Personal Tax
[*]No changes in personal Income Tax slabs or rates
[*]Surcharge on super rich
[*]Surcharge of 10% for income of Rs 1 cr or more per annum for one year
[*]10% surcharge to be applicable for individuals, HUFs, firms and entities with similar tax status
[*]Surcharge increased from 5% to 10% on domestic companies whose taxable income exceeds Rs 10 crore per year
[*]1% TDS for property sale worth more than Rs 50 lakh; agri land exempt
[*]Tax credit of Rs 2000 on incomes between Rs2-5 lakh
[*]5.5% tax to GDP ratio for direct tax
[*]4.5% tax to GDP ratio for indirect tax
[*]Tax administration reform commission to be set up to strengthen the system
[*]Our tax to GDP ratio is very low
[*]Should reclaim 11.9% Tax-GDP ratio in short-term
[*]There are 42,800 persons in the country who admitted to a taxable income exceeding Rs 1 cr per year
[*]Donations to National Children's Fund will be eligible for 100% tax deduction
[*]Long-term infra bonds also eligible for tax deduction; additional Rs 1 lakh deduction for home loans
[*]TDS on value of immovable property as transaction on immovable properties are usually undervalued
[*]Extends tax cuts benefits to Rupee Infrastructure Funds
[*]Educational Cess to continue at 3 %
[*]Securitization Trust income to be exempt
[*]Tax on royalty and fees for technical services to NRIs increased from 10 percent to 25 percent.
[*]Permissible premium rate of life insurance policies increased from 10% to 15% for persons with disability and certain ailments
[*]Contributions to schemes of Central and state govts similar to Central Government Health Scheme, eligible for exemption under Section 80D of the Income Tax Act
[*]
Corporate Tax
[*]CTT on non-commodities futures at 0.1%
[*]Surcharge on DDT doubled to 10%
[*]A final withholding tax at the rate of 20 percent on profits distributed by unlisted companies to shareholders through buyback of shares
[*]
Indirect Taxes
[*]No change in peak rate for CD non-agri products
[*]Eco friendly concessions to be prolonged till 2015
[*]Leather and goods duty reduced to 5%
[*]Luxury cars import duty at 100%
[*]Yachts duty at 25%
[*]Luxury motorcycle duty at 75%
[*]No change in customs duty of 10%
[*]No change in excise duty or service tax
[*]Precious, semi-precious duty reduced
[*]Luxury motor vehicles to be taxed more
[*]Baggage rules to permit bringing jewellery duty free limit raised to Rs 50000 for males and Rs 1 lakh for females
[*]Tax on SUVs increased from 27% to 30%; taxis exempt
[*]Excise duty on set top box increased
[*]6% duty on mobiles costing more than Rs 2000
[*]Excise on service tax on all air-conditioned restaurants
[*]Handmade carpets exempt for excise duty
[*]Increase in excise duty on cigarettes by 18%
[*]Excise on readymade garments reduced
[*]Excise on Service Tax defaulters from 1-10-2007 can submit tax without being penalised or interest charged
[*]Advocates need for GST
[*]
Miscellaneous
[*]For housing loans limit till Rs 25 lakh – additional Rs 1 lakh exemption for 2013-14 for first time loan takers
[*]Divestment target of Rs 40,000 crore
[*]Rs 50,000 cr tax free bonds to be allowed by select institutes
[*]Inflation indexed Bonds and NSCs to be issued
[*]SMEs to enjoy benefits for 3 years after they outgrow category
[*]Fiscal deficit contained at 5.2%; target set at 4.8%
[*]Direct benefit transfer scheme – 11 lakh have received benefits directly to bank accounts
[*]Revenue deficit estimated at 3.3%
[*]Seek same support of everybody to navigate the Indian economy through crisis
[*]Global economy has slowed from 3.9% to 3.2%
[*]Not unaffected what happens in the world
[*]Current year CSO has estimated growth at 5% and RBI at 5.5% - below India's potential growth rate of 8%
[*]No reason for gloom or pessimism
[*]Only China and Indonesia are growing faster than India
