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 Home Union Budget 2017 Direct & Indirect Taxes
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Direct & Indirect Taxes 2012
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  • Maintains tax exemption at Rs 2 lakh income a year
  • 10% tax on income of Rs 2 lakh to 5 lakh
  • 20% on income over Rs 5 lakh up to Rs 10 lakh
  • 30% on income above Rs 10 lakh
  • All direct taxes including FBT and income tax would be brought under one code.
  • Corporate Tax rate to be 25% against 30 per cent
  • Wealth Tax to be levied on wealth over Rs 50 crore
  • Abolition of Securities Transaction Tax
  • Re-introduction of long-term capital gains tax
  • Raising of tax deduction on savings to Rs 3 lakh
  • Retirement benefits be exempted from tax, only if saved in Retirement Benefits Account.
  • Budget 2011 should bring about clarity on taxability for lease transactions with respect to the consideration received on such transactions and it should be clarified that only the lease rent is liable to the service tax and not the lease premium.
  • It is expected that the Central Tax rate could be reduced to 1% from the existing rate of 2%, prior to the introduction of the already delayed GST.
Direct & Indirect Taxes 2012
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  • Limits for Taxable Income : Current slab of Rs.1.8 lakhs for taxable income may be increase to Rs.2.5 lakhs for men
  • Increase in Gratuity Limit : The gratuity limit at the time of retirement may be increased to Rs.10 lakhs form the current Rs.3.5 lakhs
  • Decrease in Tax Rates Itself : Highest tax slab will be reduced to 25% only from 30%
  • Increase in Self Assessment Slab : Self assessment slab is currently at Rs.40 lakhs for professionals and business people. It will be increased to Rs.1 crore
  • To implement Direct Tax Code from April 1, 2011
  • Likely roll-back in tax cuts on excise duties
  • Govt must look at reducing corporate tax rates
  • Must look for clearer tax reforms in 2011
  • No impact on Marico since products are tax exempt
  • Widening of Tax net to include base not taxed earlier
  • To ensure tax evasion gets more difficult & expensive
  • Short-term revenue loss must not hold up tax reforms
  • Reforms needed in property, tax and import procedures
  • Tax benefits for companies which source from SMEs
  • States presently tax ATF at varying rates, going up to 16%
  • Allow power finance companies to float tax free bonds
  • Increase the income tax slab to drive consumption
  • Increase tax holiday period from 5 years to 10 years
  • Make LTC tax free every year vs for 2 years in block
  • Bring STPIs on par with SEZs on tax benefits
  • Exempt infra cos from 15% dividend distribution tax
  • Give a tax holiday to city gas distribution networks
  • Exempt power companies from 15% distribution tax
  • Allow power companies to isssue tax-free bonds
Expectations
Industry
  • Inflation budget to drive flows in market.
    Peeyoosh Chadda (Edelweiss AMC)
  • Expect rollout of long-term infra debt fund this budget
  • PM seeks GST integration in budget
    Govt sources
  • Pre-budget picks: 3 stocks (Rashtriya Chemicals and Fertilisers, Jain Irrigation and Bharat Electronics) that can give you good upside
    Rajesh Jain (Independent Market Strategist)
  • RBI action to move mkts, budget won't alter mood
    Religare
  • Govt may hike tax exemption limit
    Inflation impact
  • See Nifty at 7000; L&T, RIL to lead rally in 2012
    Amar Ambani, IIFL
Citizen's
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There should be a reduction in interest rate for education loan...
Divakar