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Friday, March 1, 2013

Budget Highlights 2013


 BUDGET HIGHLIGHTS 2013
  • No changes in Income Tax rates or slabs, Rs 2000 credit for those earning up to Rs 5 lakh per annum.
  • Surcharge of 10% on Rs 1 crore plus income earners
  • Surcharge on corporate taxes increased.
  • Education cess to continue
  • Imposes 5-10% surcharge on local companies income above Rs 10 crore
  • Immovable Property transaction: TDS of 1% to be levied on transactions above Rs 50 lakh.
  • STT rates cut on equity futures to 0.01% from 0.017%
  • 1 per cent TDS on sale of immovable property, not applicable to agricultural land.
  • To levy CTT on non agri futures at 0.01%
  • Direct Tax Code remains work in progress
  • Modified GAAR to come into effect from April 1st 2016
  • No change in peak basic customs duty
  • Extend tax benefit to electrical vehicles
  • Customs duty unchanged for non agri products
  • To levy 2% customs, CVD on coal imports
  • Higher customs duty on set top boxes
  • Duty cut on leather, leather good machines
  • Exempts imported ships and vessels from duty
  • Excise duty on SUVs raised from 27% to 30%. Will not apply to SUVs registered as taxis
  • Excise duty raised by18% for cigarettes
  • All AC restaurants will have to pay service tax whether or not they serve alcohol.
  • Increase in import duty on high end motor vehicles from 75% to 100%; and on motor cycles from 60% to 75%
  • Luxury imported items to be cost more
  • Mobile phones, priced above Rs 2000, get more expensive
  • 100 per cent Customs Duty on luxury cars
  • Set Top box import duty raised
  • Gold duty free limit raised to Rs 50,000 for men and to Rs 1 lakh for women travelers
  • Cut abatement rate on expensive homes to 75%
  • One time amnesty scheme for service tax defaulters
  • Lower securities transaction tax on mutual fund payouts
  • Donation made to National children’s fund to be fully exempt
  • Royalty tax hiked to 25% from 10%
  • Zero custom duty for electrical machinery
  • Cut abatement rate on expensive homes to 75%

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