LIVE BUDGET COVERAGE

INDIA BUDGET 2013 HIGHLIGHTS.

·         FY 2013 budget is to create opportunities

·         Rs. 41K Cr allocated to SC/ST

·         Number of grant to promote education

·         Allocated Rs. 13K Cr for Midday meal Scheme

·         Allocated Rs. 17K Cr for Healh

·         Allocated Rs. 1400 Cr for water purification.

·         Alocated Rs. 80K Cr for Rural development

·         JUNRM Continues allocated Rs. 15K  Cr.

·         Allocated 27K Cr to Agri Ministry.

·         Allocated Rs 1000K for East india states.

·         Promote Crop rotation allocated Rs. 500 Cr.

·         Short term loan for farmer continues.

·         Allocated Rs. 5K Cr for Water reservation

·         Food Security Bill – under process – set Rs. 10K Cr .

·         Introduce Infrastructure Debt  Fund

·         Allow tax free bonds

·         Infra Development target of $ 1 Trn.

·         Investment in 100 Cr in P&M from April 2013 to 2015 -  addl investment allowance of 15%.

·         Rajiv Gandhi Equity Scheme – Limit upto Rs. 12 Lakhs from 10 lakhs and added Mutual Fund

·         Home Loan taken from FY 2013-14 will get addl. Home loan deduction of Rs. 1 Lakh. Limit of Loan  Rs. 25 Lakhs.

·         RBI will introduce inflation free bonds.

·         MSE will continue get the benefit for next 3 years in case they made growth.

·         PPP model for Coal growth

·         Bangalore – Mumbai Industrial co-ordiar preparatory work started.

·         India First Women Public Sector Bank – Rs. 1K Cr Initial Capital.

·         All PSU bank have ATM  by 2014.

·         Banks allow to sell micro insurance products.

·         Low interest rate for renewable energy projects.

·         Pension fund to allow invest in ETF

·         Government plans to spend Rs 16.65 lakh crore in FY14

·         Stock exchange introduce dedicated debt segment

·         Sebi will simply the process of investment by FIIS.

·         Zero Custom on semi-conductor industry.

·         Generation based incentives for Wind Power.

·         Ministry of Women will get Rs. 1K Cr for Women Safety called Nirbhaya Fund.

·         Auction 839 FM Lincences across India.

·         No Change in Tax slab

·         Rs. 2000 tax credit for income more than Rs. 5 Lakhs.

·         Tax Surcharge increased to 10% from 5% . Company >10 Cr and Others >1 Cr.

·         Edu cess cont.. at 3%.

·         No change in home loan interest of Rs. 1.5 Lakhs on existing loan.

·         Extended 80G benefits.

·         80-IA benefit extendted to power sector till 2014.

·         No DDT on international dividend received tax @ 15%.

·         TDS on immovable property @ 1% on > 50 L . except agri land.

·         TDS on buyback shares @ 20%

·         Foreign Royalty payment – TDS – 25%. (subject to DTAA)

·         Changes in STT

·         Introduced CTT for commodity market

·         Modified GAAR introduced  - as 1.4. 2016.

·         Rules of Safe harbour introduced.

·         E Filing mandatory for more category.

·         No change in Excise & Custom rates except few items.

·         No Change in Dividend Distribution Tax

·         No Relief for  IT Industry

·         Imported Car, bikes and Indian  SUV get costlier.

·         Mobile above Rs. 2000/- get costlier.

·         MRP based assessment

·         Two more items added in negative list of service tax.

·         Abatement reduce to 70% from 75% in case flat size inc 2000 Sq Ft  or value > 1Cr.

·         Service tax defaulter – can file one time tax return – no interest & Penalty.

·         Propose GST

 

Detailed on way.