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Budget 2013-2014

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Budget 2013-2014

Speech of P. Chidambaram

Minister of Finance

February 28, 2013

BUDGET 2013: (Summary based on the speech of the Finance Minister)

INCOME TAX

  • 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.

CUSTOMS DUTY

  • 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.

EXCISE DUTY

  • 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%.

SERVICE TAX

  • 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

Icon-PDFViewerComplete budget 2013-2014 Information PDF

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