Budget 2013 Live: Chidambaram says no review of Income Tax slabs for this year

Feb 28 2013, 16:05 IST
Comments 0
 P. Chidambaram says average economic growth rate in 11th Plan highest ever. (Express Photo) P. Chidambaram says average economic growth rate in 11th Plan highest ever. (Express Photo)
SummaryNirbhaya Fund' to empower women in the wake of the Delhi gangrape incident: FM

Budget 2013: P. Chidambaram began presenting one of the most highly anticipated Indian budgets of recent years on Thursday, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia's third-largest economy.

The 2013/14 budget caps an intensive seven-month campaign by the energetic Chidambaram, who was appointed last August, to turn around India's fortunes after years of policy drift and global economic turmoil

* No review of Income tax slabs for this year, propose tax credit of Rs 2000 for incomes up to Rs 5 Lakh.

* P. Chidambaram says India is facing many challenges, tags China as the biggest competitor

* Govt to set up India's first women's bank as a public sector bank by October, says FM

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period

* Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted.

* Job of FM is to find the resources to fund the efforts to bring minorities, the poor and others left behind in the race to make India to wealthier and a more equitable country.

* Current year's economic growth rate will be below India's potential growth rate of 8 per cent: Finance Minister P. Chidambaram.

* DIPP and Japan's JICA preparing plan for Chennai- Bengaluru Industrial corridor.

* Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM.

* Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM.

* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed: FM.

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17, says FM.

* 5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14.

* FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest.

* SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore, says FM

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities, says FM

* Rs 500 crore would be allocated for addressing environmental issues faced by textile industry: FM

* Concessional six per cent interest on loans to weavers.

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM

* Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy: FM

* Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports.

* India does not have choice between welcoming and spurning foreign investment; it is an imperative: Chidambaram

* Battle against inflation must be fought at all fronts: FM

* Faced with huge fiscal deficit, I have no choice but to rationalise expenditure: FM

* Government has decided to constitute a regulatory authority for the road sector

* Many manufacturing projects stalled due to regulatory process: FM.

* A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed 15 per cent investment deduction allowance apart from depreciation.

* To provide appropriate incentives for semiconductors industry including zero customs duty on plants and machineries.

* Rajiv Gandhi Equity Scheme will be liberalised to allow first time investor to invest in Mutal Fund and equity.

* First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14, says FM

* Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in current Budget: FM

* We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying: FM

* Rs 7 lakh crore target fixed for agri credit for 2013-14 compared to Rs 5.75 lakh crore in the current year.

* Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production.

* Rs 500 crore allocated for programme on crop diversification.

* Green revolution in east India significant. Rice output increased in Assam, Odisha, Jharkhand and West Bengal; Rs 1,000 crore allocated for eastern states.

* Rs 5,387 crore to be allocated for integrated watershed programme for farmers in 2013-14, an increase from Rs 3,050 crore in the current fiscal.

* Indian Institute of Biotechnology will be set up at Ranchi.

* Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy

* Four Infrastructure debt fund have been registered: FM

* Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market, says FM

* Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses: FM

* Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure.

* Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM

* Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure.

* Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM.

* The revised expenditure target is Rs 14,30,825 crore or 96 per cent of Budget estimate for this fiscal. In 2013-14, the budget estimate is Rs 16,65,297 crore.

* One overarching goal to provide education and skills to youth for securing jobs in the 2013-14, says FM

* FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.

* Additional sum of Rs 200 crore to Women and Child Welfare Ministry to address issues of vulnerable women.

* Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates.

* Rs 110 crore to be allocated to the department of disability affairs, says FM.

* Rs 37,330 crore allocated for Ministry of Health & Family Welfare.

* Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to be given to Department of Ayush. Rs. 65,867 crore allocated to Ministry of HRD in 2013-14: FM.

* Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the purpose.

* Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students.

* Rs 13,215 crore to be provided for mid-day meal scheme.

* Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS): FM

* Rs 15,260 crore to be allocated to Ministry of Drinking Water and Sanitation.

* Rs 80,194 crore allocation for Ministry of Rural Development in 2013-14. About Rs 33,000 crore for MGNREGA, says FM.

* Rs 80,194 crore allocated for rural development schemes.

* States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue with PMGSY-I.

* Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal, says FM.

* Foodgrain production in 2012-13 will be over 250 million tons: FM.

* Average annual growth rate of agriculture and allied services estimated at 3.6 per cent in 2012-13 when 250 MT foodgrains was produced: FM.

* Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14, says FM.

* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month, says FM.

* Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India.

* Rs 14,000 crore capital infusion into public sector banks in 2013-14, says FM.

* Rs 6,000 crore to be allocated for rural housing fund in 2013-14.

* All Regional Rural Banks and cooperative banks to be e-linked by this year-end

* Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA.

* National Housing Bank (NHB) to set up urban housing bank fund and Rs 2,000 crore will be allocated in this regard, says FM

* KYC in banks sufficient for acquiring insurance policy.

* Public sector general insurance companies to set up adalts to clear disputes related to claims, says FM.

* Rashtriya Swasthya Bima Yojana benefit will be extended to rickshaw pullers, auto and taxi drivers and sanitation workers.

* Comprehensive social security package being evolved by convergence of several schemes run by various ministries, says FM

* Low interest rate funds to be provided from Clean Energy Fund for green projects for a period of five years, says FM.

* Generation based incentives to wind energy projects reintroduced, Rs 800 crore provided for the purpose to Ministry of New & Renewable Energy.

* Constraints will not come in the way for providing additional funds for security of the nation, says FM.

* Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14.

* Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH.

* National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs 250 crore.

* Rs 532 crore to make post offices part of core banking.

* Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14, says FM

* 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang-rape incident.

* 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme: FM

* Plan expenditure pegged at Rs 555,322 crore.

* Non plan expenditure pegged at Rs 11,09,975 crore for 2013-14.

* Will redeem our pledge to reduce fiscal deficit to 3 per cent by 2016-17 and revenue deficit to 1.5 per cent of GDP: FM.

* Fiscal deficit will be 5.2 per cent in current year and 4.8 per cent in the next fiscal.

* Will redeem our pledge to reduce fiscal deficit to 3 per cent by 2016-17 and revenue deficit to 1.5 per cent of GDP: FM.

* In 2011-12, tax-GDP ratio was 5.5 per cent for direct taxes and 4.6 per cent for indirect taxes.

* No change in slabs and rate for personal income tax. Tax credit of Rs 2000 to be provided to every person to having income of up to Rs 5 lakh, this will benefit 1.8 crore people: FM

* 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore.

* Surcharge of 10 per cent for individuals whose taxable income is over Rs 1 crore.

* Education cess to continue at 3 per cent.

* Eligibility conditions for life insurance policies of persons suffering disabilities to be liberalised.

* Investor Protection Fund set up by depositories will be exempt from tax: FM

* Transactions on immovable properties usually undervalued.

* TDS of one per cent on value of properties above Rs 50 lakh.

* Agriculture land exempted.

* Securities Transaction Tax (STT) reduced on equity future, mutual fund.

* Commodities transaction tax levied on non-agriculture commodities futures contracts at 0.01 per cent: FM.

* Modified GAAR norms to be introduced from April 1, 2016.

* No change in peak rate of customs duty for non-agriculture products.

* Direct Taxes Code (DTC) bill to be introduced in current Parliament session: FM

* No change in basic customs duty rate of ten per cent and service tax rate of 12 per cent.

* Import duty on rice bran oilcake withdrawn.

* Series of concessions granted to Maintenance, Repair and Overhaul (MRO) business in the aviation sector.

* 10 per cent customs duty to be levied on unprocessed illuminate.

* Import duty raised from 75 to 100 per cent on luxury vehicles.

* Duty free limit on gold raised to Rs 50,000 in case of male and Rs 100,000 in case of female.

* No countervailing duty on ships and vessels.

* Specific excise duty on cigarettes and cigars raised by 18 per cent.

* Vocational courses offered by state-affiliated institutes to be exempted from services tax.

* Duty on mobiles above Rs 2,000 raised from one to six per cent, based on their maximum retail prices

* Service tax to be levied on all a/c restaurants.

* One time voluntary compliance scheme for service tax defaulters to be introduced. Interest and penalties to be waived.

* Direct tax proposals to yield Rs 13,300 crore, indirect tax proposal to give Rs 4,700 crore.

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...