Author Topic: Union Budget  (Read 2664 times)


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Union Budget
« on: March 16, 2012, 04:15:18 PM »
Budget 2012: Day-to-
day items to cost more;
luxury cars to be dearer
Published: Friday, Mar 16, 2012,
15:35 IST
Place: New Delhi | Agency: PTI
Almost all the manufactured
items used in every day life will
become costlier, while luxury
cars, gold, eating out at
restaurants or hotel
accommodation will become even
more expensive after a steep hike
in tax rates proposed in Budget
Cigarettes and bidis will also
become dearer as Finance
Minister Pranab Mukherjee has
proposed to tax these items more
in the Budget for 2012-13.
With service tax being hiked to 12
per cent from the existing 10%
except in a few items, common
man will have to pay more while
travelling by air or hiring a law
Mukherjee proposed to increase
excise duty on all non-petroleum
products, excepting a few, to 12
per cent from the existing 10%.
On the other hand, items like
imported LCD and LED TV panels
of about 20 inches will have lesser
increase in price due to excise
duty hike. Customs duty on these
items has been removed. Similar
is the case with LEDs used for
making lamps.
Prices of life saving drugs,
probiotics and iodine have been
cushioned from a steep rise as
import duties on these items have
been reduced.
Branded garments will escape the
impact of increase in excise duty
as abatement has been provided.
Gold and platinum will also
become more expensive as the
customs duty in imported
standard bar has been hiked to 4
per cent from 2 per cent. The duty
on non-standard gold bar has
been hiked to 10 per cent from 5
per cent earlier.
Mobile phone parts will become
cheaper as excise duty has been
cut to 2 per cent from the existing
10 per cent.
In the budget, Mukherjee
proposed increasing the customs
duty on import of completely built
cars and Sport Utility Vehicles to
75% from 60%(3,000cc engine
capacity for petrol and 2,500 cc
for diesel vehicles).
Moreover, excise duties for petrol
cars with engines under 1,200 cc
and diesel cars with engine
capacity under 1,500 cc but the
length exceeding four metres
have been increased to 24% from
22% and a fixed duty of Rs
Petrol and diesel driven vehicles
having length exceeding four
metres and engine capacity of
over 1,200 cc and 1,500 cc
respectively will now be charged
with an ad valorem duty of 27 per
cent instead of the earlier 22 per
cent and a fixed duty of Rs 15,000.
Imported bicycles will also
become more expensive as
customs duty has been hiked to 30
per cent from 10 per cent, while
the same for bicycle parts has
been increased to 20 per cent
from 10 per cent.
"Cost of most of the services and
goods will increase for the
common man with the increase in
service tax and excise duties,"
Ernst & Young Tax Partner Saloni
Roy said.
The Finance Minister has taken
these steps given the tough fiscal
position, Roy said.


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Re: Union Budget
« Reply #1 on: March 16, 2012, 04:34:45 PM »
बजट की सुर्खियां
बजट 2012: पल-पल की खास खबर
आयकर की छूट सीमा 1.80 से
बढ़कर 2 लाख रुपए
टैक्स छूट में महिलाओं
को पुरुषों के बराबर रखा गया
रक्षा क्षेत्र के लिए 1,93,007
करोड़ रुपये का प्रावधान
कंपनियों को विदेशी कर्ज लेने
की अनुमति
एटीएम पर भी काम
करेगा '   ¹..."किसान क्रेडिट कार्ड'
आम बजट-2012 देखिए,
'   ¹..."सीएनबीसी-आवाज़' पर!


