Initiating
the debate on the Finance Bill for 2012-13 in the Lok Sabha, Finance Minister
Pranab Mukherjee said the government had decided to roll back the proposed 1%
tax deduction at source (TDS) on transfer of immovable property.
Further
Mr. Mukherjee also announced a slew of measures to provide relief to the Jewellery
sector and postponed implementation of the general anti-avoidance rules (GAAR)
by one year.
Not
only this he also halved the Capital Gains tax for private equity investors to
10% and relaxed the norms for arrest of persons involved in violation of
Customs Act.
Further
Mr. Parab. Mukherjee said that the threshold limit for TCS (tax collection at
source) on cash purchase of jewellery will be raised to 5 lakh from the current
2 lakh.
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