Rajiv Gandhi Equity Savings Scheme Liberalised
The Finance Bill 2013-14 proposes liberalisation of the Rajiv Gandhi Equity Savings Scheme(RGESS) that was launched in FY 2012-13. The first time investors will now be allowed to invest in mutual funds as well as listed shares. This investment can be done not in one year alone, but in three successive years. Presenting the Union… Read More
TDS at the Rate of 1 Percent Applied on the Value of Transfer of Immovable Property Exceeding Rs.50 Lakh
The Finance Bill 2013-14 proposes levy of TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakh. However, agricultural land will be exempt. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that transactions in immovable properties… Read More
Surcharge of 10 Per Cent on Persons with Taxable Income Exceeding Rs.1 Crore
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that he also proposes to… Read More
Government takes Measures to Rationalise Expenditure
The Union Finance Minister Shri P Chidambaram called the policy decisions of the Central Government to correct some prices and review of certain tax policies as a dose of bitter medicine. Presenting the General Budget 2013-14 in Lok Sabha today, Shri Chidambaram said, faced with a huge fiscal deficit, the Government had no choice but… Read More
Foreign Investment to be Encouraged to Tide over Current Account Deficit
The Current Account Deficit (CAD) of India continues to be high mainly because of our excessive dependence on oil imports, the high volume of coal imports, our passion for gold, and the slow down in exports. This year, and perhaps next year too, we have to find over USD 75 billion to finance the CAD.… Read More
Matching Equity Grants to Registered Farmer Producer Organisations Proposed
In the budget for 2013-14, the Finance Minister has proposed a matching equity grants to registered Farmer Producer Organisations (FPOs) upto a maximum of Rs. 10 lakh per FPO to enable them to leverage working capital from financial institutions. For this purpose, an outlay of Rs. 50 crore has been kept. Besides, a Credit Guarantee… Read More
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
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