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Re: Union Budget
« Reply #2 on: March 16, 2012, 04:40:54 PM »
आम बजट : '   ¹..."दयालु
होने के लिए क्रूर
होना होगा'
16 March 2012
नई दिल्ली: वित्त वर्ष 2012-13
के लिए शुक्रवार को लोकसभा में
आम बजट पेश करते हुए केंद्रीय
वित्त मंत्री प्रणब
मुखर्जी को अंग्रेजी के महान
उपन्यासकार शेक्सपीयर
की मशहूर रचना '   ¹..."हेमलेट' की याद
आ गई।
वित्त मंत्री के रूप में अपने काम
को बेहद कठिन व प्रशंसारहित
करार देते हुए मुखर्जी ने कहा,
'   ¹..."'   ¹..."वित्त मंत्री का जीवन आसान
नहीं है।''अपने काम
की दुविधा की तुलना शेक्सपीयर
के उपन्यास '   ¹..."हेमलेट' में वर्णित
डेनमार्क के प्रिंस से करते हुए
मुखर्जी ने कहा, '   ¹..."'   ¹..."दयालु होने के
लिए मुझे क्रूर
बनना ही होगा।''मुखर्जी के
ऐसा कहते ही सदन में
ठहाकों की आवाज गूंज पड़ी

Komal Chautala

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Re: Union Budget
« Reply #3 on: February 07, 2015, 07:00:46 AM »
Exemption in lieu of 80C tax benefits

By: Gireesh Chandra Prasad | New Delhi | February 4, 2015 1:21 am

In a bold move to simplify tax laws, the finance ministry is considering a plan to replace the tax benefits given to individuals for investing in specified savings instruments such as life insurance and provident funds with an upfront higher basic tax exemption limit.
If the proposal makes it into Union Budget for 2015-16, the current R1.5 lakh deduction from the taxable income of individuals for investments in specified savings instruments under Section 80C of the Income Tax Act would be discontinued. Instead, the basic exemption limit would be correspondingly enhanced.

That is, individual’s income up to R4 lakh, or thereabouts, could be exempt from tax, up from Rs 2.5 lakh currently.

“Most of the complexities that exist in the Income Tax Act is on account of using tax policy as a tool for implementing certain genuine benefits and reliefs that the state wants to extend to taxpayers. These benefits could rather be given as upfront exemptions from taxation or outside the tax policy itself for the sake of simplicity,” explained a source privy to the discussions.
Also, the ministry reckons that the stated purpose of Section 80C, that is, to encourage household savings, is not efficiently achieved in the current model. It is practically difficult for the income tax department to verify that the investments are actually made by those seeking the deduction, especially those not covered under the tax-deduction-at-source (TDS) net.
As per the latest data, household financial savings stood at R12.8 lakh crore in 2013-14, accounting for 35% of the gross household savings of R20.65 lakh crore. Recent years saw household savings rate dipping.
“From a taxation perspective, its a good idea. However, the tax benefit given under Section 80C of the Income Tax Act has helped in boosting household savings. Certain instruments like the National Savings Certificate would not have seen investor appetite without this incentive,” said Neeru Ahuja, partner, Deloitte.
Sources, however, believe that the current system allows individuals to avail of the Section 80C benefit without having made the required investments.
Most of the tax returns by individuals are processed by what is called a ‘summary assessment’, under which an adjustment in the reported income is made only in cases of arithmetic error or of a wrong claim that is apparent from the return filed. Officials do not ask questions or insist on proof of investment while processing returns. Only in cases of ‘scrutiny assessment’ and ‘assessment of income that has earlier escaped assessment’, which are done in very few cases, more information or evidence is sought to ensure that the reported income is correct.
Even in the case of salaried individuals, where the employer may insist on proof of investments, the tax authorities do not. Besides, if a salaried individual wrongly claims in his return that Section 80C investments have been made, the TDS by the employer and paid to the department is refunded by the tax authorities without asking any questions. In the case of self-employed, there is no check either by the employer or the taxman.
So the ministry feels that any individual who is actually interested in saving would anyway do it and there is really no need to incentivise the same through the tax policy.
Savings entitled to tax benefit under Section 80C include payments towards life insurance, deferred annuity, provident funds, National Savings Certificates, unit-linked investment plans of LIC Mutual Fund, pension funds set up by mutual funds, equity-linked savings plans, deposits with National Housing Bank and tuition free paid for education of children.

