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Union Budget 2013-14: All you need to know

Thursday, 28 February 2013 - 12:58pm IST Updated: Thursday, 28 February 2013 - 4:56pm IST | Agency: DNA Web Team
Union Finance Minister P Chidambaram on Thursday presented the Union Budget for fiscal 2013-14 in Parliament today.

Highlights of the budget for 2013-14 presented by Finance Minister P Chidambaram in the Lok Sabha on Thursday:

Full speech of P Chidambaram presenting the Union Budget in Lok Sakbha today.

 

1) No revision of personal income tax slabs; relief in first bracket through tax credit of Rs.2,000 for earnings up to Rs.500,000 (approx $9,000)

Read more: Tax credit of Rs2,000 for persons with income up to Rs5 lakh

2) Ten percent surcharge on income exceeding Rs.1 crore (Rs.10 million/$180,000) a year; only 42,800 people have declared such income

Read more: Budget 2013: Rich to pay more tax for a year

3) Collective responsibility to ensure dignity and safety of women; recent incidents have cast a dark shadow; stand in solidarity with our girl children and women; will keep them safe and secure.

Read more: Is the budget really women friendly?

4) Rs.1,000 crore allocated for establishing Nirbhaya Fund

Read more: Nirbhaya Fund of Rs1,000 crore for women's safety announced

5) Rs.97,000 crore (Rs.970 billion/$18 billion) for women's development

6) Defence allocated Rs.203,672 crore (Rs.2.03 trillion/$37 billion), an increase of five percent

7) Import duty on high-end vehicles raised from 75 percent to 100 percent

8) Excise duty on cigarettes to be increased 18 percent

Read more: Tobacco products, SUVs, mobile phones to cost more

9) No change in service tax of 12 percent

10) No service tax on vocational courses run by institutes affiliated to state governments

11) Service tax on all air conditioned restaurants regardless of whether or not they serve alcohol

12) No service tax on agricultural testing procedures

13) Rs.9,000 crore allocated for compensating state for differential in central sales tax and GST

14) Concessions for encouraging MRO (maintenance repair overhaul) sector

15) No change in customs duty on non-agricultural products

16) Modified law to prevent tax avoidance to come into effect April 1, 2016

17) 100 percent tax deduction for contributions to National Children's Fund

18) Education cess to continue at 3 percent

Read more: Chidambaram evokes muse Thiruvalluvar in Budget speech

19) 11 lakh people have benefited from direct cash transfers; scheme to be rolled out across the country during UPA-2 term (May 2014)

20) Property transactions skewered; TDS of one percent where transaction exceeds Rs.50 lakh

21) Tax on mutual fund redemptions reduced from .25 percent to .001 percent

22) Tax Administrative Reforms Commission to be set up

23) Cities to be encouraged to promote waste to energy projects

24) Low interest funds to be provided for promoting clean energy

25) Rs.800 crore provided to promoting wind energy

26) Two new ports to be set up in West Bengal and Andhra Pradesh to add 100 million tonnes handling capacity

27) Gas handling terminal at Dabhol in Maharashtra to be fully operational during 2013-14

28) State governments urged to sign restructuring plans with electricity discoms

29) Tax-free infrastructure bonds of Rs.50,000 crore to be issued

Video:- Chidambaram's Finance Budget 2013-14 highlights
Part 1
Part 2

30) Textile ministry allocated Rs.50 crore for establishing apparel parks

31) Handloom sector allocated Rs.96 crore to benefit 150,000 weavers

32) Infrastructure debt funds to be encouraged

33) Regulator to be appointed for road projects; 3,000 km of road projects to be awarded in first six months of 2013-14

34) Incentive allowance of 15 percent over and above permitted depreciation to those investing over Rs.100 crore in infrastructure projects

35) Rajiv Gandhi Equity Scheme to be liberalised

36) Seven new cities identified along Delhi-Mumbai Industrial Corridor

37) Preliminary work begun on Bangalore-Mumbai Industrial corridor

38) Foodgrain production during 2013-13 estimated at 250 million tonnes

39) Rs.500 crore allocated for promoting crop diversification

40) Rs.200 crore allocated for promoting nutrient-rich crops

41) Rs.50 crore allocated for farmer-producer organisations

42) National Livestock Mission to be launched with allocation of Rs.307 crore

Read more: Budget 2013: Farm credit enhanced by Rs1.25 lakh crore for FY'14

43) Hope parliament will pass food security bill; Rs.10,000 crore allocated for initial expenditure on implementation

44) Human resource development ministry to get Rs.65,867 crore

45) Rs.13,250 crore allocated for midday meals scheme

46) Rs.17,700 crore allocated for Integrated Child Development Scheme

47) Drinking water and sanitation ministry allocated Rs.15,260 crore

48) Allocation of rural development ministry allocation raised by 46 percent to Rs.80,294 crore; Rs.33,000 crore for rural jobs scheme

49) Budget expenditure for 2013-14 at Rs.16 lakh 65,297 crore; plan expenditure at Rs.5 lakh 55,224 crore

50) Rs.41,000 crore for Scheduled Caste plan

51) Rs.110 crore for department of disabilities

52) Rs.37,330 crore for health ministry

53) Average growth during UPA-1 was 8 percent; high growth not a novelty

54) Current account deficit a worry because of high oil and gold imports

55) Will need $75 billion to finance current account deficit

56) Need to encourage FDI in consonance with economic priorities

57) WPI inflation down to 7 percent; food inflation worrying.

Read more: As it happened: Union Budget 2013 by P Chidambaram


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