The following are the Highlights of 82nd Budget 2013-14
presented by Indian Finance Minister - P. Chidambaram:
*Though slab rates are same, there is benefit of Tax credit - Rs. 2,000 for income upto Rs. 500,000/-
*10% Surcharge on income exceeding 1 crore (Individuals/HUF)
*Defence sector allocated Rs. 2.03 trillion which is an increase of 5%
*5 to 10 % increase in surcharge on domestic companies whose income exceeds Rs. 10 crore and 2 to 5% on foreign companies.
*Investment allowance of 15% for investment in plant and machinery of Rs. 100 crores or more apart from depreciation
*TDS of 1% on amount exceeding Rs. 50 lakh in case of property transactions
*First home loan from a bank or housing finance corporation upto Rs. 25 lakh entitled to additional deduction of interest upto Rs. 1 lakh.
*TDS on royalty payment to NR hiked from 10% to 25%
*Rajiv Gandhi Equity Savings Scheme to get benefit for 3 years and Income limit for tax savings raised from Rs. 10 lakh to Rs. 12 lakh
*Rs. 1000 crore invested for skill development of youth
*Government allocated 97,000 crore for Women's Development
*India's first women's bank as a PSU proposed, Rs. 1,000 crore working capital announced
*Government allocated Rs. 1,000 crore to setup Nirbhaya Fund for social cause
*Tax Administration Committee to be set up
*Service tax covered on all Air conditioned Restaurants.
*Excise duty on cigarettes, cigar and cheroots to be increased by 18%
*The target for farm credit for 2013-14 has been set at Rs. 7,00,000 crore against Rs. 5,75,000 crore
during the current year.
*No change in service tax rates
*30% excise duty hike on SUVs and 6% excise duty hike on mobile phone over Rs. 2000
*Commodity Transaction Tax is introduced @ 0.01% on non-agricultural commodities future contracts
*Rs. 9,000 crore allocated for compensating for differential in CST and GST.
*100% deduction for contribution to National Children's Fund
*Rs. 800 crore provided to wind energy projects for the purpose to Ministry of New & Renewable Energy
*Two new ports to be setup in West Bengal and Andhra Pradesh
*Tax-free infrastructure bonds of Rs.50,000 crore to be issued
*Foodgrain production will be over 250 million tons in 2012-13
*Allocated Rs. 500 crore for promoting crop diversification
*Allocated Rs. 200 crore for promoting nutrient-rich crops
*Allocated Rs. 50 crore for farmer-producer organisations
*Rs 13,215 crore for mid-day meal programme
*Allocated Rs. 17,700 crore for Integrated Child Development Scheme
*Allocated Rs. 37,300 crore for Ministry of Health & Family Welfare.
*Allocated Rs. 41,000 crore for Scheduled caste and Scheduled tribe sub-plans
*Allocated Rs. 110 crore for to the department of disability affairs
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