Baljit NABHA

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Re: Union Budget
« Reply #4 on: February 11, 2015, 07:38:51 PM »


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Re: Union Budget
« Reply #5 on: February 23, 2015, 06:40:00 AM »
FM may dole out tax sops in Budget to win over middle class
PTI | Feb 22, 2015, 02.58 PM IST

NEW DELHI: Eager to win over middle class after the Delhi poll debacle, finance minister Arun Jaitley on February 28 is expected to present a common man friendly Budget by either raising tax slabs or hiking investment limit in savings instruments.

Besides giving sops to the individual tax payers, he is also expected to unveil initiatives to boost investments by corporates and promote manufacturing as part of the Make In India campaign that aims to make India a global manufacturing hub and create jobs.

Jaitley, who in his maiden Budget in July 2014 had outlined his approach to providing relief to individual tax payers, is expected to continue this in the BJP government's first full year Budget on Saturday.
Last year, he had raised the personal Income Tax exemption limit by Rs 50,000 to Rs 2.50 lakh and also raised by same amount the exemption from payment of I-T on savings to Rs 1.50 lakh.

However, this time around Jaitley, according to experts, may choose only one of them as he looks at additional revenue to boost public spending and push economy to high growth path.

He may also look to raise the tax exempted investment limit in health insurance as well as well as exempt savings in pension schemes at all three stages -- entry, accrual and withdrawal.

Another option before the Finance Minister is to expand the scope of Leave Travel Allowance (LTA) and allow people to claim tax benefit every year.

The BJP government fared badly in the recently concluded Delhi Assembly elections, wining only three out of 70 seats.

With the government focusing on core sector, Jaitley may come out with tax saving infrastructure bonds and greater tax relief for payment of interest and principal on housing loan.

Last year Jaitley had raised the tax exemption limit on repayment of housing loans to Rs 2 lakh from Rs 1.5 lakh.

The Finance Minister, who did not make any changes in the rate of surcharge on corporates or individuals last year, may retain them at the existing level. A surcharge of 10 per cent is levied on individuals on income of over Rs 1 crore and for corporates with a profit of over Rs 10 crore.

On the corporate side, Jaitley is expected to postpone the implementation of the controversial General Anti Avoidance Rules (GAAR) by at least two years as it might adversely impact the investment climate which the government is seeking to improve

Pressure is building on Jaitley to announce tax concessions for the Special Economic Zones (SEZ) to bring back investors who have been surrendering permissions obtained by them to set up SEZs.

On the indirect tax side, the Finance Minister will lay the ground for implementing the Goods and Services Tax (GST), which is expected to come into force from April 2016.

Towards this he may gradually raise the Service Tax rate from the current 12 per cent as the GST would have only one rate of indirect tax.

As regards the inverted duty structure the Budget may address the concerns of the industry, especially in sectors such as auto, electronics and pharma.

Inverted duty structure refers to taxation of inputs at higher rates than finished products that results in build-up of credits and cascading costs.

Industry has been demanding that government should remove the anomalies with regard to taxation of raw material and other inputs.

Baljit NABHA

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Re: Union Budget
« Reply #6 on: March 11, 2015, 10:21:43 AM »

Baljit NABHA

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Re: Union Budget
« Reply #7 on: March 14, 2015, 10:32:56 AM »


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Re: Union Budget
« Reply #8 on: March 28, 2015, 03:01:51 PM »


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Re: Union Budget
« Reply #9 on: March 28, 2015, 03:01:59 PM »



Allotment of Budget under Acctt. Head 2202-02-109 and 2202-02-001

Started by Komal Chautala

Replies: 13
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Last post November 01, 2014, 10:54:35 PM
by paramjit1678