ppt - union budget 2011-12
TRANSCRIPT
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
INDIAN UNION BUDGET
2011-2012Highlights
Presented by:Charu Arora
AGBS
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Dearer
-Legal Services
-Healthcare in top – end Pvt.
hospitals.Steel-up by Rs
600/tonne
-Branded Cloths
-Gold
-A/c restaurants serving Liquor
-Hotel Services
-Printers-Paper-Soap
-Diapers -Homoeopathic
Medicines-Yarn/raw silk
-Mobile Phones-Agarbatti
-Solar Lantern, LED Lights
-Battery Driven- Vehicles
-Agriculture machinery
Cheaper
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AMITY GLOBALBUSINESS SCHOOL ChandigarhDIRECT TAXES
Corporate tax
• The Direct Taxes Code is likely to be effective from 1 April 2012
• The Corporate tax,Firms,Local authority, Co operative Societies rate remains unchanged
• The surcharge for domestic companies reduced to 5% from 7.5 %
• The surcharge Non domestic companies reduced to 2 % from 2.5 %
• NEW INCOME-TAX return form called Sugam to be introduced for small business.
• Salary earners having an income of less than ` 5 lakh is exempted for filing income tax return from this year.
• Provision for tax-free infrastructure bonds extended by 1more year
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
Personal Taxation• For MENCurrent Slabs (`) Proposed Slabs (`) Basic rate of tax
Upto160,000 Upto180,000 Nil
160,001to500,000 180,001to500,000 10%
500,001to800,000 500,001to800,000 20%
Above800,001 Above800,001 30%
For WOMEN
No change in tax Structure
Upto190,000 Upto190,000 Nil
190,001to500,000 190,001to500,000 10%
500,001to800,000 500,001to 800,000 20%
Above800,000 Above800,000 30%
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
For Senior Citizen (60-80years)
Age for eligibility reduced from 65 years to 60 Years
Upto 240,000 Upto 250,000 Nil
240,001to500,000 250,001to500,000 10%
500,001to800,000 500,001to800,000 20%
Above800,001 Above 800,001 30%
For Senior Citizen (80years & above)Hike in exemption limit to ` 5 lakh will result on big gains
Upto 240,000 Upto 500,000 Nil
240,001to500,000 - 10%
500,001to800,000 500,001to800,000 20%
Above 800,001 Above 800,001 30%
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
INDIRECT TAXES Central
excise• Optional levy on branded garments or made up proposed to be converted
into a mandatory levy at unified rate of 10 per cent.
• Labelled jewellery and Precious metals attract 1% excise duty.
• Excise duty on baby & clinical diapers is being reduced from 10% to 1%
• Concessional rate of excise duty for Hydrogen / hybrid vehicle.
• Exemption withdrawn on CD/DVD drive,& writers, Flash memory, Combo drives meant for fit inside of CPU or Laptop will attract 5% of concessional excise duty .
Changes come into effect immediately unless otherwise specified.
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
Service tax• Service tax rate remains unchanged at 10 percent as a pre-cursor to GST
• Legal Cases will also become a costly affair to cover all legal consultations, except individual to individual ,under service tax net.
• Hotel accommodation in excess of ` 1,000 per day will come under the ambit of tax ,although there will be an abatement of 50%
• service provided by air conditioned restaurants that have license to serve liquor added as new services for levying Service Tax at 3- 5%. After an abatement of 70%
• Tax on all services provided by hospitals with 25 or more beds with facility of central air conditioning at the rate of 5%
• Service Tax on air travel raised from ` 100 to ` 150 in the case of domestic air travel and ` 500 to ` 750 on international journeys by economy class.
• The domestic air travel on higher classes will be taxed at the standard rate of 10%
• Above rules are made effective from 01.04.2011
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
Customs duty
• Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent
• Basic customs duty on raw silk reduced from 30 to 5 per cent.
• Basic customs duty on solar lantern or lamps reduced from 10 to 5%
• Exempted fully on LEDs used for manf of LEDs light & fixtures.
• Fully exemption from basic custom duty is being extended battery charger, hands free, head phones and PC connectivity cable of mobile handset including cellular phones.
• Basic customs duty on bamboo used for manf of agarbattis is being reduced from 30% to 10%
• Changes come into effect immediately unless otherwise specified.
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
Pranab Takes An Agro Stand
• Due to soaring food prices and falling farm productivity, the fm has announced the slew of measures to boost farm sector.
• He announced an increase in bank lending in farm sector as well as interest subsidy to farmers who pay short term crop loan on time.
• To extend green revolution, he announced an allocation of Rs 400 crore.
• He also provided Rs 300 crore to promote 60,000 pulses villages in rain fed areas for raising productivity and strengthening market linkages.
• Another Rs 300 crores was set aside for palm oil cultivation.
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AMITY GLOBALBUSINESS SCHOOL Chandigarh
Pranab’s aim ,one arrow and three targets
Finance minister Pranab Mukherjee stated on Monday that this budget aimed at three key objectives:
• Signal a fresh focus on reforms• Enable the use of technology to curb corruption and
black money• To make agriculture more responsive to higher food
demands.