WRITE UP ON UNION BUDGET 2011 2012 A corporate glance

CONTENTS IN GIST: Introduction The Union Budget 2011-2012 Highlights of Union Budget 2011 2012 Effects of Minimum Alternate Tax Legislative Initiative on Financial Sector UNION BUDGET 2011 2012

1 2 3 3

Investment Direct Taxes Indirect Taxes Service Taxes Tax Rates

4 5-6 6-7 8-9 9 10-12 13

Budget Highlights Conclusion

Introduction:-

The Honble Finance Minister Pranab Mukherjee presented the Union Budget for the financial year 2011 2012 in the Assembly of Parliament on 28th February 2011. He has presented three budgets between 1982 and 1984. The current budget is his third successive budget for the United Progressive Alliance government. The Union Budget Presented by him attracts all the sectors where the main highlight of the Budget falls below.

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HIGHL LIGHTS ON CORPORATE SEC N CTORS IN UNION B N BUDGET 2011 - 201 2 12

EFFECT T Weighted d deduction i respect o in of any sum paid to a National y versity or a an Laboratory or a Univ Indian Ins stitute of Te echnology o or a specified person undertakin d ng approved c researc ch scientific ed programme shall be increase % . from 175% to 200%.

We eighted Ded duction for Contribution made to C n approved S a Scientific Research Programme R

SECT TION 35 (2 2AA)

EFF FECT Divid dends recei ived by an Indian n comp pany from its foreign subsi idiary (wh herein the Indian comp pany holds 51% or above of the nominal value of share tal) will be taxable at the capit rate of 15 % of the gross e ed. dividend receive No d deduction i respect of any in expe enditure or allowance shall be allow wed to the Indian co e ompany from such dividend income e.

SECT TION - 115B BBD

Taxatio of Divide on end receive by India ed an Company from it ts ry Foreign Subsidiar

EFFEC CT Deductio on on investment i t in notified long-term infrastructure m shall be bonds eligible for 0,000 (over and r n deduction upto ` 20 above the existing limit of ` 1 lakh section 80 0CCE for tax under s savings) while computing the total of t income o an assessee, if that sum is paid or deposit ted during the g l Financial Year (FY) 2011-12.

De eduction in respect of sub bscription t long-tem to m infrastructu bonds ure

SECT TION 80C CCF

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EFFECTS O MINIMUM ALTERNA ON ATE TAX - SECTIONS 1 S 115 JB

AMENDMENT TH RATE OF MINIMUM ALTERNA HE F M ATE TAX SHA BE INC ALL CREASED FR ROM 18% T 18.5% O BOOK PROFIT. TO OF

EFF FECTS on S SEZ

BUSINES CARRIED ON OR SE SS D ERVICES RE ENDERED, B AN ENTR BY REPRENEUR OR A R DEVELOP PER, IN A UNIT OR SPE ECIAL ECON NOMIC ZON (SEZ), AS THE CASE MAY NE A BE, WILL BE LIABLE TO MAT. L E

EFFECTS ON LIMIT TED LIABILITY PART TNERSHIP PS

Wh here the tax payable by a Limite Liability Partnersh (LLP) under the n x ed y hip normal prov visions is le ess tha 18.5% o adjusted total incom then th LLP shal be liable to pay tax at the rate of 18.5% of an of me, he ll e % suc adjusted total inco ch d ome. For th purpose the adju his e, usted total income means total income af fter add ding the am mount of deductions claimed unde Chapter VI-A and section 10AA of the IT Act. er A A L LLP would be required to obtain an Accou d n untants Report certify ying that c computation of adjust n ted tota income a al and alternat minimum tax. te m e by er vision, to th extent o differenc between the tax pa he of ce n aid The credit for tax paid b LLP unde this prov und this pro der ovision and regular in d ncome tax payable, w be allow will wed as tax credit as and when t a the LLP pays the t P tax under t the normal provisions. In the yea of such s off of ta credit, su tax cre . ar set ax uch edit wou not exc uld ceed the dif fference be etween the regular tax and tax pa x ayable under this prov vision for th hat yea ar. ch it arried forwa only for ten assess ard r sment year rs. Suc tax credi can be ca All other provi isions of the Act will c continue to apply to LL LPs.

