| Mobile phones to cost more from Apr1- FM Mukherjee Posted: 28 Feb 2011 08:00 PM PST 
Mobile handset prices will become more expensive as Finance Minister Pranab Mukherjee today announced one percent hike in the Central Excise duty for 130 items, including phones.Come April 1 and central excise duty on mobile phones will be raised... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Salary earner earning less then 5 Lakh not having other income need not file IT Return Posted: 28 Feb 2011 07:36 PM PST 
Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year. "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudhir Chandra said. The exemption from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12- How govt earns and spends its rupee Posted: 28 Feb 2011 07:25 PM PST 
In a good sign, the government will depend less on borrowing to finance budgetary proposals in 2011-12 than in the ongoing 2010-11 financial year.Borrowings will comprise 27 paise out every rupee that the government plans to spend in 2011-12,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- What finance minister has in store on Income Tax Posted: 28 Feb 2011 07:21 PM PST 
Finance Minister Pranab Mukherjee on Monday raised the income tax exemption limit raised by Rs 20,000 in his Budget proposals for 2011-12. So individual taxpayers will now get income tax exemption till an annual income of Rs 1.8 lakh (Rs 180,000).... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Housing loans of Rs 15 lakh to get 1 Percent interest subvention – Budget 2011-12 Posted: 28 Feb 2011 07:15 PM PST 
The government on Monday said low-cost housing loans of Rs 15 lakh (Rs 1.5 million) will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing. In his Budget speech, Finance Minister Pranab... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Union Budget 2011-12 Summary as Provided by Finance Ministry Posted: 28 Feb 2011 07:10 PM PST 
The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agricultural produce and reduce social imbalances through inclusive development. Presenting the budget 2011-12 in the Lok... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Fiis Limit For Investment in Corporate Bonds Raised- Budget 2011-12 Posted: 28 Feb 2011 07:02 PM PST 
FDI Would be More User Friendly, Fiis Limit For Investment in Corporate Bonds Raised to US $40 Billion Foreign Investment Policy to be Further Liberalized,Says Pranab Mukherjee. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Slew of Financial Sector Legislative Reforms Proposed New Guidelines for Banking Licenses to be Out in the Current Financial Year Posted: 28 Feb 2011 06:57 PM PST 
The Finance Minister also stated that amendments are proposed to the Banking Regulation Act to give some additional licenses to the private sector players. He mentioned that the discussion by way of inviting feedback from the public on the paper... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Financial Sector Legislative Reforms Commission Set up Companies Bill to be Introduced in the Ongoing Session Posted: 28 Feb 2011 06:55 PM PST 
The Union Finance Minister, Shri Pranab Mukherjee announced today that the Government has set up a Financial Sector Legislative Reforms Commission under the Chairmanship of Justice B. N. Srikrishna in pursuance of the announcement made in Budget... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service Tax on Hotel Accommodation, Restaurant Services Restructured – Budget 2011-12 Posted: 28 Feb 2011 06:54 PM PST 
Hotel accommodation, in excess of declared tariff of Rs. 1000 per day and service provided by air conditioned restaurants that have license to serve liquor are the new services which have been brought under the service tax net. While proposing to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12- Service Tax Provisions to be Rationalised Posted: 28 Feb 2011 06:50 PM PST 
Union Budget 2011-12 estimates to make net revenue gain of Rs. 4000 crore for the year by way of new Service Tax proposals. In keeping with thrust to encourage voluntary compliance, the penal provisions of Service Tax are under the process of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Exit Norms Pension Scheme SWAVALAMBAN Will be Relaxed Posted: 28 Feb 2011 06:44 PM PST 
The exit norms of the co-contributory pension scheme "Swavalamban" have been relaxed. Announcing this in his Budget speech in the Lok Sabha today, the Union Finance Minister, Shri Pranab Mukherjee said that a subscriber under Swavalamban Scheme will... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| New Income Tax Exemption Limit for Individuals and Senior Citizens – Budget 2011-12 Posted: 28 Feb 2011 06:42 PM PST 
The exemption limit for the general category of individual tax payers has been enhanced to Rs. 1,80,000 from Rs. 1,60,000 in the General Budget 2011-12, presented by the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Minimum Alternate Tax Rate (MAT) increased marginally Posted: 28 Feb 2011 06:39 PM PST 
Minimum Alternate Tax :- Under the existing provisions of section 115JB(1), a company is required to pay a minimum alternate tax (MAT) on its book profit, if the income-tax payable on the total income, as computed under the Act in respect of any... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| 130 new items under excise duty, Mandatory on Readymade Garments- Budget 2011-12 Posted: 28 Feb 2011 06:24 PM PST 
