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Thursday, 28 February 2013

Budget 2013-14:

What has become more expensive:
 Phones (6%TAX HIKE) above Rs 2000, cigarettes, watching movies, 
 eating out, SUVs(Excise duty on SUVs from 25% to 30%). 

Goodnews :
  •  60 crore farmers in the country  produced 250 millon tonnes of food grains.
  • Country Earned Rs 138403 crore due to agricultre exports.
  • agriculture credit hiked  to Rs 7 lakh crore for farmers.

  • Taxpayers in the bracket of Rs 2 to 5 lakhs will get a tax credit of Rs 2500.
  • Donations made to National Children's Fund will now be 100% deductible.
  • Defense allocation has been increased to Rs 236000 laks.
  • Duty free limit for Gold raised to Rs. 50,000 in case of a Male & Rs. 1 lakh for female passengers.
  • Import duty on raw silk hiked to 15%.
  • 18% rise in excise duty on Cigarattes, cigars and cheerots.
  • 289 more cities to get private radio FM stations.
  • Rs 14,873 crore for JNNURM for urban transportation in 2013—14 against Rs 7,880 crore in the current fiscal.
  • Rs. 5,000 crore for NABARD for agri storage facilities.
  • Rs 80,194 crore allocation for Ministry of Rural Development in 2013—14. About Rs 33,000 crore for MGNREGA.
  • Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS).
  • Rs 200 crore to Women and Child Welfare Ministry.
  • Low interest rate funds for green projects for five years

  • Royalty tax hiked from 10% to 25%.
  • concessional interest rate of 6% for working capital loans to weavers.
  • "Buyers making a first-home purchase up to Rs 25 lakhs in 2013/14 will be entitled to an additional deduction of interest up to Rs One lakh
  • Rs 41,561 crore for SC plan and Rs 24,598 crore for tribal plan.
  • Rs 1069 crore set aside for development of Ayurveda, Siddha, Unani and homeopathy.

    Bad news:

    "Current Account deficit continues to be high due to oil, coal, gold imports 
    and slowdown in exports."

    Tax Deducted at Source (TDS) to be fixed at 1% on land deals over Rs 50 lakh.

    Only 42800 declarants with taxable annual income over Rs 1 crore in India,
    10% tax for people with annual incomes above Rs 1 crore.

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