Budget 2013-14 Highlights

28th February 2013

 

Here are some highlights from the budget announced by Finance minister today:

 

indian budget_highlights

 

Direct Taxes:

  1. Tax Credit of Rs. 2,000/- for Income upto Rs. 5 Lakhs.
  2. 10% Surcharge for Companies with Income over 10 Crores.
  3. Additional Surcharge on taxes is for only 1 year.
  4. Education Cess to remain at 3%
  5. TDS will be @ 1% on Land deals over Rs 50 Lakhs.
  6. Securities Transaction Tax Slashed from 0.17% to 0.1%
  7. Dividend Distribution Tax Surcharge to 10% from 5%

 

Indirect Taxes:

  1. No change in Standard Rate of Excise duty and Service Tax
  2. One-time Amnesty Scheme for service tax due from 2007
  3. To exempt vocational courses and testing services from service tax
  4. Custom duty on imported car to be 100% from 75% previously.
  5. SED on Cigarette will be hiked by 18%.
  6. Service Tax to be imposed on all AC Restaurants.

Will be updated with additional points shortly

Dilip Kumar

+Dilip Kumar (Author and Editor of The Tax Info) is a Chartered Accountant from Hyderabad, Loves Blogging on Tax related matter.

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