Budget 2013
Budget is something that every citizen of India looks forward to. It determines how the finances are going to be managed for the coming year.
The Union Budget 2013-2014 is perhaps the most budget of post reform India. This budget, as always has been welcome by some, while for the others it is a total unsatisfactory one. The Finance Minister, Mr. Chidambaram has tried to cut down the expenses and has tried to increase the fiscal by next year end.
Listed below are the highlights of the Union Budget of 2013-2014:
There would be no change in the tax slabs for personal income tax.
Tax credit of about 2000 Rs to be provided to every person who comes in the slab of having an income upto 5 lakhs and this will benefit around 1.8 crore people.
5-10% surcharge on domestic companies whose taxable incomes exceeds about 10 crores Rs.
Modified GAAR norms to be established from 1st April 2016.
Import duty on rice bran oilcake withdrawn.
Direct taxes code would be introduced in the current parliament session.
Import duty of setup boxes raised from 5 to 10 % to safeguard interest of domestic producers.
Import duty raised from 75 to 100% on luxury vehicles.
Duty free limit raised on gold to about 50,000 Rs for males and about 1,00,000 Rs for females.
Excise duty on cigarettes and cigar raised by 18 %.
Excise duty on SUV to be increased from 27 % to 30 %, however SUV used as taxies exempted.
Vocational courses offered by state affiliated institutes to be exempted from service tax.
Mobile phones ranging above 2000 RS would have an increased duty of 6 % from 1%, based on their maximum retail price.
Service tax would be levied on all A/C restaurants.
Education cess would continue at 3 %.
Contributions made to health and schemes under state and government , are made eligible for tax.
Eligibility conditions for life insurance policies for people suffering disabilities to be liberalized.
TDS of 1% on value of properties above 50 lakhs Rs, agricultural land
The Union Budget 2013-2014 is perhaps the most budget of post reform India. This budget, as always has been welcome by some, while for the others it is a total unsatisfactory one. The Finance Minister, Mr. Chidambaram has tried to cut down the expenses and has tried to increase the fiscal by next year end.
Listed below are the highlights of the Union Budget of 2013-2014:
There would be no change in the tax slabs for personal income tax.
Tax credit of about 2000 Rs to be provided to every person who comes in the slab of having an income upto 5 lakhs and this will benefit around 1.8 crore people.
5-10% surcharge on domestic companies whose taxable incomes exceeds about 10 crores Rs.
Modified GAAR norms to be established from 1st April 2016.
Import duty on rice bran oilcake withdrawn.
Direct taxes code would be introduced in the current parliament session.
Import duty of setup boxes raised from 5 to 10 % to safeguard interest of domestic producers.
Import duty raised from 75 to 100% on luxury vehicles.
Duty free limit raised on gold to about 50,000 Rs for males and about 1,00,000 Rs for females.
Excise duty on cigarettes and cigar raised by 18 %.
Excise duty on SUV to be increased from 27 % to 30 %, however SUV used as taxies exempted.
Vocational courses offered by state affiliated institutes to be exempted from service tax.
Mobile phones ranging above 2000 RS would have an increased duty of 6 % from 1%, based on their maximum retail price.
Service tax would be levied on all A/C restaurants.
Education cess would continue at 3 %.
Contributions made to health and schemes under state and government , are made eligible for tax.
Eligibility conditions for life insurance policies for people suffering disabilities to be liberalized.
TDS of 1% on value of properties above 50 lakhs Rs, agricultural land