A detailed look at eight important tax proposals from the budget that taxpayers must not miss
Due to prevailing uncertainty about the revenue outcome from the GST implementation, the outlook for revenue receipts of states could turn uncertain.
Finance Minister has opted to offer a small concession on income tax front. However, he has also capped the benefit on income from house property.
On a comparison of income threshold and peak rate of a few countries, it is observed that the income threshold considered for peak rate as well as the maximum tax rate in India is on the higher side.
Despite no apparent mention of income tax incentive for the common man, finance minister Arun Jaitley provided certain reliefs, that will put extra cash in hands.
Sachin Menon, COO-Head Indirect Tax, KPMG and Dinesh Kanabar, CEO, Dhruva Advisors, say a clear roadmap on GST and revision in exemption limits can be expected from the upcoming Budget.
Finance Minister, Pranab Mukherjee, has proposed an exemption of upto Rs 2 lakh for taxpayers. 10% tax rate has been proposed for income between Rs 2-5 lakh. The upper limit of 20% tax slab to be raised to Rs 10 lakh.
Chairman of BMR Advisors, Mukesh Butani, spoke to CNBC-YTV18 about what the challenges are for the FM in this Budget 2012 and what the industry can expect.
As a taxpayer you are likely to look out for good news whenever you hear that the policymakers are doing something regarding Income Tax. One such policy decision that is likely to affect you is the introduction of the DTC (Direct Tax Code).
Individuals will not have to undertake a major change in their tax saving and investment efforts for the financial year 2011-12 as the Union Budget has undertaken some minor tinkering with a few provisions.