[*]In 2013-14 only China will grow faster than India
[*]Indian economy growing below potential of 8%
[*]Goal of higher growth leading to inclusive and sustainable growth
[*]Plurality and diversity lead to inequitable distribution which needs to be addressed
[*]Women, SCs/STs and other backwards need to be included
[*]Need to create economic space and achieve socio-economic objective
[*]New Fiscal Consolidation measures undertaken to achieve 5.3%
[*]Current Account Deficit major worry
[*]CAD due to higher coal, oil and gold imports
[*]We have to find 75 bn dollar to finance current account deficit
[*]No solution but FDI, FII, ECB to bridge CAD
[*]Achieving high growth is not a novelty and beyond our capacity
[*]Without growth there will be no development and inclusiveness
[*]UPA govt believes in inclusive development with emphasis on improving human development index
[*]At present economic space is constrained
[*]India doesn’t have the choice between welcoming and spurning foreign investment
[*]Development must be sustainable and must have democratic legitimacy
[*]The battle against inflation must be fought on all fronts
[*]Our battle has brought down headline inflation to 7% and core inflation to 4%
[*]Wisdom lies in finding current level of govt expenditure
[*]Faced with huge fiscal deficit no choice but rationalise expenditure
[*]We have retrieved some economic space
[*]Sufficient funds to each ministry and departments
[*]One overarching goal of the budget is to create opportunities for youth
[*]Estimated expenditure Rs 1490925 lakh cr; Revised Rs 1430825 lakh cr
[*]Planned expenditure will be 29.4% more than previous; all projects to be fully funded
[*]Onus on ministries to completely projects in timely manner
[*]Rs 41561 cr for SC sub plan
[*]Rs 24500 cr to ST sub plan
[*]The funds for sub plan cannot be diverted
[*]Rs 77236 cr for child budget
[*]Rs 200 cr for gender equality
[*]Maulana Azad education foundation corpus gets Rs 160 cr more
[*]Rs 110 cr for dept of disable welfare
[*]Rs 37330 cr to ministry of health and family welfare out of which new national health mission to get Rs 21239 cr
[*]Rs 4727 cr for medical education, training
[*]Rs 1069 cr to department of ayush
[*]Rs 1650 cr to AIIMS like institutions
[*]Rs 65867 cr to HRD ministry
[*]Rs 27258 cr for Sarva Siksha Abhiyan
[*]Rs 3983 cr for Rashtriya Madhyamik Shiksha Abhiyan
[*]Rs 13215 cr for mid-day meal scheme
[*]Rs 17700 cr for children care and education
[*]Rs 15260 cr for clean drinking water
[*]Rs 1400 cr for water purification/ clean arsenic
[*]Rs 80195 cr for MNREGA, Indira Awas Yojna, NREGS
[*]PMGSY II to benefit states like Haryana, Punjab, Andhra Pradesh, Karnataka
[*]Rs 14800 cr for JNNURM
[*]Foodgrains production will be 250 mn tonne
[*]Earned Rs 138403 cr due to agri exports
[*]Rs 27049 cr for agri ministry
[*]New scheme for rural road development
[*]Rs 500 cr for crop diversification
[*]The avg growth of agri was 3.6%
[*]Agriculture to get over Rs 3000 cr
[*]Green Revolution in eastern India has been a remarkable success – Rs 1000 cr to these states
[*]Original Green Revolution states to get Rs 500 cr for crop diversification
[*]Watershed management to get Rs 5387 cr
[*]Rs 7 lakh agri credit target
[*]National Institute of Biotic Stress Management for addressing plant protection at Raipur, Chhattisgarh
[*]National Livestock Mission to be launched in 2014 for which Rs 307 cr allocated
[*]National biotech centre at Ranchi
[*]National food security bill gets Rs 10000 cr towards incremental cost
[*]Rs 50 cr for FPOs
[*]Equity grants of Rs 10 lak per FPO
[*]Rs 1000 cr for eastern Indian states
[*]Rs 55 lakh cr needed for infra including private funds
[*]Infra Debt Funds will be encouraged; 4 already floated
[*]Rs 25,000 cr raised by institutions as tax free bonds in 2012-13
