28th February 2013
Here are some highlights from the budget announced by Finance minister today:
- Tax Credit of Rs. 2,000/- for Income upto Rs. 5 Lakhs.
- 10% Surcharge for Companies with Income over 10 Crores.
- Additional Surcharge on taxes is for only 1 year.
- Education Cess to remain at 3%
- TDS will be @ 1% on Land deals over Rs 50 Lakhs.
- Securities Transaction Tax Slashed from 0.17% to 0.1%
- Dividend Distribution Tax Surcharge to 10% from 5%
- No change in Standard Rate of Excise duty and Service Tax
- One-time Amnesty Scheme for service tax due from 2007
- To exempt vocational courses and testing services from service tax
- Custom duty on imported car to be 100% from 75% previously.
- SED on Cigarette will be hiked by 18%.
- Service Tax to be imposed on all AC Restaurants.
Will be updated with additional points shortly