Union government presented an Interim Budget. The budget is a vote-on-account because the government seeks to Lok Sabha’s sanction (voting) to spend for immediate expenditures until a full budget is presented. Once the norms in the budget are in force,…
Tag: Budget
Individuals Earning below Rs.5 Lakhs Exempted from Filing Tax Returns
The Union budget for the year 2011-2012, had announced that the individuals having income less than Rs.5 lakh need not file the tax returns. According to the official information the Form 16 issued by the employer to the employee is…
Private Medication to Cost More with Increase in Service Tax
The Union budget for the year 2011-2012 has imposed an extra 5 percent of service tax on all the medical services and diagnostic tests provided by all the hospitals which are air conditioned and have more than 25 beds. This…