Union Budget

FINANCE BILL, 2012 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of the finance tiptop, 2012 relating to educate value revenueationes seek to amend the Income-tax hazard, inter alia, in inn to put up for- A. measure pass judgment B. Widening of tax base C. Measures to prevent generation and circulation of unaccounted money D. Tax incentives and reliefs E. systematisation of Tax Deduction at Source (TDS) provisions F. systematisation of international taxation provisions G. Rationalization of transfer set provisions H. customary Anti-Avoidance Rule I. Other clarifications 2. The Finance Bill, 2012 seeks to inflict the rates of income-tax on income unresistant to tax for the assessment socio-economic course 2012-13; the rates at which tax leave behind be deductible at source during the financial family 2012-13 from kindle (including interest on securities), earnings from lotteries or crossword puzzles, winnings from horse races, card games and other categories of income liable(predicate) to deduction or assemblage of tax at source under the Income-tax Act; rates for computation of get on with tax, deduction of income-tax from, or defrayment of tax on, Salaries and charging of income-tax on current incomes in certain(p)(p) cases for the financial year 2012-13. 3.

The substance of the main provisions of the Bill relating to direct taxes is explained in the following paragraphs. A. RATES OF INCOME-TAX I. Rates of income-tax in pry of income liable to tax for the assessment year 2012-13. In respect of income of either categories of assessees liable to tax for the assessment year 2012-13, the rates of income -tax lead been specified in Part I of the ! First account to the Bill. These are the same as those situated down in Part III of the First enumeration to the Finance Act, 2011, for the purposes of computation of advance tax, deduction of tax at source from Salaries and charging of tax payable in certain cases. (1) preen on income-tax Surcharge shall be levied in respect of income liable to tax for...If you motivation to get a complete essay, order it on our website: OrderEssay.net

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