130 items brought under Tax Net with Nominal one Per Cent Excise Duty. Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade Garments [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 Provides higher incentives for Micro, Small and Medium Enterprises Posted: 28 Feb 2011 06:19 PM PST 
Union Finance Minister Sh. Pranab Mukherjee has announced various incentives for micro, small and medium enterprises while presenting this year's union budget. The allotment to SIDBI for refinancing incremental lending by banks to these enterprises... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 provides Boost to Housing Sector Finance Posted: 28 Feb 2011 06:15 PM PST 
Various steps have been taken in this year's union budget to give a boost to housing sector finance. The existing scheme of interest subvention of 1% on housing loans has been liberalized by extending it to housing loan upto Rs. 15 lakh where the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Relief from audit to Service tax Payers Posted: 28 Feb 2011 06:13 PM PST 
Union Finance Minister Sh. Pranab Mukherjee has proposed to free all individual and sole proprietor service tax payers with a turn over to Rs. 60 lakh from the formalities of the audit. It has been observed that the number of assesses in service tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Excise Duty Concession to Vehicles Based on Fuel Cell Technology and Reduction in Basic Customs Duty on Solar Lantern Posted: 28 Feb 2011 06:10 PM PST 
10% Excise Duty Concession to Vehicles Based on Fuel Cell Technology Basic Customs Duty on Solar Lantern Reduced to 5% Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister announced that: Full exemption from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service Tax on Centrally Air Conditioned Hospitals with 25 or more BEDS – Budget 2011-12 Posted: 28 Feb 2011 06:03 PM PST 
The Union Finance Minister Shri Pranab Mukherjee while presenting the Union Budget for 2011-12 has announced that the Service Tax on Health check up or treatment imposed in 2010-11 would now be replaced with a tax on all services provided by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12- Service Tax on Air Travel Raised Posted: 28 Feb 2011 05:59 PM PST 
The Union Finance Minister, Shri Pranab Mukherjee, while presenting the Union Budget for 2011-12, has announced that the Service Tax on air travel would be raised by Rs.50 in the case of domestic air travel and Rs.250 on international journeys by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Customs Modernisation – Self-Assessment to be Introduced Posted: 28 Feb 2011 05:54 PM PST 
Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister said that to quicken the clearance of the cargo by Customs authorities and further modernize the customs administration, it has been proposed to introduce... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- Excise and Custom Duty Exemption and Concession Posted: 28 Feb 2011 05:51 PM PST 
Excise Duty Concessions to Factory Built Ambulances. Relief for Lactose For Manufacturing of Homoeopathic Medicines. Proposals Relating to Customs and Central Excise Estimated to Result in a Net Revenue Gain of Rs.7300 Crore . [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| E-Filing and E-Payment of Taxes, Web-based facility to track Resolution of Refunds Posted: 28 Feb 2011 05:46 PM PST 
IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds. CBDT to Set up Eight more Aaykar Seva Kendras in 2011-12 Various tax initiatives have been taken in the Union Budget 2011-12 for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- Process of Tax Reforms to be Expedited Posted: 28 Feb 2011 05:43 PM PST 
Presenting the Budget 2011-12 in the Parliament today, the Finance Minister Shri Pranab Mukherjee stressed that introduction of Direct Taxes Code (DTC) and Goods & Services Tax (GST) will result in moderation of rates, simplification of laws... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Mission mode Projects to help States to align with the Roll out of GST Posted: 28 Feb 2011 05:41 PM PST 
IT Initiatives: Mission mode Projects to help States to align with the Roll out of GST; funds Released for 31 Such Projects. Finance Minister Shri Pranab Mukherjee has stressed on the importance of computerization of Commercial Taxes. While... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- Bill to Amend Indian Stamp act to be Introduced Posted: 28 Feb 2011 05:36 PM PST 
The Union Budget 2011-12 proposes to amend the Indian Stamp Act. Presenting the Budget in Lok Sabha Finance Minister Pranab Mukherjee said that a bill will be introduced shortly to amend Indian StampAct, 1899. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- New Simplified form 'Sugam' to be introduced for small tax Payers Posted: 28 Feb 2011 05:33 PM PST 
IT Initiatives: New Simplified form 'Sugam' to be introduced for small tax Payers . Steps initiated to Reduce tax Related Litigation. The Union Budget 2011-12 has laid a special emphasis on reducing the compliance burden of small tax payers by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| New Series of Coins with the Rupee Symbol to be issued Posted: 28 Feb 2011 05:26 PM PST 
Recommendations of Technology advisory Group for Unique Projects (TAGUP) Accepted in Principle -New Series of Coins with the Rupee Symbol to be issued [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Excerpts from PM'S Post Budget 2011-12 Interview on Doordarshan Posted: 28 Feb 2011 05:23 PM PST 
