The branded apparel sector will have to cough up mandatory excise duty of 10% under the Union Budget 2011-12, another dampner as it struggles to deal with spiralling cotton prices. Excise duty on branded apparel was earlier voluntary. This means that apparel makers who did not opt to pay the duty could also could not [...]
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Budget 2012: Income tax exemption limit raised to Rs 2 lakh
Giving some relief to tax payers, finance minister Pranab Mukherjee today proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh. Unveiling the Budget proposals for 2012-13 in the Lok Sabha, he also increased the limit to Rs 10 lakh under the 20 per cent tax [...]
Budget 2012: MPs want IT exemption limit hiked to Rs 5 lakh #Budget2012
Ahead of the Budget, some members of a Parliamentary panel scrutinising the Direct Taxes Code (DTC) Bill today pressed for raising the income tax exemption limit to Rs 5 lakh per annum. The Standing Committee on Finance, which met under the chairmanship of senior BJP leader Yashwant Sinha, has decided to finalise its report by [...]
Economiv Survey says India set to step off agony path
No Economic Survey in recent memory has talked of the “imperative” of building up foreign exchange reserves to prepare to deal with external shocks. With forex reserves at over $300 billion, that’s hardly surprising. Yet, the Survey presented by the finance ministry on Thursday has signalled caution. The warning is in keeping with the overall [...]
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