[*]WB help to be taken for NE states to be connected with Myanmar
[*]Godowns to be constructed with help of panchayats
[*]USD 1 trillion investment in infrastructure
[*]47% of the cost will be shared by private sector
[*]Infrastructure debt funds will be encouraged
[*]4 IDFs have been registered with SEBI
[*]To allow some institutions to raise money through tax free bonds to the total of Rs 50000 cr
[*]Rs 5000 cr for construction of warehouses
[*]Regulatory Authority to oversee road projects
[*]Zero CD for semi conductors/ electronics
[*]First time Rs 12 lakh income limit increased from Rs 10 lakh for MF s
[*]Rajiv Gandhi Equity scheme raised Rs 2 lakh cr
[*]Rs 5000 cr to NABARD to finance construction of warehouses, silos, cold storages
[*]New regulatory authority for road sector
[*]3000 km of road projects in some states will be awarded in first 6 months of 2013-14
[*]Cabinet committee on investment to take up more projects
[*]FM to approve Rs 50,000 cr tax-free bonds in FY14; moving on to infra, he says CCI is the answer to all policy hurdles
[*]New instrument to save savings from inflation called as Inflation Index Bonds details of which will announced in due course
[*]Seven new cities on Delhi-Mumbai corridor
[*]Chennai Bengaluru Industrial Corridor to be developed
[*]Preparatory work has started for Bengaluru Mumbai Industrial Corridor
[*]Two new ports - in Sagar in WB and one in AP
[*]New outer harbour at Tuticorin through PPP
[*]5 inland waterways have been declared as national waterways, one more announced in Assam
[*]Natural gas pricing policy would be reviewed
[*]5 MMTPA terminals will be fully operational
[*]Non-tax benefits to be made available to MSMEs after they graduate to higher units
[*]Textile tech upgradation to get Rs 2400 cr
[*]Handloom workers to get working capital at concessional rates
[*]SIDBI gets Rs 500 cr
[*]Standing council of experts in ministry finance to analyse competitiveness of Indian financial sector
[*]13 PSU banks to get Rs 14000 cr in 2013-14 as capital infusion
[*]All cooperative banks to be brought under CBS
[*]All PSU banks to have ATMS at their premises
[*]India’s first women bank as a PSU bank with Rs 1000 cr as initial capital
[*]New fund for urban housing to get Rs 2000 cr
[*]All towns with a population of 10000 or more will have a branch of LIC and one general insurance company
[*]Group insurance schemes to be available for teachers, nurses
[*]RSBY to be extended to rickshaw, autorickshaw, sanitation and mine workers
[*]Rs 50 cr for textile ministry for apparel park
[*]Rs 6000 cr for Rural Housing Fund
[*]SEBI Act amendment under consideration
[*]Investor with stake less than 10% will be taken as FII; more than that it will be taken as FDI
[*]New scheme to encourage waste to energy projects
[*]Clean and green energy is a priority
[*]KYC of banks sufficient for insurance
[*]Debt segment to be set up in Exchange
[*]Rs 800 cr for Ministry of Non Renewable Energy
[*]Hope Insurance and Pension Bills are passed soon
[*]Rs 6000cr for Rural Housing Fund
[*]Banks can act as insurance brokers
[*]Defense expenditure at Rs 2 lakh cr appx
[*]Rs 6275 cr for science and tech ministry
[*]Rs 5580 cr for dept for atomic energy
[*]Rs 100 cr each to AMU, BHU,
Tata Institute of Social Sciences Guwahati, INTACH
[*]National Institute of Sports Coaching in Patiala
[*]Rs 532 cr for post offices to undertake banking activities
[*]Rs 5880 cr to DAE
[*]Over 800 FM channels will be auctioned
[*]Gadar memorial in San Francisco to be upgraded
[*]Donations to academic institutions and R&D to be treated as CSR
[*]Mutual Fund distributors can now become members of Stock Exchange
[*]Nirbhaya Fund for women’s security at Rs 1000 cr
[*]Insurance, Provident Funds can trade directly in debt segments of stock exchanges
[/list]
irate:
ffended: