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Budget 2013 Live Highlights: Finance Minister P. Chidambaram says no review of income tax slabs, focus on infrastructure

Feb 28 2013, 13:20 IST
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P. Chidambaram tags China as the biggest competitor. (Express photo) P. Chidambaram tags China as the biggest competitor. (Express photo)
SummarySurcharge of 10% on super-rich, duties to be raised on cigarettes, mobile phones and SUVs: FM

Budget 2013 Live Highlights: P. Chidambaram presents 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:

Highlights:

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

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

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

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

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

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

* No review of income tax slabs for this year, propose tax credit of Rs 2,000 for incomes up to Rs 5 lakh.

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

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

* Investor with stake of 10 per cent or less will be treated as FII; any stake more than 10 per cent will be treated as FDI

* FIIs will be allowed to participate in exchange traded currency derivatives

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

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

* Education cess to continue at 3 per cent Investor Protection Fund set up by depositories will be exempt from tax

* Contributions made to central and state government health scheme eligible to tax benefit.

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

* Plan expenditure pegged at Rs 555,322 crore

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

* Transactions on immovable properties usually undervalued.

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

* 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

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