calculator After Budget 2012 
  3. Deduction u/s 80C changes in budget Insurance policy
  4. Deduction on interest on savings accounts 
  5. Deduction on preventive health check-up u/s 80D  
  6. Deduction on Rajiv Gandhi Equity Savings Scheme Launched  
  7. Senior citizens age For 80D, 80DDB ,Form 15H reduced to 60 Years 
  8. Good Bye to 80CCF Infra Bonds from FY 2012-13 
  9. Deduction 80G (donations) 80GGA over 10K must be paid in other than cash
  10. Changes proposed in TDS in Budget 2012
  11. Change In TCS(tax collection at source ) in union Budget 2012
  12. TDS on transfer of certain immovable properties (other than agricultural land) 
  13. TCS on cash sale of bullion and jewellery  
  14. Alternate Minimum Tax (AMT) on all persons other than companies:Budget 2012 
  15. TAX AUDIT LIMIT 44AB ENHANCED 60 LAKH TO 100 LAKH ,15LAKH TO 25 LAKH 
  16. Income tax changes clause by clause :Budget 2012 
  17. ULIP will be costlier after Budget 
  18. Budget Discussion by ICAI( Dr Girish Ahuja, ICAI president other office bearers) 

Union budget changes at a Glance 

SERVICE TAX CHANGES
  1. Service Tax rate 12.36 % wef 01.04.2012 
  2. RATE OF SERVICE TAX w.e.f. 01.04.2012 Budget 2012 
  3. Service Tax on receipt basis service provided up to 50 Lacs Point of taxation rules changed
  4. SERVICE TAX CHANGE CLAUSE BY CLAUSE BUDGET 2012 
  5. Penalty on Rent on Immoveable property exempted  waived up to 6 month from notification 
  6. One Page Common Return for Central Excise and Service Tax Proposed 
  7. Service Tax Excise duty rates Increased By 2 % Budget 2012 
  8. ULIP will be costlier after Budget  
  9. CHANGES IN SERVICE TAX RULES CENVAT RULES POINT OF TAXATION RULES :BUDGET 2012 
  10. SERVICE TAX RETROSPECTIVE EXEMPTIONS ?? MUST READ :BUDGET 2012
  11. Negative List of Services 
  12. PPT on indirect tax custom ,excise, service tax
  13. New  registration form for Excise and service tax proposed
  14. Budget Discussion by ICAI( Dr Girish Ahuja, ICAI president other office bearers)
DOWNLOADS 
  1. Download Budget Notification Service tax , Excise, custom
  2. Download finance Bill 2012 and Budget speech
  3. SERVICE TAX CHANGE CLAUSE BY CLAUSE BUDGET 2012  
  4. Income tax changes clause by clause :Budget 2012   
  5. Negative List of Services  
  6. PPT on indirect tax custom ,excise, service tax  
EXCISE DUTY CHANGES
CUSTOM DUTY CHANGES

HIGHLIGHTS OF THE BUDGET
  1. BUDGET SPEECH UNION BUDGET 2011-12
  2. Union Budget Highlights 
  3. Budget Highlights 2012
Video
  1. Budget Discussion by ICAI( Dr Girish Ahuja, ICAI president other office bearers) 
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