Friday, March 1, 2013

SGX Nifty falls; budget, GDP data weigh - Mar 1


* Nifty futures on the Singapore Exchange fell 0.6
percent. The MSCI-Asia Pacific index, excluding Japan  
 rose 0.12 percent.   
* Asian shares edged down on Friday, with manufacturing data
from China that broadly met expectations helping to somewhat
taper sentiment burdened by worries over the economic fallout
from Italy's political confusion and likely U.S. spending
cuts. 

Thursday, February 28, 2013

Live Market Updates: Post Budget crash; Nifty at 3-mnth low, Sensex dips 352 pts

Budget 2013: highlights

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:

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:

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


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


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


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


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


Extend tax benefit to electrical vehicles


Modified GAAR to come into effect from Apr, 1 2016


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


Increase specific excise duty on cigarettes, cigars


Exempt ships and vessels from excise duty


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


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


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


FY14 non plan expenditure at Rs 12 lakh crore


To levy CTT on non agri futures at 0.01%


Leather goods- Reduce duty from 7.5% to 5%

Leather goods- Reduce duty from 7.5% to 5%

Budget 2013: Agri commodity futures exempt from CTT


taxes...

Excise on cigarettes up 18 percent, SUVs from 27 to 30 percent. Bad for ITC and Mahindra and Mahindra.Duties on mobile phones up, especially those above Rs 2,000 price. Service tax on all airconditioned restaurants even if they don`t serve liquor. The markets have taken the increase in corporate surcharge, and the hike in dividend distribution tax badly despite cut in STT.

STT rates cut on equity futures to 0.01% from 0.017%


Immovable Property transaction: TDS of 1% to be levied on transactions above Rs 50 lakh


FM extends tax cut benefit to rupee infrastructure funds


Increase on tax of payments by way of royalty from 10 % to 25 %


FM: TDS at 1 % on value of transfer of removable property which exceeds 50 lakh except agricultural property.


Investor protection fund - will be exempt from income tax.


Concessional rate of tax at 15 % for an Indian company on income received from its foreign subsidiary


Manufacturing sector - Inv allowance at 15% to a manufacturing company that invests Rs 100 crore in the year.


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


FM: We are working with banks to team with Aadhar


Tax GDP ratio is one of the lowest in the world; should reclaim 11. 9% Tax GDP ratio in the short term


No plans to revise direct tax rates

No plans to revise direct tax rates
No revision in the tax slabs
Education cess will continue at 3 %
 
 

Surcharge of 10% on Rs 1 crore plus income earners


Budget 2013: Chidambaram announces inflation-indexed bonds


FY14 revenue deficit at 3.3%


Plan expenditure for FY14 at 5.55 lakh crores


To allocate 532 crores for core banking at post offices


Fiscal deficit for current fiscal estimated at 5.2%


To allocate Rs 1000 crore to extend skills of youth


Increase cigarette duty 18%


Nirbhaya Fund with a corpus of Rs 1000 cr to be set up for girl child welfare


5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14


To expand private FM radio to 294 cities


Govt to set up National Institute of Sports Coaches


Increased allocation in defence to Rs 2.03 lakh crore in FY 14


FM allocates Rs 65,867 crore to HRD ministry


Stock exchange to introduce dedicated debt segment


SEBI to simplify KYC norms governing foreign investors

SEBI will simplify procedures for entry of foreign portfolio investors to invest in India
SEBI to simplify KYC norms governing foreign investors

Budget 2013: To streamline FII registration via designated brokers


Propose to provide Rs 600 cr to rural housing fund in 2013-14


Woman’s bank license to be in place by Oct, 2013


Budget 2013: All PSU banks branches to have ATMs by March, 2014


FM: 500 inland waterways have been declared as National Waterways


Budget 2013: To allocate 2400 crore for textile tech upgradation


To allocate Rs 14,000 crore for capital infusion for public sector banks


FM: Propose to conitune with the Technology Upgradatrion funds scheme for the textile sector


Rajiv Gandhi Equity Scheme limit hiked


Indian Institute of Biotechnology will be set up at Ranchi


Term loans at a concessional rate of 6% for handloom sector


FM: Technology Upgradation Funds Scheme - Rs 1,51,00 crore


Budget 2013: Crop loans from private banks will be subsidised too


FM proposes zero customs duty for electrical plants and machiner


Fiscal deficit 4.8% of budget estimates FOR FY14


To double SIDBI’s refinance capacity to Rs 10000 crores


To allocate Rs 17700 core for child and women welfare


Non-tax benefits for MSMEs up to 3 years after they graduate to higher category


Coal imports to raise to 185 mn tones in 2016-17


Oil Gas policy to move from profit share to revenue share


To add 2 new ports in WB, AP; to add 1200 mn tonne capacity


To provide more finance to industrial corridors


Budget 2013: To launch two new industrial cities in Gujarat and Maharashtra


Home loans under Rs 20 lakh to get additional 1 lakh deduction


Budget 2013: Rajiv Gandhi Equity scheme to be liberalized


Budget 2013: Rs 50000 crore tax bonds to be issued in FY14


Budget 2013: Targets Rs 1 trillion in infrastructure in the 12th plan


FM: To allocate Rs 307 crore for National Livestock Mission


FM: Rs 10,000 cr additional funds set aside for Food Security


Budget 2013: Rs 9954 crore allocated for Rashtriya Krishi Vikas in FY 14


Budget 2013: FY 14 farm credit target at Rs 7 lakh crore


Budget 2013: Rs 250 crore allocated for Food security mission


Budget 2013: Rs 1000 core allocated for Green revolution in East India


FM: Rs 5387 crore allocated for water savings plans


Budget 2013: Crop loan parameters extended under agri schemes


FM: Rs 500 crore to start programme of crop diversification


FM: A farmer who repays his loan will get credit at 4%


FM: To allocate Rs 27,049 cr for Agri Ministry


Budget 2013: Allocation of Rs 37330 crore for healthcare


Budget 2013: Raises allocation to government’s main employment schemes


Budget 2013: Rs 1400 crore for water purification plants


Budget 2013: To allocate Rs 15260 crore for water, sanitation


Budget 2013: To allocate Rs 17700 core for child and women welfare


FM: To allocate Rs 13215 crore for mid day meal scheme


Budget 2013: To allocate Rs 65867 crore to education ministry, up 17%



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