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Government introduces Investment Allowance of 15% for High Value Investments Incentives for Semiconductor Wafer Fab Manufacturing
Government to Introduce Investment Allowance of 15 per cent for High Value Investments Incentives for Semiconductor Wafer Fab Manufacturing The Finance Minister, Shri P Chidambaram in his Budget speech in Lok Sabha today said that to attract new investment and to quicken the implementation of projects, I propose to introduce an investment allowance for new… Read More
Centre Incentivises Saving for Household Sector
The Finance Minister, Shri P Chidambaram in his Budget speech in Lok Sabha today said that increasing savings and their optimal allocation for productive uses lead to higher economic growth. After touching a high of 36.8 percent in 2007-08, gross domestic saving fell by 6 percentage points in 2011-12. The private sector, comprising households and… Read More
A PPP Policy Framework with Coal India to be Devised to Increase Coal Production
The Finance Minister, P Chidambaram in his Budget speech in Lok Sasbha today said that In the medium to long term, we must reduce our dependence on imported coal. One of the ways forward is to devise a PPP policy framework, with coal India Limited as one of the partners, in order to increase the… Read More
Relief in Excise Duty to Readymade Garment Industry, Handmade Carpets – Excise Duty on Costly Mobile Phones and SUVS go up
Relief in Excise Duty to Readymade Garment Industry, Handmade Carpets, Ship Building Industry Specific Duty on Cigarettes, Cigars, Etc. Increased Excise Duty on Costly Mobile Phones and SUVS also to go up To provide a lifeline to the distressed readymade garment industry, the Finance Minister has accepted the demand to restore the ˜zero excise duty… Read More
A regulatory Authority to Remove Bottlenecks in Road Sector to be Constituted
The Finance Minister Finance, Shri P Chidambaram said in his Budget speech in Lok Sabha today that the road construction sector has reached a certain level of maturity. But it faces challenges not envisaged earlier, including financial stress, enhanced construction risk and contract management issues, that are best addressed by an independent authority. Hence, Government… Read More
Parity in Taxation between IDF Mutual Fund and IDF-NBFC
The Finance Bill 2013 proposes to provide parity in taxation between an IDF-Mutual Fund that distributes income and an IDF-NBFC that pays interest when the payment is made to a non-resident. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that the rate of tax on such distributed income… Read More
Securitisation Trust to be Exempted from Income Tax
The Finance Bill 2013 proposes to exempt the Securitisation Trust from Income Tax. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that this will facilititate the financial institutions to securitise their assets through a special purpose vehicle. Tax shall be levied only at the time of distribution of… Read More
Doing Business in India to be Made Easy and Mutually Beneficial
Doing Business in India to be Made Easy and Mutually Beneficial 12th Plan Projects Investment of Rs 55,00,000 Crore in Infrastructure While presenting the Budget for 2013-14 , the Finance Minister , Shri P. Chidambaram Said that the growth rate of an economy is correlated with the investment rate. The key to restart the growth… Read More
Slew of Administrative Measures for Optimum Efficiency of the Tax Regime
The Finance Minister has proposed to continue the series of administrative measures for improving the overall efficiency of the tax regime. Presenting the Union Budget in the Lok Sabha today, Shri P.Chidambaram said that he proposed to expand the slew of administrative measures as below:- ¢ Expansion in the scope of annual information returns. ¢… Read More
India Budget 2013-14 as presented in Lok Sabha on 28 Feb 2013
Please find attached the transcript of the Finance Bill 2013, the Indian Budget 2013 -2014 as presented in the Lok Sabha by Union Finance Minister Shri P Chidambaram. Download the file attached Read More
India Budget 2013-14 Highlights
Direct Taxes 5% surcharge on domestic companies whose income exceeds Rs 1 crore 10 % surcharge on domestic companies whose income exceeds Rs 10 crores Surcharge on Dividend Distribution Tax (DDT) increased from 5 % to 10% Securities Transaction Tax (STT) rates cut on equity futures to 0.01% and for Mutual Funds to 0.001 %… Read More
Amendment in Juvenile Justice Act
In a meeting held by the Ministry of Home Affairs with Chief Secretaries of the State Governments and Director Generals of Police on 4.1.2013, a suggestion was made regarding lowering of the age of juveniles. However, the Committee on Amendments to Criminal Law under the Chairmanship of Justice J.S. Verma (Retd.), in its recommendations submitted on 23.1.2013,… Read More
GoI reprioritises Expenditure from Non-Plan to Plan in order to Meet 12th Plan Outlay
The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today observed that repriorisation of expenditure from non-Plan to Plan would be critical in meeting the proposed 12th Plan outlay. The total non-Plan expenditure as per Budget Estimates for 2012-13 is placed at Rs. 9,69,900 crore while the… Read More
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