28 February 2013

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Know 80 Important Facts provisions of Budget 2013-14

Know 80 Important Facts provisions of Budget 2013-14

Finance Minister P Chidambaram presented his eighth Union Budget 2013-14


1-
Excise duty on Cigarette increased by 18%

2-
Six% percent duty on mobile phones that cost above Rs 2000

3-
All A/C restaurants will have to pay service tax.

4-
100% custom duty on luxury cars

5-
4% duty on silver

6-
Duty on set up box to be increased

7-
TDS at 1 per cent on properties being sold for more than Rs 50 lakh.

8-
No excise duty for handmade carpets of choir and jute.

9-
Service tax exemption on Vocational courses and testing activities in relation to agriculture

10-
Lower Securities Transaction Tax on mutual funds

11-
Duty-free gold limit raised

12-
Personal income tax exemption limit will remain unchanged at Rs 2 lakh.

13-
Any one earn up to Rs 2 lakh annually, you will not have to pay any taxes

14-
No Tax: For an annual income up to Rs 2 lakh

15-
10% Tax: For an annual income of more than Rs 2 lakh and up to Rs 5 lakh

16-
20% Tax: For an annual income of above 5 lakh and up to Rs 10 lakh

17-
30% Tax: For an annual income exceeding Rs 10 lakh

18-
Person taking home loan for the first time will get tax cut of Rs 1 lakh.

19-
Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan.

20-
Home loan interest to save Rs 30, 900 for taxpayer in 30% bracket.

21-
Tax administration reform committee will be set up

22-
Surcharge to be for everyone with an annual taxable income of over 1 crore.
Surcharge of 10% for the super-rich
All additional surcharge for only one year.
10% surcharge on companies with income over Rs 10 crore.
Surcharge hiked to 10% from 5%.


23-
Allocate Rs. 3511 Crore to the Ministry of Minorities.

24-
Total Budge estimate for FY14 is 16.65 lakh crore.

25-
Thousands of scholarships for students belonging to the SC/ST students.

26-
Increased allocation for the mid-day meal schme.

27-
Rs. 37,000 Crore allocated for health care.

28-
Allocate 110 crore to the Department of disability affairs.

29-
MNREGS to get Rs. 33,000 crores.

30-
States, which have completed PMGSY, will get funds for PMGSY2
PMGSY = Pradhan Mantri Gramin Sadak Yojana

31-
To allocate Rs.1106 crore for alternative medicine industry.

32-
Green Revolution states to get 500 Crore towards crop diversification.

33-
East India Green Revolution Allocation Rs.1000 Crore.

34-
Eastern Indian states to get 1000 Crore for agriculture

35-
Allocate Rs. 41,561 Crore for SC sub plan

36-
Allocate Rs. 24,598 Crore for tribal sub plan

37-
JNNRUM to get 14,873 Crore in FY13.

38-
4% farm loan scheme extended to private banks.

39-
Additional sum of Rs. 200 crore to women and child welfare ministry

40-
Rs. 65,867 Crore allocated to Ministry of HRD in 2013-14

41-
Rs. 4,727 crore to be allocated for medical education and research

42-
Rs. 1069 crore for Department of Ayush

43-
Interest Rate subvention scheme extended

44-
Rs. 41 Crore for scheduled caste

45-
Rs.28500 crore for tribal women

46-
Rs. 5284 crore to various ministries for scholarships for sc, st obc and minority students

47-
Rs.10, 000 crore for food security bill

48-
Six more medical colleges Rs. 1650 crore allocated

49-
Rs. 25 000 crore to be raised through tax-free bonds.

50-
3000 KM of road projects will be awarded in first six months of 2013

51-
Rs. 5000 crore for construction of warehouses.

52-
Rs. 15.260 crore for Ministry of Drinking water and sanitation

53-
Rs. 17,700 Crore allocated for integrated child development scheme [icds]

54-
Investment of 100 crore in plant and machinery will get 15% deduction on investment
Valid up to 2015

55-
Rs. 200 crore allocated for promoting nutrient rich crops.

56-
Rs. 97,000 crore for women’s development

57-
Rs. 6000 crore for rural housing fund.

