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Budget2013

Sohil Ganeriwala
Sohil Ganeriwala

The document summarizes key highlights from India's 2013 budget related to direct taxes, indirect taxes, and a disclaimer. For direct taxes, it outlines tax credits, surcharges on individuals and companies, and changes to tax deducted at source. For indirect taxes, it lists service tax and excise duty rates, goods added to the negative list, and changes in customs duties on various products. It concludes with a disclaimer that the information is intended for private use and is subject to changes pending the final budget bill.

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1 Budget 2013 Ganeriwala & Co.
Direct Tax Highlights: 2 Tax Credit of Rs.2,000/- for income up to Rs.5,00,000/-. No change in Direct Tax Slabs. Surcharge of 10% imposed on Individuals, HUFs on income above Rs. 1Crore. Surcharge of 5% increased to 10% on Domestic Companies on income above Rs.10 Crore. Surcharge of 2% increased to 5% on Foreign Companies. Surcharge of 5% increased to 10% on Dividend Distribution Tax. Tax Deducted at Source @ 1% imposed on land deals above Rs.50 Lakhs other than agricultural land. Ganeriwala & Co.
Direct Tax Highlights: 3 Tax Deducted at Source increased from 10% to 25% on Royalty paid to Non Resident for Professional and Technical Fees . Withhold Tax @ 20% introduced on unlisted companies who are entering into transaction of Buyback of Shares. Investment allowance @ 15% introduced on assessees investing above Rs. 100 Crore in Plant and Machinery. No change in the rate of Minimum Alternative Tax. Sec 80IA benefit extended by 1 year. Education Cess to remain at 3% Ganeriwala & Co.
Direct Tax Highlights: 4 Commodities Transaction tax introduced on Non agricultural futures contract at 0.1%. STT reduced from 0.17% to 0.1%. Additional benefit of Rs. 1,00,000/- as interest deduction for 1st time home loan applicants for a limit of Rs.25 Lakhs. GAAR to be introduced from 1st April 2016. DTC is Work in progress. To continue 15 % tax concession on dividend received by India companies from foreign units for one more year. Ganeriwala & Co.
Indirect Tax Highlights: 5 Service Tax and Basic Excise Duty remain at 12%. 2 more Services added to the Negative list of Services: a) Vocational Courses b) Testing activities of agriculture and agriculture produce. Service Tax imposed on all Air Conditioned Restaurants. One-time Amnesty Scheme for service tax due from 2007. Specific Excise duty on Cigarettes increased 18%. Excise duty on Non Taxi SUVs increased from 27% to 30%. Custom Duty on luxury cars increased from 75% to 100% and on luxury bikes from 60% to 75%. Ganeriwala & Co.
Indirect Tax Highlights: 6 Custom Duty on Raw Silk increased from 5% to 15%. Custom Duty on Set Top Boxes increased from 5% to 10%. Import duty on rice bran oilcake withdrawn. 10 per cent customs duty to be levied on unprocessed illuminate. Duty free limit on Gold raised to Rs 50,000 in case of male and Rs 100,000 in case of female. Duty on mobiles above Rs 2,000 raised from one to six per cent, based on their maximum retail prices. Ganeriwala & Co.
Disclaimer: 7 This report is for private circulation only and is brought out only with an intention to give information and not to solicit clients or business against the guidelines of The Institute of Chartered Accountants of India. While every effort has been made to ensure that the information provided herein is accurate, Ministry of Finance and NIC do not hold themselves liable for any consequences, legal or otherwise arising out of use of any such information. We have taken proper care to present the data as was read out in Parliament. It is subject to changes on minute reading of the Finance Bill 2013 and its memorandum of Explanations. Ganeriwala & Co.

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Budget2013

  • 1. 1 Budget 2013 Ganeriwala & Co.
  • 2. Direct Tax Highlights: 2 Tax Credit of Rs.2,000/- for income up to Rs.5,00,000/-. No change in Direct Tax Slabs. Surcharge of 10% imposed on Individuals, HUFs on income above Rs. 1Crore. Surcharge of 5% increased to 10% on Domestic Companies on income above Rs.10 Crore. Surcharge of 2% increased to 5% on Foreign Companies. Surcharge of 5% increased to 10% on Dividend Distribution Tax. Tax Deducted at Source @ 1% imposed on land deals above Rs.50 Lakhs other than agricultural land. Ganeriwala & Co.
  • 3. Direct Tax Highlights: 3 Tax Deducted at Source increased from 10% to 25% on Royalty paid to Non Resident for Professional and Technical Fees . Withhold Tax @ 20% introduced on unlisted companies who are entering into transaction of Buyback of Shares. Investment allowance @ 15% introduced on assessees investing above Rs. 100 Crore in Plant and Machinery. No change in the rate of Minimum Alternative Tax. Sec 80IA benefit extended by 1 year. Education Cess to remain at 3% Ganeriwala & Co.
  • 4. Direct Tax Highlights: 4 Commodities Transaction tax introduced on Non agricultural futures contract at 0.1%. STT reduced from 0.17% to 0.1%. Additional benefit of Rs. 1,00,000/- as interest deduction for 1st time home loan applicants for a limit of Rs.25 Lakhs. GAAR to be introduced from 1st April 2016. DTC is Work in progress. To continue 15 % tax concession on dividend received by India companies from foreign units for one more year. Ganeriwala & Co.
  • 5. Indirect Tax Highlights: 5 Service Tax and Basic Excise Duty remain at 12%. 2 more Services added to the Negative list of Services: a) Vocational Courses b) Testing activities of agriculture and agriculture produce. Service Tax imposed on all Air Conditioned Restaurants. One-time Amnesty Scheme for service tax due from 2007. Specific Excise duty on Cigarettes increased 18%. Excise duty on Non Taxi SUVs increased from 27% to 30%. Custom Duty on luxury cars increased from 75% to 100% and on luxury bikes from 60% to 75%. Ganeriwala & Co.
  • 6. Indirect Tax Highlights: 6 Custom Duty on Raw Silk increased from 5% to 15%. Custom Duty on Set Top Boxes increased from 5% to 10%. Import duty on rice bran oilcake withdrawn. 10 per cent customs duty to be levied on unprocessed illuminate. Duty free limit on Gold raised to Rs 50,000 in case of male and Rs 100,000 in case of female. Duty on mobiles above Rs 2,000 raised from one to six per cent, based on their maximum retail prices. Ganeriwala & Co.
  • 7. Disclaimer: 7 This report is for private circulation only and is brought out only with an intention to give information and not to solicit clients or business against the guidelines of The Institute of Chartered Accountants of India. While every effort has been made to ensure that the information provided herein is accurate, Ministry of Finance and NIC do not hold themselves liable for any consequences, legal or otherwise arising out of use of any such information. We have taken proper care to present the data as was read out in Parliament. It is subject to changes on minute reading of the Finance Bill 2013 and its memorandum of Explanations. Ganeriwala & Co.