Finance Minster Pranab Mukherjee, today, presented the Union Budget 2012-13. Analysts have said that there has been no major reforms in the Budget. Though Budget has given some relief in the Income Tax Rate but has increased Service Tax and Excise Duty. The Budget expects the growth rate of 7.6% in the Fiscal Year 2012-13 which in the current fiscal year is 6.9%
Some of the major changes in the Budget is the change in the Income Slab Rate and Service Tax Rate.
The Changed slab rate is :
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
However there has been no change in the Corporate Tax.
The current budget also purposes to change the Rate of Service Tax to 12% which at present is 10%.
The limit for the Tax Audit as per Sec 44AB has also been increased from this budget providing relief to Small and Medium Enterprises (SMEs) from 60 lakhs to 1 Crore which means that the organisation whose turnover is less than Rs. 1 Crore is not required to get their Books of Accounts audited u/s 44AB of the Income Tax Act.
The Other summary of the budgrt is briefly highlighted in the image below:
Some of the major changes in the Budget is the change in the Income Slab Rate and Service Tax Rate.
The Changed slab rate is :
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
However there has been no change in the Corporate Tax.
The current budget also purposes to change the Rate of Service Tax to 12% which at present is 10%.
The limit for the Tax Audit as per Sec 44AB has also been increased from this budget providing relief to Small and Medium Enterprises (SMEs) from 60 lakhs to 1 Crore which means that the organisation whose turnover is less than Rs. 1 Crore is not required to get their Books of Accounts audited u/s 44AB of the Income Tax Act.
The Other summary of the budgrt is briefly highlighted in the image below:
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