Le lativ egisl veIni ivesinFinan itiati ncialSect tor

Therevised PensionFund TheStateB Bank TheLife e Billtoamend Regulatoryand TheIn nsurance Billon B ofIndia a RD Insurance BankingLa aws DBFIAct Deve elopment Laws L Facto oringand (Subsidiary Corporatio on Amendme ent 1993and AuthorityBill, ws) (Ame endment) Assignmentof BanksLaw SARF (Amendme ent) FAESIAct Bill,2011 first Rece Bill l,2008 eivables Amendme ent Bill,2009 9 2002 2 introducedin Bill,2009 2005 2

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Investments

FOREIGN DIRECT INVESTMENT To make the FDI policy more user-friendly, all prior regulations and guidelines have been consolidated into one comprehensive document, which is reviewed every six months. The last review has been released in September 2010. This has been done with the specific intent of enhancing clarity and predictability of our FDI policy to foreign investors.

MICRO FINANCE INSTITUTIONS The Micro Finance Institutions (MFIs) have emerged as an important means of financial inclusion. Creation of a dedicated fund for providing equity to smaller MFIs would help them maintain growth and achieve scale and efficiency in operations. To Create "India Microfinance Equity Fund" of `100 crore with SIDBI. To empower women and promote their Self Help Groups (SHGs), To create a Womens look into issues relating to micro finance sector in India has submitted its report.

SHGs Development Fund with a corpus of `500 crore. The Committee set up by RBI to

FOREIGN INSTITUTIONAL INVESTORS Now, only FIIs and sub-accounts registered with the SEBI and NRIs are allowed to invest in mutual fund schemes. To liberalise the portfolio investment route, it has been decided to permit SEBI registered Mutual Funds to accept subscriptions from foreign investors who meet the KYC requirements for equity schemes. This would enable Indian Mutual Funds to have direct access to foreign investors and widen the class of foreign investors in Indian equity market. To enhance the flow of funds to the infrastructure sector, the FII limit for investment in corporate bonds, with residual maturity of over five years issued by companies in infrastructure sector, is being raised by an additional limit of US Dollar 20 billion taking the limit to US Dollar 25 billion.

MICRO, SMALL AND MEDIUM ENTERPRISES

Micro and Small enterprises play a crucial role in furthering the objective of equitable and inclusive growth. To provide `5,000 crore to SIDBI for the same purpose out of the shortfall of banks on priority sector lending targets. Handloom weavers have been facing economic stress. Consequently, many of them have not been able to repay debts to handloom weaver cooperative societies which have become financially unviable. To provide 3,000 crore to NABARD, in phases for these cooperative societies. The initiative would benefit 15,000 cooperative societies and about 3 lakh handloom weavers. The outstanding loans to minority communities which stood at 13% of total priority sector lending at the end of last year have increased to 13.6% in the current year. Ministry has directed the Public Sector Banks to achieve the target of 15% at the earliest.

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DIR RECT TAXE ES

Direct Tax Code (DTC x C)

in place of The Income f e Tax Act, 1961 with , effect from 01st April m l 2012 2

INDIVIDUA I ALS (Ge eneral Cate egory)

WOMEN CITIZENS N

SE ENIOR CITI IZENS

VERY SENIOR Y CIT TIZEN

Exemptio Limit enhanced on from `1,6 60,000 to `1,80 0,000

Qualifying Age reduce to ed 60 6 from 65 N Change in Exemption No Limit - `1, ,90,000 Exemption limit enhanced m o from `2,40,000 to `2,50,000

Qualifying Age 80 Ex xemption - up `5,00,000 pto

CORPOR RATES
Reducti ion of the s surcharge from 7.5% on domes % stic compa anies to 5% %.

