Budget 2013: Rich to pay surcharge, no change in IT slabs

Finance Minister P Chidambaram on Thursday presented the Union Budget 2013-14 in the Loksabha. Highlights of the budget are as follows:

  • No changes in personal Income Tax slabs
  • Surcharge on super rich
  • Surcharge of 10% for income of Rs 1 cr or more per annum for one year
  • Surcharge to be applicable for individuals and corporate
  • 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
  • Donations to National Children’s Fund will be eligible for 100% tax deduction
  • No change in customs duty of 10%
  • No change in excise duty or service tax
  • 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
  • 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
  • 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

For more details please click here.

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