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Chartered accountants discuss Union Budget and taxes
March, 19th 2012

Allahabad branch of CIRC, Institute of Chartered Accountants of India organised a seminar on recent changes in service tax and direct taxes. At the beginning of the programme Shiv Kumar, chairman Allahabad branch welcomed the members, students and guests and stressed upon the need to update the knowledge through such seminars.

Speaking at the inaugural session chairman CIRC Mukesh Singh Kushwaha highlighted various reforms made by ICAI recently. A major reform is related to bank audit and the effort made by the ICAI for the welfare of the members and institute. At the first technical session Dharmendra Srivastava from Kanpur highlighted upon the increase in the rate of Service Tax from 10% to 12% and also discussed about the service tax levied on all service except the negative list provided in the Finance Bill 2012.

In the next technical session speaker S K Garg from Allahabad discussed that the slab rate of the income tax for male and female individual below the age of 60 has been increased from Rs 1.8 lakh to Rs 2 lakh. He also discussed that the interest on saving bank has been exempted upto Rs 10000/- for individuals.

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