Increas in the ra of Minim se ate mum Altern nate Tax (M MAT) from the curren rate of 1 m nt 18% to 18. .5% of boo profits t ok to keep the effective r e rate of the MAT at th same lev e he vel.

As a measure to ensure equal sha e e aring of the corporate tax liability, levy MA on deve e e AT elopers of S Special Econom Zones as well as u mic s units operat ting in SEZ Zs.

At ttractions in foreign funds for f financing o infrastru of ucture: Create s special vehicles in the form of n e notified infr rastructure debt fund e ds; Inter rest payme on the b ent borrowings of these f s funds to a reduced w withholding tax rate of 5% inste g o ead of the cur rrent rate o 20%; of Exe empt the in ncome of t the fund fro tax. om

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In order to p n promote sa avings and raise fund for infra d ds astructure, an additio onal deduct tion of `20, ,000 for inves stment in lo ong-term infrastructu bonds was notifie by the C ure ed Central Gov vernment in 2010-11 Extended 1. d s more year. this for one m

Tax o Dividend from the Foreign U on ds e Units of the Domestic Companie at the ra of 15% e c es ate %.

En nhancemen of the w nt weighted de eduction on payment made to National L n ts Laboratorie univers es, sities and Institu utes of tech hnology, fo scientific research, from 175% to 200% or c , %.

IND DIRECT TA AXES

It is decid ded to main ntain the s standard r rate of Cen ntral excis duty at 10%. se

The Central Excise rate structur to prepa T l re are the gr round for t the transiti ion to GST beginnin with T, ng re eduction in the numbe of exemp er ptions. At A present, t there are about 100 it tems that are exempt from Centr Excise as well as St ral s tate VAT. In addition, there are as many as 370 item that en n , a ms njoy exemp ption from Central Ex xcise duty b but are ch hargeable t VAT. to Withdraw th exemptio on 130 o these ite W he on of ems that are mainly in the nature of consum goods. e e mer The remaining 240 item would be brought i T ms b into the tax net when GST is intr x roduced.

Cen ntral Excise duty of 1% is being imposed on the 130 it e % n tems that a entering the tax ne are g et. No Cenvat cre edit would b available for the ma be e anufacture of these it e tems. Ba asic food an fuel nd Preciou metals a us and stones. wellery and articles of gold, silve and prec d f er cious meta als, the levy would ap y pply only to goods o In case of jew d brand name e. sold under a b Most of the St tates have i increased t their merit r rate of VAT and Centra Excise du from 4% to 5%. T al uty %

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MAN NUFACTUR RING SECT TOR

Fo the man or nufacturing sector, do omestic value additio vis-a-vis imports, to remove duty inve on s e ersions and d an nomalies an to provid a level pl nd de laying field to the dom d mestic indus stry. The m major prop posals are to o: reduc basic cus ce stoms duty on raw silk (not throw from 3 y k wn) 30% to 5%; reduce basic c customs dut from 5% to 2.5% o certain t ty % on textile inter rmediates a and inputs for chemica ferrof als, alloys and paper; a redu basic cu uce ustoms dut on certain specified inputs for manufactu of certain technica fibre and yarn from ty d ure al 7.5% to 5%; fully exem stainless steel scra from bas customs duty; mpt s ap sic s reduc import d ce duties on sp pecified raw material f the man w for nufacture of syringes a and needles to 5% basic and 4% s % CVD; ; expan the raw material lis for manu nd st ufacture of specified e electronic co omponents that are fu exempt from basic s ully t c customs d duty; exte end the con ncession av vailable to p parts, comp ponents and accessori for manufacture of mobile handsets till d ies f 3 31st March 2012 and to include few more i h, items in its ambit s reduce excise dut (and hence CVD) on parts of in ty n nk-jet and la aser-jet pri inters from 10% to 5% m %. Iro ore attracts an exp on port duty of 15% in t o the case of lumps and 5% in th case of f f d he fines. This is a natura al res source which needs to be conserved. I pro o opose to en nhance the rate of exp port duty fo all types of iron ore or s e an unify it a 20% ad valorem. I nd at Iron ore is also expor rted in a va alue-added, pelletized form. Full exemption , d l n fro export d om duty is bein provided to iron ore pellets to encourage the value addition pr ng d e e rocess for fi ines. A relief to ce ement indus stry, replac cement of the existing excise du rates wi compos t g uty ith site rates ha aving an ad d va alorem and specific c component with some rationaliz e zation. The basic cus e stoms duty on two c y critical raw w ma aterials of t this industr viz. petco and gypsum is pro ry oke oposed to b reduced to 2.5%. be

