BUDGET 2013 HIGHLIGHTS
- No changes in Income Tax rates or slabs, Rs 2000 credit for those earning up to Rs 5 lakh per annum.
- Surcharge of 10% on Rs 1 crore plus income earners
- Surcharge on corporate taxes increased.
- Education cess to continue
- Imposes 5-10% surcharge on local companies income above Rs 10 crore
- Immovable Property transaction: TDS of 1% to be levied on transactions above Rs 50 lakh.
- STT rates cut on equity futures to 0.01% from 0.017%
- 1 per cent TDS on sale of immovable property, not applicable to agricultural land.
- To levy CTT on non agri futures at 0.01%
- Direct Tax Code remains work in progress
- Modified GAAR to come into effect from Apr, 1 2016
- No change in peak basic customs duty
- Extend tax benefit to electrical vehicles
- Customs duty unchanged for non agri products
- To levy 2% customs, CVD on coal imports
- Higher customs duty on set top boxes
- Duty cut on leather, leather good machines
- Exempts imported ships and vessels from duty
- Excise duty on SUVs raised from 27% to 30%. Will not apply to SUVs registered as taxis
- Excise duty raised by18% for cigarettes
- All AC restaurants will have to pay service tax whether or not they serve alcohol.
- Increase in import duty on high end motor vehicles from 75% to 100%; and on motor cycles from 60% to 75%
- Luxury imported items to be cost more
- Mobile phones, priced above Rs 2000, get more expensive
- 100 per cent Customs Duty on luxury cars
- Set Top box import duty raised
- Gold duty free limit raised to Rs 50,000 for men and to Rs 1 lakh for women travelers
- Cut abatement rate on expensive homes to 75%
- One time amnesty scheme for service tax defaulters
- Lower securities transaction tax on mutual fund payouts
- Donation made to National children’s fund to be fully exempt
- Royalty tax hiked to 25% from 10%
- Zero custom duty for electrical machinery
- Cut abatement rate on expensive homes to 75%
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