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Mar 21, 2012

Direct Taxes 2012-2013 Main Points For writing Essay


Tax proposals for 2012-13 main points for writing essay or an article for competitors appearing in forthcoming competition. . It can be also taken as GK tips.

*Exemption limit for the general category of individual taxpayers enhanced from Rs 1,80,000 to Rs 2,00,000 giving tax relief of Rs 2,000.
* Upper limit of 20 per cent tax slab raised from Rs 8 lakh to Rs 10 lakh.
*Individual tax payers got a deduction of upto Rs 10,000 for interest from savings bank accounts.
*Deduction of up to Rs 5,000 for preventive health check up.

India Income tax slabs 2012-2013 for various type of Payers

India Income tax slabs 2012-2013 for General tax payers
Income tax slab (in Rs.)
Tax Rate
0 to 2,00,000
No tax
2,00,001 to 5,00,000      
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%



India Income tax slabs 2012-2013 for Female tax payers
Income tax slab (in Rs.)
Tax Rate
0 to 2,00,000
No tax
2,00,001 to 5,00,000      
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%



India Income tax slabs 2012-2013 for Senior Citizens tax payers, Aged 60 years but less than 80 years
Income tax slab (in Rs.)
Tax Rate
0 to 2,50,000
No tax
2,50,001 to 5,00,000      
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%




India Income tax slabs 2012-2013 for very Senior Citizens tax payers, Aged above 80 years
Income tax slab (in Rs.)
Tax Rate
0 to 5,00,000
No tax
5,00,001 to 10,00,000
20%
Above 10,00,000
30%



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Raise customs duty on some vehicle imports to 75% from 50% 

Branded silver jewellery exempt from excise duty 

10% advalorem duty on cigarettes 

Advolarom duty on some cigarettes 

Doubled custom duty on refined gold 

Excise duty on cigarettes raised 

Customs duty on non std gold raised to 10% from 5% 

Customs duty on std gold raised from 2% to 4% 

Duty reduced on energy saving lamps 

Duty on bicycles and bicycle parts reduced 

Titanium dioxide customs duty cut to 7.5% from 10% 

Automated shuttle looms exempted from customs duty 

Full exemption on imported equipments for road construction projs 

Thermal power co exempted from customs duty for 2 yrs 

Import of aircraft parts exempt from basic customs duty 



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