IN NFRASTRUC CTURE Cap pital goods imported for the e s expansion of existing mega or ultra meg power projects en g ga p njoy a con ncessional b basic customs duty of 2.5% and full exemption from C CVD. Bio o-based asp phalt is an e emerging, g green techn nology for t the surfacin of roads Full exem ng s. mption from basic m cus stoms duty is being extended to bio-asp y phalt and specified machinery for its ap pplication in the con nstruction o national highways. Tunnel-bor of ring machin require for the co nes ed onstruction of highwa are n ays also being included in this exemptio o on.

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SERVICE T S TAX

Retention of the standard rat of servi tax at 1 n te ice 10%

Bringing in a few ne services into the tax net to expand th tax base while ens n ew s t he e suring that the t impact is p predominan ntly on sect tions of soc ciety that ha the ability to pay; ave Suitably ex xpanding or rationaliz zing the sco ope of exist ting service categories e s; Rationalizi ing certain provisions relating to import of s o services an valuation nd n; Modifying provisions of the Cenv Credit s vat scheme to a achieve a m more realist balance between in tic nput credits and output tax and harm d x monising the provisions of the sch e heme acros goods an services; ss nd Rationalizi ing penal p provisions to reinforce the messa t e age that ho onest taxpa ayers would be facilita d ated and devian would b dealt wit severely; and nts be th ; Adoption o Point of Taxation ru of ules for ser rvices whic would sh the bas for tax collection f ch hift sis c from cash tow wards accrual basis a with Cen as ntral Excise duty. e

TO LEVY SERVICE TAX ON T Y E THE FOLLO OWING NEW SERVIC CES

Ho otel accomm modation, in excess of declared tariff of n f `1 1,000 per d with an abatement of 50% so that day t o the effectiv burden i only 5% of the amo ve is ount charged;

Service pr rovided by air-conditio oned restau urants that hav license to serve liqu ve o uor, by givin an ng a abatement of 70%. T Thus, the ef ffective bur rden will be 3% of the bill. %

Replacem ment of nil tax with a tax on all services provided by hospitals w with 25 or more beds that have the facility of centr air-cond ral ditioning. Though the tax is o high- en treatmen and aba on nd nt, atement on the pill by 50% so th the actu burden hat ual is kept a 5% of the value of s at e service. Extended the levy to diagno y ostic tests of all kind with the same rat of abate ds e te ement. How wever, all Governm ment hospit tals shall be outside th levy. e his Raise in the service tax on air travel by `50 in the c e r case of dom mestic air travel and ` `250 on international journeys by econom class. s my Tax on t travel by hi igher classe on dome es estic sector at the standard rate of 10% to bring it on par with r o n el. journeys by higher classes on internation air trave s nal

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 Services provided by life insurance companies in the area of investment are also proposed to be
brought into tax net on the same lines as ULIPs.

Expansion on the scope of legal services to include services provided by business entities to
individuals as well as representational and arbitration services by individuals to business entities.

There shall, however, be no tax on services provided by individuals to other individuals. Any audit at their premises tends to dislocate their activities for the duration of the audit. Freed all
individual and sole proprietor taxpayers with a turnover upto `60 lakh from the formalities of audit. Intended to give all assessees with turnover upto `60 lakh, the benefit of 3 percentage points in interest on delayed payment.

