Speech of P. Chidambaram
Minister of Finance
February 28, 2013
BUDGET 2013: (Summary based on the speech of the Finance Minister)
- TDS @1% on sale of immovable property above Rs. 50 lacs, except agricultural land.
- No change in the income tax exemption limit or tax slabs.
- For Individual, HUF or partnership firms, Surcharge of 10% on tax, if income exceeds Rs. 1 crore.
- For Companies, Surcharge of 10% on tax, if income exceeds Rs. 10 crores.
- Surcharge on dividend Distribution tax doubled from 5% to 10% of tax amount.
- Tax credit of Rs. 2,000 for the assesses having taxable income less than Rs. 5 lacs.
- People taking a home loan upto Rs. 25 lacs in FY 2013-14 will be allowed an additional deduction of Rs 1 lakh towards interest on housing loan.
- Import duty on imported car/bike raised from 75% to 100%.
- Duty free limit of jewellery carried by a passenger from abroad raised to Rs. 50,000 for male & Rs. 1,00,000 for female.
- No change in basic rate of excise duty 12%.
- Excise on marble doubled from Rs. 30 to Rs. 60 per sq.mtr.
- Excise on mobile phones priced above Rs. 2,000 raised from 1% to 6%.
- Excise on SUVs raised from 27% to 30%.
- No change in basic rate of service tax 12%.
- Service tax on residential flat of carpet area more than 2000 sq.ft. or priced more than Rs. 1 crore raised from 3.09% to 3.708%. (i.e. service tax abatement reduced from 75% to 70%).
- Service tax will apply to all A.C. Restaurants