Union Finance Minister Mr. Palaniappan Chidambaram
presented the union budget 2013-14 on Feb 28, 2013. The
key information and sets of data are as follows:
- Aim:
To achieve higher growth rate and inclusive, sustainable development
- The
global economic growth has been 3.2% in 2012.
- Fiscal
deficit, current account deficit,inflation are the three main concerns.
Fiscal deficit:
- Dr.
Vijay Kelkar Committee recommendations: fiscal consolidation-
----- targeted fiscal deficit 5.3% GDP in 2012-13
----- targeted fiscal deficit 4.8% GDP in 2013-14
----- targeted fiscal deficit 3.0% GDP in 2016-17
- Fiscal
deficit for the current year contained at 5.2% of GDP.
- Revenue
deficit for the current year : 3.9% of GDP.
- Targeted
revenue deficit for 2013-14: 3.3% of GDP.
- Targeted
revenue deficit for 2016-17: 1.5% of GDP.
Current Account Deficit (CAD): FII(Foreign
Institutional Investment), FDI(Foreign Direct Investment), ECB (External
Commercial Borrowing) are 3 main sources of CAD financing.
Direct Tax: No revision in slabs and rates for income tax.
Income tax slab for general and female tax payers:
Direct Tax: No revision in slabs and rates for income tax.
Income tax slab for general and female tax payers:
- Yearly
income: 0-2 Lakh -
0%
- Yearly
income: 2-5 Lakh -
10%
- Yearly
income: 5-10 Lakh -
20%
- Yearly
income: above 10 Lakh-
30%
Income tax slab for senior citizens (60-80 years of
age):
- Yearly
income: 0- 2.5 Lakh -
0%
- Yearly
income: 2.5- 5 Lakh -
10%
- Yearly
income: 5- 10 Lakh -
20%
- Yearly
income: above 10 Lakh- 30%
Income tax slab for very senior citizens (80 and
above years of age):
- Yearly
income: 0-5 Lakh -
0%
- Yearly
income: 5-10 Lakh -
20%
- Yearly
income: above 10 Lakh-
30%
1.
A tax credit of INR 2000 to every person
of annual income of INR 5 lakh
2.
To increase revenue earning, surcharge
of 10% on taxable annual income exceeding INR 1 crore.
3.
Education cess : 3%
4.
Modified GAAR will come into effect from
1st April, 2016.
Indirect Tax:
- excise
duty: 12%
- service
tax: 12%
- customs
duty for non-agricultural product: 10%
Other Highlights:
1.
Capital infusion of INR 14000 crore in
public sector banks.
2.
First home loan up to INR 25 lakh from
bank or a housing finance corporation entitled to additional deduction of
interest up to INR 1 lakh.
3.
Direct Benefit Transfer Scheme.
4.
INR 1000 crore 'Nirbhaya Fund' for
women's empowerment and safety.
6.
Rajiv Gandhi Equity Savings Scheme to
be liberalized for promoting savings in household sector.
