NEW DELHI: The Finance Minister Pranab Mukherjee on Monday announced various amendments in the Finance Bill proposed during the Union Budget 2012-13.
Seeking to put to rest to both Indian and foreign investors Mukherjee delayed the application of GAAR by a year. Here are some of the changes announced by him:
1) Finance Minister announced withdrawal of TDS on immovable property as proposed in Budget
2) No excise duty on purchase of jewellery valued Rs 5 lakh against earlier threshold of Rs 2 lakh
3) Levy on all precious metals, branded or unbranded withdrawn
4) Withholding tax lower rate extended to all businesses
5) Propose STT of 0.2% on sale of unlisted securities
6) Clarificatory provisions don’t override tax treaties
7) Announces withdrawal of provisions in Customs and Excise rules under which bail was denied till public prosecutor was heard.
8) Govt halves capital gains tax on private equity to 10 per cent.