Hello friends! There have been a few changes in the
proposals in the Finance Bill 2012. Enumerated below are a few of the changes.
·
The rate of Long-term capital gains tax on
private equity has been cut from 20% to 10%.
·
1% excise duty on unbranded and branded jewellery
has been withdrawn.
·
1% TDS on property transaction has been
withdrawn.
·
No tax will be levied on foreign banks
converting branch operations into subsidiaries.
·
GAAR implementation deferred till April 2013.
·
The retrospective income tax amendment will not
apply to 82 treaty countries and in those cases where assessment has been
completed.
Hope this post was useful.
