Budget 2013: highlights

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Union Budget 2013: No change in income tax rates or slabs - highlights

Finance Minister P Chidambaram is presenting his Budget 2013 in Parliament. The following are the highlights of his keenly-watched tax proposals:

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Highlights of Union Budget 2013-14

India must make tough spending choices, finance minister P Chidambaram said on Thursday, even as he unveiled a bigger-than-expected outlay for the coming fiscal year in one of the most highly anticipated Indian budgets of recent years.

Following are highlights of the Budget:

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15% tax on dividends from overseas companies extended by a year

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FM : Any economist can tell us what India can become. We can become a 5 trillion economy by 2025.

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Surcharges will yield over Rs 13,000 crore and indirect taxes over Rs 4,500 crore

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Small and medium companies to be allowed to listed on MSME exchange without making a public offer

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Investor with stake of 10 per cent or less will be treated as FII; any stake more than 10 per cent will be treated as FDI

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Service tax will not be levied on A/C restaurants that do not serve liquor

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Rashtriya Swasthya Bima Yojana benefit will be extended to rickshaw pullers, auto and taxi drivers and sanitation workers

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Extend tax benefit to electrical vehicles

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Modified GAAR to come into effect from Apr, 1 2016

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Mobile phones more than Rs 2000 - excise duty of 6%

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Increase specific excise duty on cigarettes, cigars

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Exempt ships and vessels from excise duty

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Raise duty free limit - Rs 50,000 and Rs 1,00,000 for carrying gold during travel.

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Luxury goods - Increase duty on high-end motor vehicles - 75% to 100%

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Set top boxes - Import duty increased - 5% to 10%

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FY14 non plan expenditure at Rs 12 lakh crore

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To levy CTT on non agri futures at 0.01%

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