App Store Google Play
IndiaTV RSS Feeds
February 14, 2016
You Are Here : Home » Business » Markets »Highlights of Union Budget 2013-14

Highlights of Union Budget 2013-14

India TV Business [ Updated 28 Feb 2013, 16:36:19 ]
Highlights of Union Budget 2013-14

New Delhi, Feb 28: Highlights of budget for 2013-14 presented in the Lok Sabha Thursday by Finance Minister P. Chidambaram:

* Duty-free limit for gold raised to Rs 50,000 for men and Rs 1 lakh for women

* No plans to revise direct tax rates

* Surcharge of 10% on Rs 1 crore plus income earners

* 5-10% surcharge on local companies income above Rs 10 crore

* TDS of 1% on land deals over Rs 50 lakh, agricultural land exempted

* Commodity transaction tax introduced

* Coal blending only solution as coal imports to rise 185 million tonnes by 2016-17

* Constraints will not come in the way for providing additional funds for security of the nation

* Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14

* Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH

* National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs 250 crore

* Rs 532 crore to make post offices part of core banking

* Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14

* 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang-rape incident

* 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme

* No revision in tax slabs

* But for tax payers in the bracket of Rs 2 to 5 lakh, a tax credit of Rs 2500

* Those with taxable income exceeding Rs 1 crore a year will have to pay a surcharge of 10% additional surcharges only for one year — 2013-14

* 42,800 people with annual taxable income higher than Rs 1 crore to be taxed. They will have to pay a surcharge of 10% for 2013-14

* Chidambaram proposes to reduce securities transaction tax (STT) on equity futures to .01% from .017%

* Donations to National Children Fund will get 100% tax exemption

* Big relief to the common man, no change in Income Tax slab

* Finance Minister sets defence spending at Rs 2.03 lakh crore

* Also, ETFs will be eligible for pension, insurance investments. Insurance and pension companies can directly trade in debt segment, FM announces

* FIIs can now participate in currency derivative segment. However, the exposure will be subject to forex exposure

* Finance minister says India will follow international best practices for differentiating between FII and FDI

* The finance minister is keenly looking into the proposal to amend the SEBI Act to give more powers to the market regulator

* Increase in allocation for ministry of science and technology and Department of Atomic Energy

* The finance minister says FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13

* The finance minister pegs FY14 revenue deficit target at 3.3%

* KYC in banks sufficient for acquiring insurance policy

* National Housing Bank (NHB) to set up urban housing bank fund and Rs 2,000 crore will be allocated in this regard

* Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA

* All Regional Rural Banks and cooperative banks to be e-linked by this year-end

* Rs 6,000 crore to be allocated for rural housing fund in 2013-14

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

* SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities, says FM

* Rs 500 crore would be allocated for addressing environmental issues faced by textile industry

* Concessional six per cent interest on loans to weavers

* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month

* Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India

* Rs 14,000 crore capital infusion into public sector banks in 2013-14

* India's capital market is the world's best regulated market
* Bank’s correspondents allowed to sell micro finance

* SEBI to simplify procedures for the entry of foreign portfolio investors in India

* Clean, green energy is a priority, generation based incentive for wind energy projects

* Natural Gas pricing policy to be reviewed

* Oil Gas policy to move from profit share to revenue share 

* Financial inclusion has made rapid strides

* DIPP and Japan's JICA preparing plan for Chennai-Bengaluru Industrial corridor
* Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM
* Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM
* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17

* 5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14
* FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest

* A first for India! FM announces his plans to set up an all-women's bank via public sector. It will be a women bank, by women, for women.  The FM will provide Rs 1,000 crore initial capital to the proposed all-women's bank

* Will provide Rs 14,000 crore for PSB recapitalization. He will constitute a panel on transaction costs, and financial policies

* The government plans to encourage PPP projects along with Coal India. It will encourage shale gas projects and review the natural gas pricing policy.

* Finance Minister says blocked NELP blocks will be cleared and there will be a policy on shale gas based on revenue sharing

* Finance minister inflation-indexed bonds to be announced On June 1. The government will introduce inflation-indexed instruments, the minister announced. "Will up to Rs 25 lakh 1st home loan to get more tax cuts," he says

* The income limit for RGESS eligibility has been raised to Rs 12 lakh.

For latest news on mobile and tablet, download IndiaTV Android app and iOS app. Also like IndiaTV's official Facebook page and follow us on Twitter to stay tuned to latest news.

Related Tags: