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.
- 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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