Budget, 2012 – Insights

The Budget of 2012-13 will be remembered as ushering in an era of giving unprecedented power to the Income Tax Department and making the provisions extremely onerous and difficult to comply with by an average tax-payer.

There is no whisper in the entire Budget Speech of the Hon’ble Finance Minister for “fair, transparent and just” Tax Administration and citizens’ rights and remedies against high-pitched, untenable tax assessments. When the tax laws become stricter, they can only work, if Tax Administration becomes efficient, just and fair and comes down heavily on both the tax gatherers and the tax payers with equal force.

The SRD knowledge team has put together some of the salient features of the Union Budget of 2012-13 with comments on some vital proposals for your consideration.

SR Dinodia Budget 2012 Insights