for FSIA E Circular on Budget 2012, co-authored by Mr Sangeet Gupta , Click here (PDF)

Must see this circular ( click the jpg above )

PDF  2003 (2.2 mb) | Click here 

MS Word 2003 version (0.9 mb) click here

 

 

Some excerpts from the Circular are presented below

Each one will save some Tax, and it could mean Rs 22660. per family member for many of us
that is equal to say a Lakh of tax saving per family ,( assuming 4 earning members)
and it also means on the reverse that you can have Rs 75000 of income more, per member, for the same tax .... ( Rs 3 lakh additional income !!! comes will zero additional tax )
Friends, i will post the important paragraphs, on this E-club,

a. Income Tax Rates changed, Small reduction for most Tax payers
Basic Rates Rate
Upto Rs. 2,00,000                    Nil
Rs. 2.00 lac - Rs.5.00 lac        10%
Rs. 5.00 lac - Rs.10.00 lac      20%
Rs. 10.00 lac onwards             30%

b. No special limit for ladies, from now. ( no seperate slab )


c. Basic exemption limit (till which, you do not have to pay any tax). This will be as follows :
i. For Gents : Rs. 2,00,000
ii. For Ladies : Rs. 2,00,000 (same as gents)
iii. For Senior Citizens : Rs. 2,50,000 ( 60 yr to 80 yr )
iv. For Very Senior Citizens : Rs. 5,00,000 ( over 80 years )

d. So, ?? Most of you save a small value in Income TAXES = Savings are upto Rs. 2060. per person for everybody and upto 22660 for people over Rs 10 lakh of income.

see the grid below for quick reference.

 

This is a new innovation. Done for first time in india in 60 years, Maybe first time in the world. The idea is that today a plot in sectors of Faridabad/Gurgaon, even a flat is worth Crores... so, if this dormant wealth, is "put to use" in your business, then you dont pay any tax. One Rotary Leader from our city, Faridabad is said to be one of the persons who gave birth to this idea, presented it properly to the Ministry of MSME , the Ministry of Home, and WOW, this new law ..... it says "Grow your business, use your dormant money locked in house property" and

enjoy -- no tax even if sale value of house in sector 15 = Rs 5 crores
and your cost in 1980's was just 2-3 lakhs
this gain remains tax free for you

 

======================

MAT has reached 20% in india, and from this year, on individuals too
So, those of you with units in Rudrapur, Baddi ...... be ready to pay more

MAT is Minimum Alternate Tax. In simple words, when due to some tax planning / tax exemption, / deduction, your income is good, but your normal tax is too low, then govt says, that "my dear citizen, you are living in the country, do not pay full tax, but at least pay a bare minimum, that is MAT " , in USA , they call it AMT = Alternate minimum tax

 

 

 

 

Jewellery in cash ??

Buying Jwellery on CASH ? pay TCS too
. Tax Collection at Source (TCS) at the rate of 1% of sale consideration by the seller on sale of bullion and jewellery if sale consideration exceeds Rs. 2 lakh and the sale is in cash - irrespective of the fact whether buyer is a manufacturer, trader or purchase is for personal use. With effect from 1st July, 2012

 

Powerpoint-Economic Survey

click the links above

 


Newspaper coverage of the FSIA event click here

 

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