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UNION BUDGET 2013-2014

From the Team ,

ANAND M SHETTY

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INTRODUCTION

Union Finance Minister

P. Chidambaram presented

Budget 2013-14 in theLok Sabha on 28-Feb.

He said that India will become

USD 5 trillion economy,and among top five in the world by 2025.

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TAXES

Major Highlights of this Budget are :

Fiscal deficit seen at 5.2 point of GDP in 2012/13

Fiscal deficit seen at 4.8 point of GDP in 2013/14

No Change in Income Tax Slabs

Tax credit of Rs. 2,000 for income upto Rs. 5 lakh

10 % surcharge on persons with taxable income of over Rs 1 crore

Direct Taxes Code (DTC) bill to be introduced in current Parliamentsession

Income limit for the tax-saving Rajiv Gandhi Equity Savings Scheme(RGESS) is raised to Rs. 12 lakh from Rs. 10 lakh

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TAXES

First home loan of up to Rs 25 lakh to get extra interest deductionof up to Rs 1 lakh

Duty-free limits for Gold raised to Rs 50000 for men and Rs 1lakh for women

Tax Deducted at Source to be fixed at 1% on land deals over Rs50 lakh

Proposal to launch Inflation Indexed Bonds or Inflation Indexed

National Security Certificates to protect savings from inflation.

All public-sector banks have assured the Finance Minister thatthey will all have ATMs in their branch areas by 2014

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TAXES

Propose to reduce securities transaction tax on equity futures to0.01 point from 0.017 point

Time to introduce commodities transaction tax (CTT). CTT onnon-agriculture futures contracts at 0.01 point

Propose to impose withholding tax of 20 point on profit distribution to shareholders

No change in peak custom, excise rates.

Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted

http://wealth18.com/highlights-of-india-union-budget-2013-2014-quick-summary/

http://wealth18.com/highlights-of-india-union-budget-2013-2014-quick-summary/

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TAXES

18% rise in excise duty on Cigarettes, cigars and cheroots

Service tax on all A/C restaurants

To increase surcharge to 10 point on domestic companieswith annual income of more than 100 million rupees

For foreign companies, who pay the higher rate of corporatetax, the surcharge will increase from 2 pct to 5 per cent.

To continue 15 point tax concession on dividend received byIndia companies from foreign units for one more year

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MAJOR EXPENDITURE & ALLOCATIONS

‘Nirbhaya Fund’ – Rs 1000 cr

Defence allocation – Rs 203,672 cr

Education – Rs 65,867 cr

Rural Development Ministry – Rs 80,194 cr

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MAJOR EXPENDITURE & ALLOCATIONS (CONTD..)

Ministry of Technology – Rs 6275 cr

Department of Space – Rs 5216 cr

Department of Energy – Rs 5280 cr

Eastern Indian states to get Rs 1,000 cr

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Programme on crop diversification - Rs 500cr

Agriculture Ministry – Rs 27,049 cr

JNNURM for urban transportation – Rs

14,873 cr

Ministry of Drinking Water and Sanitation –

Rs 15,260 cr

NABARD for agri storage facilities - Rs.

5,000 cr

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To make post offices part of core banking – Rs

532 cr

Mid-day meal programme – Rs 13215 cr

Rs 41,561 crore for SC plan and Rs 24,598

crore for tribal plan

169 crore given for development of Ayurveda,

Siddha, Unani (Natural medicine) andhomeopathy

The Right to Education Act ,

Rs. 27,250 crore to Sarva Shikhsa Abhiyaan.

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OTHER ANNOUNCEMENT

289 more cities to get private radio FM stations

Insurance companies can now open branches in

Tier 2 cities and below without prior approval. Alltowns of India with a population of 10000 or more will have an LIC branch and one other public sector insurance company.

India’s first women’s bank as a PSU proposed,Rs. 1,000 crore working capital announced

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OTHER ANNOUNCEMENT (CONTD..)

Regulatory authority to be set up for road sector

An Institute for agricultural biotechnology will be set up

in Ranchi, Jharkhand.

Four Infrastructure debt funds have been registered

Food grain production in 2012—13 will be over 250

million tons

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CORPORATE & MARKETS

Proposes capital allowance of 15 point to companies oninvestments of more than 1 billion rupees

Foreign institutional investors (FIIs) can use investments in

corporate, government bonds as collateral to meet marginrequirements

Insurance, provident funds can trade directly in debt segments of stock exchanges

FIIs can hedge forex exposure through exchange-traded

derivatives Investor with less than 10 point stake in a company will be

regarded as FII, more than 10 point stake as FDI (foreign directinvestment)

Stock exchange regulator will simplify know-your-customer normsfor foreign portfolio investors

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SUBSIDIES

2013/14 major subsidies bill estimated at Rs2,48,000 crore – up from Rs 182000 crore in2012-2013

Petroleum subsidy seen at Rs 65000 crorerupees in 2013/14

Revised petroleum subsidy for 2012/13 at Rs

96880 crore Estimated Rs 90000 crore spending on food

subsidies in 2013/14

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anand union budg 2013-2014(

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