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
·
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.