Budget 2012 - Impact on Tax

Tuesday, March 20, 2012

Direct Taxes proposals:
  • Limits:
    • Exemption limit for individual taxpayers to be enhanced from Rs 1,80k to Rs 2,00k;
    • Upper limit of 20% tax slab proposed to be raised from Rs 8,00k to Rs 10,00k.
  • Deduction: 
    • A deduction of upto Rs 10k to individual tax payers for interest from savings bank accounts.
  • Advance Tax:
    • Senior citizens not having income from business proposed to be exempted from payment of advance tax.
Indirect Taxes:
  • Standard rate of excise duty to be raised from 10% to 12%, merit rate from 5% to 6% and the lower merit rate from 1% to 2% with few exemptions;
  • Excise duty on large cars also proposed to be enhanced.

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