It is a Yes and a No
Yes because it affects my earning capacity, and impacts my Investment decisions.
No if i do not fall in these spaces.
But what makes Budget 2012-13 important for me?
STT reduced from 0.125% to 0.1% No tax return upto Rs 5 lakh
Tax exemption on individual share investments below Rs 10 lakh
Rs 50,000 tax exemption for retail investors under Rajiv Gandhi Equity Savings Scheme.
The scheme would allow for income tax deduction of 50 per cent to new retail investors, with annual income of below Rs 10 lakh, putting in up to Rs 50,000 directly in equities. The scheme will have a lock-in period of 3 years.
Proposed IT- slabs Budget 2012-13
- Upto Rs 2 lakh - Nil
- Rs 2-5 lakh - 10%
- Rs 5–10 lakh – 20%
- Above Rs 10 lakh – 30%
In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups
Senior Citizens exempted from filing advance tax
Compulsory reporting of assets sold abroad
A provision of the Finance Bill has proposed an increased
dividend distribution tax for Liquid and Non Liquid schemes effective June 01,
2011. The proposed DDT is at 30% for recipient other than an individual or
HUF for all Liquid and Non Liquid schemes of Mutual Funds.
Propose to hike service tax rate from 10% to 12%
- Government services, education, entertainment, public transport exempted from service tax
Hope all these hold good and get passed in the parliament.....
