The Union finance minister today presented the Budget for the year 2013-14. Some of the key points that in the Budget are:
- 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.
- 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore.
- Commodities transaction tax levied on non-agriculture commodities futures contracts at 0.01 per cent.
- No change in basic customs duty rate of ten per cent and
service tax rate of 12 per cent
- Import duty raised on set-top boxes from 5 to 10 per cent to safeguard interest of domestic producers
- 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.
- Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted.
- 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
- TDS of one per cent on value of properties above Rs 50 lakh. Agriculture land exempted.
- Surcharge of 10 per cent for individuals whose taxable income is over Rs 1 crore.
- First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14.
- 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.
CAclubindia
