Mar 19, 2012, 11.44 AM | Source: Moneycontrol.com
The budget has failed to make any major announcement for investors. What the budget has done is some minor tweaks here are there.
Although the finance minister has said that DTC would be introduced as soon as possible, he was clear that it would not come into effect from FY 2013.
The Budget has brought about some revisions to the income tax slabs for FY 2012-2013. Interest from saving accounts has also been made deductible upto Rs 10,000. However, these are just minor changes and are much below expectations.
The “Rajiv Gandhi Equity Savings Scheme” would be introduced, which would give 50% deduction in the tax on capital gain earned from investment of upto Rs 50,000 in equities. Basically, you would need to pay a tax of 7.5% instead of 15% on short term capital gain for investment upto Rs 50,000 made directly in equities.
The rates for service tax and excise duty have been increased from 10% to 12%. Se expect most of your consumer durable products to go up.