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

Nirbhaya Fund' to empower women in the wake of the Delhi gangrape incident: FM

Written by Express News Service | New Delhi | Published: February 28, 2013 11:18 am

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.

For all the latest News Archive News, download Indian Express App

  1. No Comments.