Budget 2012 update

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·        1% excise duty on unbranded and branded jewellery has been withdrawn.

·        1% TDS on property transaction has been withdrawn.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.