Union Budget 2013 - 2014 . A hit or miss ?

[joel.francis.7351]

Highlights of Union Budget 2013-2014

Personal Tax
 No changes in personal Income Tax slabs
 Surcharge on super rich
 Surcharge of 10% for income of Rs 1 cr or more per annum for one year
 Surcharge to be applicable for individuals and corporate
 1% TDS for property sale worth more than Rs 50 lakh; agri land exempt
 5.5% tax to GDP ratio for direct tax
 4.5% tax to GDP ratio for indirect tax
 Tax administration reform commission to be set up to strengthen the system
 Our tax to GDP ratio is very low
 Should reclaim 11.9% Tax-GDP ratio in short-term
 There are 42,800 persons in the country who admitted to a taxable income exceeding
Rs 1 cr per year
 Tax credits of Rs 2000 to every person who has total income upto Rs 5 lakh
 Donations to National Children's Fund will be eligible for 100% tax deduction
 Long-term infra bonds also eligible for tax deduction; additional Rs 1 lakh deduction
for home loans
 TDS on value of immovable property as transaction on immovable properties are
usually undervalued
 Extends tax cuts benefits to Rupee Infrastructure Funds
 Educational Cess to continue at 3 %
 Securitization Trust income to be exempt
 Tax credit of Rs 2000 on incomes between Rs2-5 lakh
 Tax on Royalty for services provided abroad increased by 10%

Corporate Tax
 CTT on non-commodities futures at 0.1%
 Surcharge on DDT doubled to 10%

More at : Highlights of the Union Budget India 2013 - 2014 by Anjali Khurana in Finance category on ManagementParadise.com

It was a very clever budget which catered to youth, women and backward classes. But how fairly it plays on our pockets only time can tell.

What are your predictions ? :SugarwareZ-265:

 

[joel.francis.7351]

An infographic to make the budget easy to understand.

 

[puneet.jaiswal1]

This is something new in India history .....No changes in personal Income Tax slabs and mostly focusing on expenditure.