The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff and was established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled, “The Union Budget 2012-13, Economic And Direct Tax Implications” was published on April 2, 2012 and was authored by Minoo R. Shroff and Kanu H. Doshi. The first article discusses economic implications and major concerns in the high rate of inflation and shows urgency to improve governance rather than the need for reforms. The second article discusses Direct tax proposals which includes rates of Income Tax for assessment year 2013-14, offshore share transactions taxable, definition of demerger rationalized, computer software being taxable as royalty, limit for exempt life insurance policies reduced to 10%, benefit of additional depreciation, extension of sunset date, deduction in respect of capital expenditure on specified business, rationalization of iness expenditure for non-deduction TDS, Tax Audit, cost of acquisition case of certain transfers, fair market value, relief from long term capital gains, etc.