Budget 13
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Budget 13

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    Budget 13 Budget 13 Presentation Transcript

    • Presented by,RENJITH MOHANII DC Economics
    •  Fiscal deficit target for FY 2013-14 is 4.8%. Adopted twin approaches –tax rebates to middle class and increased tax on super rich. Boost to savings and investments. Disinvestment target Rs.55,000 cr. Great emphasize on woman empowerment and safety. SUVs, cigarattes,and AC restaurants ,smart phones will become more dearer.
    •  10% surcharge on income over Rs.1 cr per annum. Rs.2000 rebate for income below 5 lakh. Additional deduction of Rs.1 lakh of interest on first home loans upto Rs.25 lakhs for property worth Rs.40 lakh.
    • INCOME SLAB TAX RATEUp to Rs.2 lakh Nil2 lakh to 5 lakh 10% - Rs.20005 lakh to 10 lakh 20%10 lakh to 1 crore 30%1 crore and above 33.33%
    •  Rs.500 cr. for crop diversification. Farm credit has been enhanced to 7 lakh crores. Rs.307 cr. for National Livestock Mission. Rs.200 cr. for Nutri-Farms. Rashtriya Krishi Vikas Yojna gets Rs.9,954 cr. Budget lack support for mechanization.
    •  Rs.800 cr. for the Ministry of New and Renewable Energy. Wind energy sector gets a boost. Rs.14,873 cr. For the JNNURM of which the major chunk will be used to purchase new buses. Regulatory authority to speed up work on highways.
    •  1% TDS on immovable properties above Rs.50 lakhs. Rs.2000 cr. for proposed Urban housing fund and Rs. 6,000 cr. for Rural Housing Fund. Initiative for food grain storage godowns at Panchayats. 2 new industrial corridors and new ports. Rs.532 cr for post offices to make them part of core banking.
    •  Rs.2,250 cr for National Food Security Mission. Food subsidy budget is Rs.80,000 cr. Mid day meal to be provided Rs.13,215 cr. National Food Security Act to get Rs.10,000 cr. Ministry of Drinking water and Sanitation gets Rs.15,260 cr.
    •  A proposal for complete social security package for unorganized sector. Sarva Shiksha Abhayan gets Rs.27,250 cr. Rs. 150 cr for reilef and rehabilitation at Kudankulam. Proposal to set up women’s bank. Rs.1,000 cr. Nirbhaya fund to empower women and to keep them safe and secure.
    •  Import duty raised on set top boxes will help the domestic semiconductor industry. Clarity on tax incentives will benefit mainly IT industry. Increased duty on imported cars disappoints automobile industry. But the allocation for buying buses under JNNURM is a relief to commercial vehicles industry.
    •  Firms that invest Rs.100 cr. or more in machinery can deduct an investment allowance. Rs.2,400 cr. for modernization of power loom sector. Rs.1,51,000cr. for Textile Upgradation Fund. Surcharge increased to 10% for domestic companies and 5% for foreign companies.
    •  Rs.2,03,672 cr. for the defence. It include the purchase of modern fighters, missile systems, war ships ,artillery guns etc. Rs. 66 cr for NATGRID and Rs,103.87 cr for NIA.
    • • Clears ambiguity over the definition of FII and FDI.• More than 10% stake will be a FDI less than that will be FII.  Cut in securities transaction tax.  RGESS tax deduction allowed to 3 years and income limit raised to 12 lakh.  Proposal for inflation linked bonds. Imposition of commodities transaction tax this year of 0.1% for Non-agri.commodities. SENSEX crashed by nearly 300 points.
    •  More clarity on who will bear the tax and who will be responsible for deducting tax at source. Disinvestment target seems ambitious. Clarity on Nirbhaya and woman,s bank is needed. Budget need more stress on mechanization in agricultural sector. Renewable energy generation as well as its distribution could be more stressed.
    •  Even though no tax cuts, the tax rates remained the same. A growth oriented step. Focus on fiscal consolidation. Not so populist but a try to get the investments back. No measures to broaden tax base.