1.
The slabs in the case of resident individual
is raised to Rs 2 lacs. Hence the
slabs look like as under: Up to Rs 2
lacs – Nil; From 2 lacs to 5 lacs – 10%; From Rs 5 lacs to 10 lacs – 20% and
the income in excess of Rs 10 lacs – Taxed at 30%
2.
In house R&D – Weighted deduction of
200% - The sunset clause is extended up to 31st March 2017 from the
current time of 31st March 2012.
3.
GAAR provisions introduced. [General Anti
Avoidance Agreements].
4.
The dividend received by Indian companies
from their foreign interests will be taxed at a concessional rate of 15%.
5.
The scope of Sec 35AD has been extended to
new sectors.
6.
The service tax rates have been hiked to
12%. [Effective rate is thus 12.36%] [Operative from 1st April 2012].
7.
The Excise is also increased to 12%. [This
rate is effective from 17th March 2012].
8.
Peak customs retained at 10%.
9.
Negative list in service tax is introduced
with the effect that all services except the services contained in negative and
exemption list. [Prominent in the negative list are majority of services
rendered by govt / Local Authorities, school education, Entertainment, Some
kinds of public transport].
10.
Common registration for service tax and
central excise.
11.
Common one page return [EST] for service tax
and central excise in lieu of the present 15 pages return.
Thanks,
Rp