Cloudy
21°CFri :Light Rain. High: 25 Low: 17

Budget 2013 Highlights: Minor sops to Income Tax payers, surcharge on super rich

Budget 2013 Highlights: Minor sops to Income Tax payers, surcharge on super rich

New Delhi: Walking a tight rope ahead of next year’s General Elections, Finance Minister P Chidambaram on Thursday did not tinker with the Income Tax slabs or rates while presenting the Union Budget 2013-14 in the Lok Sabha. As part of his tax proposals, he gave a benefit of Rs 2,000 to individual tax payers with taxable income of up to Rs 5 lakh.

Chidambaram also imposed a surcharge of 10% on those earning over Rs 1 crore in a year. This surcharge has been imposed on individuals, HUFs, firms and entities with a similar tax status. The surcharge would be payable for the 2013-14 fiscal only.

The Finance Minister announced that first-home buyer who takes a loan for an amount not exceeding Rs 25 lakh would be allowed an additional deduction of interest of Rs 1 lakh to be claimed in assessment year 2014-15 with spillover effect.

But in bad news for consumers, the Finance Minister made mobile phones, cigarettes and luxury vehicles costlier by hiking duties on these products.

Chidambaram also announced the setting up of Nirbhaya Fund for women safety and allocated Rs 1,000 crores to it.

In the earlier part of his speech, Chidambaram noted that the global economic growth has slowed, including that of India. He however added that high growth is a novelty and not beyond India’s capacity.

 

Top Stories

rahul-gandhi-2931

Rahul Gandhi stopped mother Sonia Gandhi from becoming Prime Minister, claims External Affairs Minister K Natwar Singh!

July-31-2014
Sonia Gandhi declined to become Prime Minister in 2004 because of strong opposition from her son Rahul Gandhi who was afraid she
THNCfiv-360

HCL Tech falls 3%, investors wary of dollar revenue in Q4

July-31-2014
Shares of HCL Technologies fell 3 percent intraday on Thursday as its dollar revenue in April-June quarter was slightly below estimates. The
VishalSikkaReuters1-624x416

Infosys’ strategy to revove around innovations, new solutions: CEO Sikka

July-31-2014
Bangalore: New Infosys CEO Vishal Sikka said his strategy to turnaround the country’s second largest IT exporter would revolve around bringing in
INDIA-ECONOMY-BANK-RATE

RBI wants Sebi to bar ‘wilful’ defaulters from capital mkts

July-30-2014
New Delhi : Tightening the regulatory noose around wilful defaulters of bank loans, RBI has suggested to watchdog Securities and Exchange Board
29300970.cms

Sensex down 30 points in early trade; L&T plunges 8%, Airtel gains 4.5% on quarterly results

July-30-2014
The benchmark BSE Sensex fell 30 points in early trade today on selling by funds and retail investors ahead of monthly expiry
f89df75d-e78c-43c1-b547-c607218a4977.img

India’s Tata Group earmarks $35bn for global expansion plan

July-30-2014
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the