TAX RATES ~ A REVIEW

CATEGORY INDIVIDUALS GENERAL(G), WOMEN(W), SENIOR CITIZEN(SC) AND VERY SENIOR CITIZEN(VSC) @Revised Tax Limit Women Citizen has no change, Senior Citizen upto 2,50,000/- and Very Senior Citizen upto 5,00,000/-. CORPORATES EXISTING RATES Upto 1,60,000 nil 1,60,001 5,00,000 10% 5,00,001 8,00,000 - 20% 8,00,001 and above 30% Education Cess @ 3% TAX MAT DOMESTIC COMPANY DDT DIVIDEND FROM FOREIGNSUBSIDARY FOREIGN COMPANY FIRMS AND LIMITED LIABILITY PARTNERSHIP 42.23* REGULAR TAX ALTERNATE MINIMUM TAX 30.90* NA 33.2175* 19.931* 16.609* 33.2175* REVISED RATES Upto 1,80,000 Nil 1,80,001 5,00,000 10% 5,00,001 8,00,000 20% 8,00,001 and above 30% Education Cess @ 3% TAX MAT DDT DIVIDEND FROM FOREIGNSUBSIDARY 42.024* REGULAR TAX ALTERNATE MINIMUM TAX 30.90* 19.055* 32.445* 20.008* 16.225* 16.225*

NEW TAX RATES

*NOTE: ALL RATES ABOVE INCLUDES SURCHARGE AND EDUCATION CESS PAYABLE ACCORDING TO REVISED SURCHARGE RATES.

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Union Budget 2011 2012 A Glance

Direct Taxes Code (DTC) to be finalised for enactment during 2011-2012, DTC proposed to be effective from April 1, 2012. Areas of divergence with States on proposed Goods and Services Tax (GST) have been narrowed. As a step towards roll out of GST Constitution Amendment Bill proposed to be introduced in this session of Parliament. Government committed to retain at least 51% ownership and management control of the Central Public Sector Undertakings. SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirements for equity schemes. Enhance flow of funds to infrastructure sector, the FII limit for investment in corporate bonds issued in infrastructure sector being raised. Exemption limit for the general category of individual taxpayers enhanced from `1,60,000 to `1,80,000 giving uniform tax relief of `2,000. Exemption limit enhanced and qualifying age reduced to 60 for senior citizens. A new Category of Very Senior Citizen introduced and qualifying age limit fixed at 80. Surcharge reduced to 5 % from 7.5 % on domestic companies.

Rate of Minimum Alternative Tax proposed increased from 18 % to 18.5% of book profits. Additional deduction of `20,000 for investment in long-term infrastructure bonds proposed to be
extended for one more year.

Lower rate of 15% tax on dividends received by an Indian company from its foreign subsidiary. Weighted deduction on payments made to National Laboratories, Universities and Institutes of
Technology to be enhanced to 200%.

Central Excise Duty to be maintained at standard rate of 10%. Reduction in number of exemptions in Central Excise rate structure. Nominal Central Excise Duty of 1% imposed on 130 items entering in the tax net. Lower rate of Central Excise Duty enhanced from 4% to 5%. Optional levy on branded garments or made up proposed to be converted into a mandatory levy at
unified rate of 10%.

Peak rate of Custom Duty held at its current level.

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Manufacturing Sector

Basic Custom Duty reduced for various items to encourage domestic value
addition vis--vis imports, to remove duty inversion and anomalies and to provide a level playing field to the domestic industry.

Rate of Export Duty for all types of iron ore enhanced and unified at 20% ad
valorem. Full exemption from Export Duty to iron ore pellets. and gypsum is proposed to be reduced to 2.5%.

Basic Custom Duty on two critical raw materials of cement industry viz. petcoke Cash dispensers fully exempt from basic Customs Duty.
Environment

Full exemption from basic Customs Duty and a concessional rate of Central Excise Duty extended
to batteries imported by manufacturers of electrical vehicles.

Concessional Excise Duty of 10% to vehicles based on Fuel cell technology. Exemption granted from basic custom duty and special CVD to critical parts/assemblies needed
for Hybrid vehicles.

