Budget 2013: Chidambaram offers minor sops to income tax payers, targets super-rich
The Finance Minister proposed that the surcharges will be in existence for just a year, while continuing the 3 per cent education cess on all tax payers.
In a bid to eliminate tax evasion through under-valuation and under-reporting in property sale, the Budget proposes a TDS of one per cent on all transfers of immovable properties for a consideration above Rs 50 lakh. Agriculture land will however be exempted from this.
While Securities Transaction Tax (STT) has been marginally reduced, the Minister introduced a new Commodities Transaction Tax (CTT) on non-agricultural commodities futures.
In indirect taxes, the Budget does not make any change in the peak Customs and Excise Duties or Service Tax, but it sharply raised import duty on high-end luxury cars, motorcycles and yachts from 75 per cent to 100 per cent and excise duty on SUVs from 27 to 30 per cent.
The Finance Minister, like most of his predecessors, did not fail to touch smokers in raising resources. Cigarettes, cigars, cigarillos and cheroots will attract an additional 18 per cent excise duty.
Dining at air-conditioned restaurants will cost more as service tax has been extended such establishments which were earlier exempted if they did not serve liquor.
Mobile costing above Rs 2,000 will attract a 6 per cent excise duty instead of 1 per cent currently.
Under the fresh excise duty proposals, marbles and silver manufactured from
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