TaxTMI 
TaxTMI 
Budget 2012-13
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....udget 2012-13<br>By: - Santosh Kumar<br>Budget - Tax Proposals<br>Dated:- 16-3-2012<br><br>- Income tax slab - Rs 2 lakh zero tax, Rs 2-5 lakh - 10 percent, Rs 5-10 lakh - 20 percent and above Rs 10 l....
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....akh - 30 percent. Interest income from banks tax-free upto Rs 10,000. No change in corporate taxes. - School education exempt from service tax. - Securities transaction tax (STT) - the stock exchang....
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....e toll fee for buying and selling share - is cut by 20 percent. Just crumbs for traders. STT is now 0.1 percent for delivery trades. - Service tax to have negative list - only 17 services exempt. You....
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....r five-star barber may apply service tax. - Bollywood exempted from service tax in some copyright. - Overall service taxes raised to 12 percent. This will surely push up inflation since services acc....
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....ount for 59 percent of the GDP. General excise also up to 12 percent. Big cars to cost more - excise up from 22 to 24 percent. - Branded silver jewellery fully exempt from excise duty. - imposition ....
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....of custom duty on jems and color stones @ 2%. - Basic customs up on gold doubled. Also on platinum. Sin taxes also up on big bang some cigarettes and bidis. Small customes cuts on cigarettes, too.<br....
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