This budget meets all the challenges that our economy and our polity faces in the next fiscal year. We need to sustain a high rate of growth and therefore this budget builds upon the good performance of the current fiscal year's 8.6 % growth rate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2010-11- Key proposals impacting individual tax payers Posted: 28 Feb 2011 05:19 PM PST 
Marginal hike in threshold limit for taxation. Age limit for senior citizens lowered. No tax returns, Removal of deduction for employer contribution to new pension system,New simplified return form "sugam" to be introduced for small tax payers... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12- Impact on Personal Taxation and Income Tax Calculator Posted: 28 Feb 2011 09:42 AM PST 
The Impact of Budget in Personal Taxation :- The Finance Minister in the Budget-2011 implemented some new benefits and also levied a new exemption limit where for Individuals Male Categories which increased to Rs 1.8 lakh from Rs 1.6 lakh and for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Some Important changes in Income Tax after Budget 2011-12 Posted: 28 Feb 2011 09:30 AM PST 
Rates of Income Tax : in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Exemption to notified Infrastructure Debt Fund Posted: 28 Feb 2011 06:07 AM PST 
Section 10 of the Income-tax Act excludes certain incomes from the ambit of total income. It is proposed to amend section 10 of the Income-tax Act so as to provide enabling power to the Central Government to notify any infrastructure debt fund which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Exemption of specified income of notified body or authority or trust or board or commission Posted: 28 Feb 2011 05:24 AM PST 
It is proposed to insert a new clause in section 10 of the Income-tax Act to provide exemption from income-tax to any specified income of a body, authority, board, trust or commission which is set up or constituted by a Central, State or Provincial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget Amendments on Tax Front Applicable for A.Y. 2012-13 Posted: 28 Feb 2011 04:16 AM PST 
Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to and 1, 80,000 giving uniform tax relief of 2,060. Exemption limit enhanced and qualifying age reduced for senior citizens from 65 years to 60 years. From Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Lawyers can't refuse to defend accused – SC Posted: 28 Feb 2011 04:02 AM PST 
The Supreme Court has ruled lawyers or their associations cannot refuse to appear for accused whether they are terrorist, rapists, murderers or any others as such refusal would be a violation of the Constitution, Bar Council norms and tenets of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12- Quick Highlights Posted: 28 Feb 2011 01:09 AM PST 
Section 282 in respect of Document Identification number has been omitted. Section 194LA had been introduced which deals with TDS of FIIs investment in Infrastructure debt fund @ 5%. In section 115-0, the benefit of DDT exemption to SEZ developer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Exemption of certain perquisites of Chairmen and Members of Union Public Service Commission Posted: 28 Feb 2011 12:24 AM PST 
Currently, specified perquisites of the Chief Election Commissioner or Election Commissioner and the judges of the Supreme Court are exempt from taxation consequent to the enabling provisions in the respective Acts governing their service... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-12 – Definition of "charitable purpose" – Monetary Limit u/s. 2(15) increased to 25 Lakh Posted: 28 Feb 2011 12:21 AM PST 
For the purposes of the Income-tax Act, "charitable purpose" has been defined in section 2(15) which, among others, includes "the advancement of any other object of general public utility". However, "the advancement of any other object of general... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Key Features of Budget 2011-2012 Posted: 27 Feb 2011 11:57 PM PST 
OPPORTUNITIES Swift and broad based growth in 2010-11 has put the economy back to its pre-crisis growth trajectory. Fiscal consolidation has been impressive. Significant progress in critical institutional reforms that would set the pace for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Tax Proposals in the Budget of year 2011-12 Posted: 27 Feb 2011 11:41 PM PST 
*Direct Taxes* Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs. 2,000. Exemption limit enhanced for Senior Citizen to Rs 250000 and qualifying age reduced for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Highlights of Union Budget 2011-12 Posted: 27 Feb 2011 11:38 PM PST 
Direct tax sops to result in Rs 11,500 cr net revenue loss Investment-linked deductions for fertilisers and developers of affordable housing Low withholding tax of 5% for notified infra funds Foreign dividend tax rate cut to 15% for Indian companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011-2012- Speech of Minister of Finance Pranab Mukherjee Posted: 27 Feb 2011 11:30 PM PST 
Madam Speaker, I rise to present the Union Budget for 2011-12. We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| FM informs Five-Fold Strategy to Deal with Black Money Posted: 27 Feb 2011 11:00 PM PST 
Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister informed that to deal with the problem of generation and circulation of black money, the government has put into operation a five-fold strategy which consists... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
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