Union Budget Approved

The Finance Bill for the year 2013 was approved by the parliament, subject to following changes:

• No levy of wealth tax on farm land.
• No requirement of TAN for tax deduction at source on transfer of immovable property of over Rs 50 Lakhs.
• Exemption for Gold Coin or articles, weighting less than 10 gms, from tax collected at source in cash sale withdrawn.