Budget 2013-2014: No changes in Tax Slab, Attention on Infrastructure growth

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The Economy and the challenges:


  • Global economic growth declined from 3.9% to 3.2%; India not effected
  • Only china and Indonesia growing faster than India
  • RBI estimated GDP growth of 5.5% foe FY 2013
  • High fiscal deficit, tight monetary policy and low saving behind low growth
  • Foreign investment is an imperative and we need to encourage and embrace it
  • No reason for gloom and doom. Accelerating growth the primary focus
  • Current account deficit continues to be high due to excessive depence oil, coal and gold imports and slowdown in export.
  • Food inflation is worrying but all possible steps to be taken to augment the supply side to meet the growing demand for food items.

New Investment:


  • Companies investing 100 crore or more in plant and machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15 per cent of the investment.
  • Incentives to semiconductor wafer fab manufacturing facilities, including zero customs duty for plant and machinery.

Key Highlights:


  • No changes in Tax slab, but will give some tax relief of Rs. 2000  for every person who has an annual income of up to Rs. 5 lakh.
  • Proposes surcharge of 10 point on rich taxpayers with annual income of more than 10 million rupees a year.
  • Just 42,800 of the country's 1.2 billion people will be affected by the extra tax on taxable earnings above Rs.1 crore, according to Mr Chidambaram. The measure will be in place for one year.
  • Person taking home loan for the first time will get tax cut of Rs 1 lakh.
  • Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan.
  • Home loan interest to save Rs 30, 900 for tax payer in 30% bracket.
  • Surcharge hiked to 10% from 5%.
  • All additional surcharges for only one year.
  • 10% surcharge on companies with income over Rs 10 crore.
  • Surcharge hiked to 10% from 5%.
  • All additional surcharge for only one year.
  • Rs. 1000-crore Nirbhaya Fund announced for the empowerment of women
  • Simpler SEBI rules: Securities and Exchange Board of India to simplify procedures for foreign portfolio investors.
  • Infrastructure debt funds to be encouraged 
  • Person taking a home loan for his first home during the period 2013-14 will be entitled to an additional deduction of Rs. 1 lakh 
  • Education cess to continue at 3 percent. 
Costlier:
  • Mobile phones, dinning out, cigarettes, SUVs, motorbikes, set-up boxes get expensive.
  • Excise duty on Cigarette increased by 18%.
  • 6% percent duty on mobile phones that cost above Rs 2000.
  • Eating out to get more expensive. All A/C restaurants will have to pay service tax. 
  • 100% custom duty on luxury cars.
  • 4% duty on silver. 
  •   TDS at 1 per cent on properties being sold for more than Rs 50 lakh.
  • Duty on raw silk increased from 5 to 15 percent. 
  •  Excise duty on marble increased from 30 per square meter to 60 per square meter.

Cheaper:



  •   No excise duty for handmade carpets of choir and jute.
  • Vocational courses and testing activities in relation to agriculture to be exempt of service tax.
  • To reduce abatement rates on luxury apartments
  • Lower Securities Transaction Tax on mutual funds
  • Duty-free gold limit raised
  • Leather products get cheaper.
  • Relief to readymade garment industry. In case of cotton, zero excise duty at fibre stage also. In case of spun yarn made of man-made fibre, duty of 12 percent at the fibre stage.

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