The Government of India presented the Union Budget 2013-14 on 28th February 2013. The Finance Minister P.Chidambaram will submit the budget in Lok Sabha. There are plenty of expectations from the Budget 2013. Here we are giving highlights of the Union Budget 2013. Salaried people are expecting tax soaps and industry is also waiting for the concessions on may fronts.
1) Surcharge of 10 % for taxable incomes above Rs. 1 crore
2) No changes of tax slabs for salaried class
3) Excise duty on SUVs : Increased to 30 percent from 27 per cent
4) For post offices core banking: Rs 532 crore
5) Direct Taxes Code (DTC) : Bill has to be introduced in the present Parliament session
6) 18 percent rise in excise duty on cigars and
7) Service tax to be intoduced on all A/C restaurants
8) TDS of 1 percent on land deals above Rs 50 lakh
9) 5 – 10 percent surcharge on if taxable income of domestic companies exceeds Rs 10 crore
10) Direct Benefit Transfer (DBT) Scheme to be expanded to the entire country
11) Proposal to form Administration reform commission
12) Nirbhaya fund with Rs. 1000 crores
13) Private radio FM stations to be permitted in 289 cities
14) Grant of Rs 100 crore each to BHU – Varanasi, AMU (Aligarh), and TISS (Guwahati) and INTACH
15) Rs. 2 trillion allocatios for defence sector
16) Allocations for ICDS: Rs. 17,700 crore.
17) Allocations for Mid day meal programme: Rs 13215 crore.