58-
Rs. 2000 crore fund for urban housing

59-
Banks to be allowed to sell insurance.
Banks acts as insurance brokers.

60-
Stock exchanges to introduce dedicated debt segment.
Funds will be allowed to invest in debt funds and exchange traded funds ETF

61-
Pension funds to be allowed to invest in ETF.

62-
FII can trade in forex derivatives.

63-
10% investment threshold tbe seen

64-
To encourage ppp projects along with coal India

65-
Rs. 250 crore-sport institution to be set up at Patiala.

66-
Rs. 100 each allocated to Aligarh Muslim University, Banaras Hindu University, Tiss Guwahatii, and INTACH.

67-
Defence Budget allocation increased by Rs. 2 Crore.
Rs.2.03 lakh crore allocated to defense in 2013-14

68-
Rs.4909 crore to modernize post office.
Rs. 502 allocated to link post offices to core banking facilities and provide real time banking.

69-
Rs.800 crore for nonrenewable energy ministry.

70
Sops for wind power generation.
Rs.800 crore provided to promoting wind energy.

71-
839 FM Radio channels to be auctioned in FY14

72-
Rs. 1000 crore for the security of women.
Nirbhaya fund for safety empowering women


73-
No change in direct tax

74-
DDT surcharge raised to 10% to 5%

75-
Tax holiday for power plants extended to March 2014

76-
100% tax deduction on donation to National children’s fund

77-
Duty free limit for gold increased to Rs.5000 for male and Rs.100 000 for females.

78-
Duty free gold limit raised.

79-
Service tax defaulters who have not paid from year 2007 will be allowed to pay and no interest for fine would be charged.

80-
No Inheritance tax introduced on properties.

Reality views by sm –

Thursday, February 28, 2013

Tags – Budget 2013-14 Provisions Facts

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15 comments:

deeps February 28, 2013  

this is a detailed one.. thanks
wont have to run through newspaper tomorrow...

MEcoy February 28, 2013  

that's very informative list sm!

Saru Singhal February 28, 2013  

I haven't read the Budget yet, so this one is very informative to me. I can now wait and read it in detail on weekend. Thanks for the highlights.

Krishna March 01, 2013  

Great info

thanks

Unknown!!! March 01, 2013  

Sir, My comments on your post
Point 12,13,14 - All are same
Point 11,77,78 - All same
Point 15 - A correction, For people with salary between 2-5L will get a tax credit of about 2000. That is they pay Rs 2000 less 10% of the taxable income.
Point 18-19: It is only for people who are taking home loan for first time in this financial year. Currently the Section24 provision is that upto 1.5L of interest can get exempted which will continue for all the existing home loaners. Only the new home loaners can claim 2.5L of interest and if there is any balance it can be claimed in the subsequent year.

Kirtivasan Ganesan March 01, 2013  

Both the Railway and Union budget are good proposals. It acts as a guideline along which the people are expected to move ahead.
The poor does not beg. The government has no money to act benevolent for poor. Quite rightly, the finance minister has taxed the rich so that at least some poor will be benefited.
Efforts are made to make 77 points as 80 (explanation to above). It is educated cheating. People are moving ahead with forgery.

rudraprayaga March 01, 2013  

It is really informative especially for people who cannot go through the entire text of budget for want of time.So thank you for the effort.I have a doubt -aren't the heirs of OLD upper caste people citizens of India?( I said old upper caste because now caste bias has vanished in most parts of the country and so now they are low caste due to pecuniary status). the Poorest among the poor are in such communities only. Don't those people pay the tax? Minorities,S.C's,S.Ts,O.B.C's etc have been specially considered. Aren't the votes of the so called upper caste valuable?The politicians make the upper caste minds burn with fury. I know a good many bright youngsters who had to discontinue their education because of admission as well as fiscal problem.I have seen temper tantrums in them.Let the government be of every citizen's.Let them help the poor ones irrespective of caste or religion. If certain category of people are down-trodden, their members will be the beneficiaries of reservation or aid if that is based on finance.Youngsters may retort if it continues like this.Let all stand for equality,fraternity and liberty.

SM March 02, 2013  

@Unknown!!!

thanks.
thanks for adding more information.

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