WHAT MATTERS YOU IN THE BUDGET - 2013

Indian Budget - 2013

       No changes in slabs and rates of Income tax

·         Tax Credit of Rs.2000/- to be given to people earning between `2 - `5 lacs

·         RGESS to be liberalised - extended to 3 consecutive years and eligible income level raised to `12 lacs

·         First home buyers taking of loan upto ` 25 lacs to get additional `1 lac benefit of interest paid - over and above the limit of `1.5 lac

·         Infrastructure debt funds - IDF to be given impetus by giving signals to float Tax Free Bonds

·         KYC of banks to be applicable for buying insurance

·         On 42k persons filing income more than `1 CR - 10% additional surcharge - only for 1 year

·         Surcharge increased on domestic companies having revenue of `10 crore and above

·         Surcharge on Dividend Distribution Tax increased

·         TDS of 1% applicable for sales over `50 lacs - agricultural land exempted

·         STT rates reduced on equity FUTURES (securities transaction tax)

·         DTC - work in progress

·         No Change in Peak Customs Duty, Excise & Service Tax

·         High End goods like cars, motocycles, yatchs etc - customs duty increased to

·         Duty Free limit for Gold brought by individuals from abroad raised to Rs.50000/- for males & Rs. 1 lac for females

·         Excise on tobacco products increased

·         Excise on SUVs increased to 30% from 27%.  not applicaple for registration as TAXI

·         Mobile phones - priced more than Rs.2000/- increase in duty

·         Service Tax to be levied by all Air Conditioned Restaurants

·         Fiscal Deficit target for 2012-12 is 5.5% and estimate for 2013-14 is 4.8%

·         Demand - Supply issue raising the inflation

·         Plan Expenditure to be `5.53 Lac Crore - more by 29% in 2013-14

·         Total Expenditure to be `16.65 Lac Crore for 2013-14

·         To create jobs for youth, raise incomes & safety

·         Focus on Human Development - Gender, Disability - a new feature in the budget

·         Allotment to HRD ministry - `65K Crore - increase by 17%

·         Focus on Agri exports - which is often oppressed by populist parties

·         Food Security Bill is a commitment of the government - allocation of `10k Crore

·         Dabhol power plant to be fully operational in 2013-14

·         Benefits announced MSMEs

·         Proposal to set up India's first all woman bank in the public sector to be run by women and for the women with an initial capital of `1k Crore - to be opened by October 2013

·         New Co Bill stresses on CSR activities

·         New branches of LIC & one General Insurance company can be opened without the permission of IRDA in TIER II cities

·         `14k Crore capital infusion in PSU Banks

·         Incentives to Foreign Investors by simplifying entry rules

·         Defence Allocation increased - allocation of `2.03 lac crore

·         Modified GAAR to come into effect from  01-04-2016