Budget 2013 Live Highlights: Finance Minister P. Chidambaram says no review of income tax slabs, focus on infrastructure

Feb 28 2013, 13:20 IST
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P. Chidambaram tags China as the biggest competitor. (Express photo) P. Chidambaram tags China as the biggest competitor. (Express photo)
SummarySurcharge of 10% on super-rich, duties to be raised on cigarettes, mobile phones and SUVs: FM

fiscal deficit to 3 per cent by 2016-17 and revenue deficit to 1.5 per cent of GDP

* Tax Administration Reform Commission to be set up to regularly review tax law applications

* In 2011-12, tax-GDP ratio was 5.5 per cent for direct taxes and 4.6 per cent for indirect taxes.

* Tax credit of Rs 2000 to be provided to every person to having income of up to Rs 5 lakh, this will benefit 1.8 crore people

* 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore

* All Regional Rural Banks and cooperative banks to be e-linked by this year-end

* Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA

* KYC in banks sufficient for acquiring insurance policy.

* PSU banks to have ATMs at all their branches by March 31, 2014.

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities

* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month

* Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India

* Rs 14,000 crore capital infusion into public sector banks in 2013-14

* First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14

* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed

* Govt to set up India's first women's bank as a public sector bank by October

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17

* Rajiv Gandhi Equity Scheme will be liberalised to allow first time investor to invest in Mutal Fund and equity

* Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy.

* Four Infrastructure debt fund have been registered

* Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market,

* Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses

* To provide appropriate incentives for semiconductors industry including zero customs duty on plants and machineries

* Government has decided to constitute a regulatory authority for the road sector

* Many manufacturing projects stalled due to regulatory process

* Green revolution in east India significant. Rice output increased

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