Budget synopsis
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The document provides a synopsis of the Indian Union Budget for fiscal years 2013-2014. It highlights a 30% increase in planned expenses, a 17% increase in education allocation, and investments in infrastructure, housing, export promotion, and public-private partnerships. Defense spending and allocations for renewable energy and small businesses are also increased. Personal and corporate tax rates generally remain unchanged aside from additional taxes for high-income individuals and changes to some deductions and duty rates.
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Tony Ehinger provides five reasons to buy local food. Local food is fresher and tastes better since it's picked within 24 hours. It also helps preserve the regional economy and support farmers by allowing them to earn a fair price. Additionally, locally grown food is more nutritious since nutritional values decline after harvest. Buying locally also conserves energy by decreasing dependence on petroleum for long distance transportation. Finally, local farms protect the environment by preserving water sources, soil and promoting biodiversity.
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Tony Ehinger worked in investment banking for over 25 years and gained expertise in retirement investments. Retirement planning requires determining how long savings need to last, usually 18-20 years from age 62-65. When planning for retirement, it's important to consider continuing work for a few extra years to increase savings by about two years of coverage for each extra year worked. Diversifying investments across stocks and bonds spreads risk. Tax-advantaged investments like 401(k)s and IRAs allow money to grow without tax and often receive employer matches, so maximizing contributions is prudent.
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MISSED INCOMETAX RETURN FILLING DUE DATE, NOW WHAT????
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- 1. BUDGET SYNOPSIS FY 2013 - FY 2014 BY CA GOURANG SHAH FRANCHISE MANAGER
- 2. HIGHLIGHTS 30% increase in Plan Expense 17% hike in allocation for education Jawaharlal Nehru National Urban Renewal Mission (JnNURM) allocated Rs 14873 crore FM to create investor friendly tax regime Farm loan interest subvention continues Investment allowance of 15% capex
- 3. HIGHLIGHTS Rs 50K crore limit for tax free infra bonds Regulatory authority for road sector Invest allowance of 15% for investment in plant and machinary Additional housing loan interest deduction for new loans RGESS investees can invest in MF’s
- 4. HIGHLIGHTS Changes in exploration and production (E&P) policy Housing interest to save Rs30900 for tax payer in 30% tax bracket Additional interest deduction on housing loan Foreign Trade Policy changes to benefit exporters To encourage public private partnerships(PPP) projects for coal
- 5. HIGHLIGHTS FII can participate in currency derivatives Higher allocation for wind energy Bank correspondents can sell micro finance products 3000 kms of road awards Investment benefit for high value projects SIDBI’s re-financing facility to benefit micro small and medium enterprises (MSMEs)
- 6. HIGHLIGHTS Higher allocation to defense. Positive for BEML, M&M, Power Sector – tax holiday extended to 31st March 2015 Increase in customs duty on set top boxes from 5% to 10% Securities Transaction Tax Reduced with Commodity Transaction Tax(CTT) at 0.01%. It will be levied on non agriculture contracts
- 7. HIGHLIGHTS Excise duty on cigarettes up 18% Excise duty on SUV’s raised Increased duty on high end vehicles – Negative for car makers Individual with income above Rs 1 crore to pay additional taxes Hike in duty on set top box – negative for DTH players
- 8. HIGHLIGHTS Agriculture testing excluded from service tax net Rate of abatement on high cost reduced Committed to Introduction of GST No excise for readymade garments No cvd on import of ships and vessels Standard Service Tax rate
- 9. HIGHLIGHTS No change in personal income tax slabs Post offices to offer real time banking Rs 5880/- crore allotted for department of Atomic Energy
- 10. THANK YOU 1800 – 123 – 2100 (TOLL FREE) info@choksitax.com www.choksitax.com www.facebook.com/choksitax DYNAMIC ACCOUNTANTS FOR A COMPETITIVE WORLD