Tuesday, 5 March 2013

Latest 2013 Budget updates| Budget 2013-14 live


Latest 2013 Budget updates| Budget 2013-14 live

The
Latest 2013 Budget updates| Budget 2013-14 live are
refered by TIMES OF INDIA
 Resisting the temptation of election year populism  and the general Budget 2013  offered no major tax sops but slapped a surcharge on the super rich, raised duties on mobile phones, cigarettes and the imported luxury vehicles and the introduced TDS on property sale above Rs 50 lakhs.
Presenting UPA-II's last fullfledged Budget 2013-14 ahead of the net year general elections to net in an additional of Rs 18,000 crore, finance minister P Chidambaram did balancing growth needs with fiscal prudence by the stepping up expenditure in social sectors and cutting subsidies
In a Budget that pegs fiscal deficit at 4.8 per cent of GDP, defence allocation has been stepped up by 14 per cent over the revised expenditure in the current year to Rs 2,03,672 crore in the next
Without changing the basic slabs and rates in income tax rates, Chidambaram gave a benefit of Rs 2,000 to individual tax payers with taxable income of up to Rs 5 lakh, that will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.First-time home buyers will get an additional deduction of interest of Rs 1 lakh for home loans above Rs 25 lakh and Rs 1.50 lakh for home loans up to Rs 25 lakh. This will be over and above the current Rs 1 lakh deduction allowed for self-occupation.
The much-talked about 'super-rich' tax was levied as a 10 per cent surcharge on "relatively prosperous" persons with an income over Rs 1 crore
Latest 2013 Budget updates| Budget 2013-14 live

Similarly, on domestic corporates with taxable income of Rs 10 crore, the surcharge has been raised from 5 to 10 per cent. Foreign companies will pay an increased surcharge of 5 per cent, up from 2.The finance minister proposed that the surcharges will be in existence for just a year, while continuing the 3 per cent education cess on all tax payers.In a bid to eliminate tax evasion through under-valuation and under-reporting in property sale, the Budget proposes a TDS of one per cent on all transfers of immovable properties for a consideration above Rs 50 lakh. Agriculture land will however be exempted from this. While Securities Transaction Tax (STT) has been marginally reduced, the minister introduced a new Commodities Transaction Tax (CTT) on non-agricultural commodities futures.In indirect taxes, the Budget does not make any change in the peak Customs and Excise Duties or Service Tax, but it sharply raised import duty on high-end luxury cars, motorcycles and yachts from 75 per cent to 100 per cent and excise duty on SUVs from 27 to 30 per cent.The finance minister, like most of his predecessors, did not fail to touch smokers in raising resources. Cigarettes, cigars, cigarillos and cheroots will attract an additional 18 per cent excise duty. Dining at air-conditioned restaurants will cost more as service tax has been extended such establishments which were earlier exempted if they did not serve liquor. Mobile costing above Rs 2,000 will attract a 6 per cent excise duty instead of 1 per cent currently.Under the fresh excise duty proposals, marbles and silver manufactured from smelting zinc or lead while readymade garments, carpets and floor covering of coir and jute will become cheaper. Vocational courses in state-aided institutions and agriculture testing facilities have been exempted from service tax.



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