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May 2012
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Budget 2012 – Indian IT company employees to get 20% hike every year

Budget 2012 updates: Some of the important changes done this year are given below:

  1. Rajiv Gandhi Equity Savings scheme: Rs 50,000 tax exemption for retail equity investments. It will provide for income tax deduction of 50% for those who invest Rs.50,000 in equity and whose annual income is less than Rs.10 lakh, subject to a three -year lock in.
  2. Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012.
  3. Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh.
  4. Additional Rs 5000 deduction for preventive health checkup other than medical insurance.
  5. Deduction of upto 10,000 for interest from savings bank accounts.
  6. Senior citizens not having income from business proposed to be exempted from payment of advance tax.
  7. Securities Transaction tax (STT) reduced to 0.1% from 0.125%
  8. Exemption from Capital Gains tax due to sale  of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery.
  9. Service tax rate increased to 12% from current 10%. This would mean more taxes in your mobile, telephone, internet, restaurant bills and life insurance premium.
  10. Import duty free amount limit raised to Rs 35000 from 25000. So guys coming from abroad can bring more stuff.
  11. Gold to be more expensive. Customs duty on standard gold raised from 2 per cent to 4 per cent.
  12. Duty on large cars raised to 27%, so cars would be more expensive now.

Happy April fools day for all IT employees who wanted an increase in salary :-)

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