o India's GDP estimated to grow at 6.9% in 2011-12
o See signs of Indian economy turning around
o Agriculture and services have continued to perform well and manufacturing appears to be at the cusp of a revival
o Expect headline inflation to moderate in next few months
o Current account deficit likely to be at 3.6% for FY12
o Average crude price likely to exceed USD 115 per barrel in 2012
o Focus on domestic demand driven growth
o Need to address black money issue
o Will encourage private investment
o Government will raise Rs 30,000 cr via divestment in FY13
o GST will become operational by August 2012
o Government to move MFI Bill
o Mandatory to make IPOs of Rs 10 crore plus to introduce it in electronic form
o Will introduce Rajiv Gandhi Equity Scheme to encourage retail investors
o Tax exemption on individual share investments below Rs 10 lakh
o Expect infra investment in the 12th Plan to be Rs 50 lakh crore
o Tax free infrastructure bonds doubled to Rs 60,000 crore
o No progress on FDI in aviation
o Rs 50,000 tax exemption for retail investors
o Fiscal deficit pegged at Rs 5.13 lakh crore for FY13
o DTC not effective this year
o Exemption up to Rs 2 lakh for taxpayers
o No change in corporate tax rate
o STT reduced from 0.125% to 0.1%
o No tax return upto Rs 5 lakh
o Propose to hike service tax rate from 10% to 12%
o Government services, education, entertainment, public transport exempted from service tax
o Senior citizens to be exempt from advance tax payments
o Income above Rs 10 lakh to be taxed at 30%
o Exemption limit for direct taxes increased to Rs 2lakh from Rs 1.8 lakh in FY 2012-13
o Sec 44 AB : Professionals whose receipts exceeds- Rs. 25 lakhs, business & profession Rs. 1 Crore.
Income Tax Slab for Financial Year 2012-13 | ||||||
Assessment Year 2013-14 | ||||||
Tax | Man | Women | Senior Citizen | |||
Rate | (In Rupees) | (In Rupees) | (In Rupees) | |||
1 | 0.00% | Upto 2,00,000 | Upto 2,00,000 | Upto 2,50,000 | ||
2 | 10.00% | 2,00,001 to 5,00,000 | 2,00,001 to 5,00,000 | 2,50,001 to 5,00,000 | ||
3 | 20.00% | 5,00,001 to 10,00,000 | 5,00,001 to 10,00,000 | 5,00,001 to 10,00,000 | ||
4 | 30.00% | Above 10,00,000 | Above 10,00,000 | Above 10,00,000 | ||
Note :- 1) Surcharge is Nil and 3% Cess will be charged on Above Tax | ||||||
2) Age of Senior Citizen is = 60 Years | ||||||
3) Benefit of Rs. 1.50 Lakh for Interest on Housing Loan will be continued | ||||||
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