Madhya Pradesh Budget 2012-2013-Proposals

Madhya Pradesh Budget 2012-2013-Proposals

1.       Registraion:-(a)Waiver of Registration fee- It is proposed to waive registration fee if Registration is applied on-lie

(b) Increase of Registration fee- Fee would be Rs.1000/- (presently Rs.500/-) if registration applied manually,

Fee is being increased to just avoid manual applications & promote use of online facility

2.       Extension of utilization of I.T.R- 

Personal taxation-Budget 2012-2-13

Increase in Basic exemption Limit:-

Basic exemption limit for individual taxpayers other than Senior citizen has been marginally raised from Rs.1,80,0000/- to Rs.2,00,000/- and Gender based discrimination between male and female has been done away with.

Change in Income slab:-

Presently Income slab between Rs.5,0,000/- to Rs.8,00,000/- is chargeable @20%, which has been proposed to change & increase up to Rs.10,00,000/-from Rs.8,00,000/- present, that is say, income slab between Rs.5,00,000/- to Rs.10,00,000/- would be chargeable @20%.

Effect of the above changes can be summarised as under

Gist of case laws

M/s Mercury Laboratories Ltd. Versus CCE Vadodara - (CESTAT, AHMEDABAD)

Demand of duty - Input used in the manufacture of dutiable as also exempted final product - The duty stand confirmed against the

AMENDMENT IN COMPANIES (ACCOUNTING STANDARDS) RULES, 2006

NOTIFICATION NO. [F. NO. 17/133/2008-CL.V], DATED 11-5-2011

In exercise of the powers conferred by clause (a) of sub-section (1) of section 642 read with sub-section (1) of section 21A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following amendment in the Companies (Accounting Standards) Rules, 2006, herein-after called the said rules namely :—

Accounting Entry For Provision of Tax & its adjustment after completion of Assessment

 

Facts of the case		CASE -1		CASE -2
(A)	Profit as P& L A/C	500000.00		500000.00
(B)	Provision for Income Tax @30%	150000.00		150000.00
©	Advance Tax paid	90000.00		90000.00
(D)	TDS deducted	24000.00		24000.00
(E)	Self Assessment tax paid	36000.00		36000.00
(F)=C+D+E	Total Tax paid in Advance	150000.00		150000.00
(G)	Actual Tax Liability as per Assessment	182000.00		140000.00