Thursday, May 16, 2013

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  • Exemption for Gold Coin or articles, weighting less than 10 gms, from tax collected at source in cash sale withdrawn.


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