BUDGET 2013 HIGHLIGHTS

1. Providing incentives for productive investments. Firms that invest Rs. 100 Crore or more in machinery can deduct an investment allowance.
2. 10% surcharge on incomes over Rs. 1 crore per annum for fiscal 2013-14, all 42,800 of them.
3. Womens Bank to be set up with Rs. 1,000 Crore Capital. 'Nirbhaya' Fund of Rs. 1,000 crore for womens safety.
4. Meals in airconditioned restaurants, cellphone, SUV's, cigarettes and cigars to become costlier.
5. Taxes on Cigarettes and Cigars raised to 18%.
6. No change in education cess it will remain at 3%.
7. Duties on imported or domestic luxury vehicles such as SUV's hiked.
   
   Import Duty on High end luxury cars, motor cycles and yatches have been raised from75% to 100%.
   
   Excise duty on SUV's raised from 27% to 30%.
   
8. Excise duty on Readymade garments, carpets and floor covering of coir and jute reduced.
9. To eliminate tax evasion through under valuation and under reporting of property sale transaction. TDS(Tax Deducted at Source) imposed on all transfer of immovable properties worth Rs. 50 Lakh and above.
10. Tax break of Rs 2,000 for individual tax payers with taxable income of upto Rs. 5 Lakh.
11. First time buyers of affordable homes will get an additional deduction of interest of Rs 1 Lakh for homes upto Rs 25 Lakh.
12. Domestic corporates with taxable income of Rs. 10 Crore, the surcharge has been raised from 5% to 10%.
13. For foreign companies surcharge is increased from 2% to 5%.
14. Announced a one time amnesy scheme in which 10 lakh service tax assessees can avail of a voulantary complaince facility wherein penality and interest will be waived for returning to the tax fold.
15. Raised target for Disinvestment proceeds to over Rs. 55,000 Crore for the new Fiscal.
16. Promote household savings by raising the income limit for Rajiv Gandhi Equity Savings Scheme for the first time investors from Rs. 10 Lakh to Rs. 12 Lakh.
17. Soon-to-come Inflation Indexed Bonds should cheer up the investors.
18. Infrastructure tax-free bond of Rs. 50,000 Crore in 2013-14.
19. Baggage allowence for gold jewellery increased to Rs. 50,000 for men and Rs. 1 Lakh for women.
20. PAY MORE TO TALK:
    
    Excise duty on mobile phones priced over Rs 2,000 hikedto 6% from 1%.
21. PAY MORE TO EAT OUT:
    
    Service Tax on all Airconditioned Restaurants. Thus climate controlled eating will become atleast another 12% more.
22. PAY MORE TO WATCH:
    
    Doubled import duty on set-top boxes to 10% making them costlier in an environment where the citizens has little choice but to comply.
23. PAY MORE TO TRAVEL:
    
    Allocation made for fuel subsidy lowered, which means centre is well set on its course on freeing prices of petroleum products.
24. Reduction in Securities Transaction Tax in respect of certain transactions.
25. Impossition of commodities transaction tax this year.
26. Rate of tax on Royalties increased from 10% to 25%.
27. Term loans at concessional interest of 6% to handloom sector.
28. Provision of Rs. 10,000 Crore for National Food Security Act.
29. Target of Agriculture credit kept at Rs 7 Lakh Crore.
30. A complete social security package for unorganised sector.
31. Infrastructure Debt Fund to be encouraged.