Thursday, February 28, 2013

Union Budget Highlights

1. Custom duty on imported motor vehicles hiked; import duty on luxury cars increased to 100% from 75% 

2. Cigarettes and SUVs to be costlier; excise duty on SUV's increased from 27% to 30% 

3. 1 per cent TDS on sale of immovable property, which is not applicable to agricultural land 

4. In 2011-12, tax-GDP ratio was 5.5 per cent for direct taxes and 4.6 per cent for indirect taxes.

5. 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gangrape incident.

6. All AC restaurants will have to pay service tax whether or not they serve alcohol.

7. Gold duty free limit raised to Rs 50,000 for men and to Rs 1 lakh for women travellers.

8. No changes in Income Tax rates or slabs, Rs 2000 credit for those earning up to Rs 5 lakh per annum.

9. 10 per cent surcharge on those earning above Rs 1 crore.

10. Non plan expenditure pegged at Rs 11,09,975 crore for 2013-14

11. FY14 fiscal deficit seen at 4.8% vs 5.2% in FY13

12. Revenue deficit at 3.9% for FY13

13. Fiscal deficit for FY 13 at 5.2%.

14. PSU banks to have ATMs at all their branches by March 31, 2014.