Reduction in Excise Duty on kits used for conversion of fossil fuel vehicles into Hybrid vehicles. Excise Duty on LEDs reduced to 5% and special CVD being fully exempted. Basic Customs Duty on solar lantern reduced from 10 to 5%. Full exemption from basic Customs Duty to Crude Palm Stearin used in manufacture of laundry
soap.

Full exemption from basic Excise Duty granted to enzyme based preparation for pre-tanning.
Other Proposals

Scope of exemptions from basic Customs Duty for work of art and antiquities extended to apply for exhibition
or display in private art galleries open to the general public. ship owners.

Exemption from Import Duty for spares and capital goods required for ship repair units extended to import by Concessional basic Custom Duty of 5% and CVD of 5% available to newspaper establishments for high speed
printing presses extended to mailroom equipment.

Jumbo rolls of cinematographic film fully exempted from CVD by providing full exemption from Excise Duty. Out right concession to factory-built ambulances from Excise Duty. Relief measures proposed for raw pistachio, bamboo for agarbatti, lactose for the manufacture of homoeopathic
medicines, sanitary napkins, baby and adult diapers.

Proposals relating to Customs and Central Excise estimated to result in a net revenue gain of `7,300 crore.
Infrastructure

Parallel Excise Duty exemption for domestic suppliers producing capital goods needed for expansion of
existing mega or ultra mega power projects. construction of national highways.

Full exemption from basic Customs Duty to bio-asphalt and specified machinery for & Associates S Dhanapal application in the

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Service Tax

Standard rate of Service Tax retained at 10%, while seeking a closer fit between present regime and its
GST successor.

Hotel accommodation in excess of `1,000 per day and service provided by air conditioned restaurants
that have license to serve liquor added as new services for levying Service Tax.

Tax on all services provided by hospitals with 25 or more beds with facility of central air conditioning. Service Tax on air travel both domestic and international has been raised. Services provided by life insurance companies in the area of investment and some more legal services
proposed to be brought into tax net.

All individual and sole proprietor tax payers with a turn over upto `60 lakh freed from the formalities of
audit.

Central Excise and Custom laws.

Proposals relating to Service Tax estimated to result in net revenue gain of `4,000 crore. Proposals relating to Direct Taxes estimated to result in a revenue loss of `11,500 crore and
those related to Indirect Taxes estimated to result in net revenue gain of `11,300 crore.

AMENDMENTS IN VARIOUS OTHER SECTIONS IN CRUX:

SECTION 2(15) AMENDMENTS MADE IN NEW BUDGET The advancement of any other object of general public utility shall continue to be a charitable purpose, if the total receipts from any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business was 10 Lakhs and it was enhanced to 25 Lakhs. Tax Exemption on any income received by an infrastructure debt fund set up according to guidelines prescribed by the Central Government. Omission of quoting document identification number has been. The assessee being employer will get deduction on any sum paid by it to a pension scheme referred in section 80CCD on account of its employee, subject to 10% of employees salary. Tax @ 5% on Interest income received by non- resident from a notified infrastructure debt fund. A prompt collection of information shall be facilitated on requests received from tax authorities outside India in relation to an agreement for exchange of information referred to in section 90 or 90A. The time taken in obtaining information from the tax authorities in jurisdictions situated outside India, under an agreement referred to in section 90 or 90A, to be excluded from the statutory time limit prescribed for completion of assessment or reassessment.

10(47)

282B 36(iva) 115A 131(1) 143(3), 147, 153

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CONCLUSION
The Union Budget 2011-12 seems balanced and growth oriented. Agriculture, Infrastructure and Social sector have been the focus areas. The budget has sought to promote growth with an inclusive agenda. Consequently, substantial plan outlay has been devoted to social and rural development. The Finance Minister expressed his concern over the problem of generation and circulation of black money in the Budget Session and announced the implementation of a Five Fold Strategy to deal with the problem. Besides this the Budget 2011-12 laid the foundation for the roll out of DTC and GST. Proposed increased exemption limit was in-line with market expectations. Investment reforms for FIIs and FDIs came in as a surprise which has been a major cause of concern in recent months.

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