Union Budget

FINANCE BILL, 2012
PROVISIONS RELATING TO DIRECT TAXES
Introduction
The provisions of the Finance Bill, 2012 relating to educate taxationes seek to amend the Income-tax hazard, inter alia, in order to
put up for-
A. measure rates
B. Widening of tax base
C. Measures to prevent generation and circulation of unaccounted money
D. Tax incentives and reliefs
E. rationalization of Tax Deduction at Source (TDS) provisions
F. Rationalization of international taxation provisions
G. Rationalization of transfer pricing provisions
H. customary Anti-Avoidance Rule
I. Other clarifications
2. The Finance Bill, 2012 seeks to prescribe the rates of income-tax on income unresistant to tax for the assessment socio-economic class
2012-13; the rates at which tax leave behind be deductible at source during the financial year 2012-13 from interest (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 collection 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 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 respect 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 laid down in Part III of the First Schedule
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-taxâ€"
Surcharge shall be levied in respect of income liable to tax for...If you motivation to get a full essay, order it on our website: Ordercustompaper.com



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