BUGDET 2013: HIGHLIGHTS - Income Tax etc...
Following are highlights of the budget:
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
* India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
* Higher growth with inclusive growth-our mantra; without growth no inclusive development
* Growth rate under UPA was highest
* Between 2004 and 2008 and again in 2009-10 and 2010-11 the growth rate was over 8%
* There is no reason for gloom or pessimism
* Global economic growth declined
* I seek the support as we navigate the crisis that has enveloped the whole world
* We have examples of states growing at fast state but leaving behind women, SC, ST etc; UPA believes in inclusive development
* Economic space right now constrained by high fiscal deficit, tight monetary policy to contain inflation
* CAD high due to high imports in coal and oil
* Aggregate demand another cause for inflation; it must be fought at many fronts
* Foeign investment is imperative to meet our economic objectives
* Had no choice but to rationalize expenditure; have retrieved some economic space and to advance our socio-economic objectives
* Food ifnlation is worrying; we will take all steps to meet demand
* Plan expenditure will be 29.4% more than revised estimates in the current year
* Budget for 2013-14 has one overarching goal-to create opportunities for youth to get skills to get jobs,and adequate incomes
* Made sufficient allocation for programmes relating to women an children
* Single women and widows must be able to live with dignity; WCD has been asked to design schemes
* Funds for the sub-funds cannot be diverted
* FM: Rs. 110 crore to be allocated to department of disability
* The new national health mission will get 24.5% increase over the RE
* Rs. 150 cr to be provided for geriatric growth
* Allocation for HRD 17% over the RE of the current year
* Thousand of scholarships for students belongs to SC, STs, and disadavantaged classes
* Focus will continue to be on early childhood care
* Multisectoral programme to fight malnutrition will be implemented; Rs. 300 crore to be allocated; 100 districts to be covered
* Rs. 33,000 crore to be allocated to MNREGA
* Will allocate Rs. 17,700 crore to Integrated Child Development Services (ICDS) scheme
* JNNURM is being continued in the 12th Plan; Rs. 14,873 crore to be provided to the Mission
* A large part of the JNNURM to be spent on purchase of buses especially in the hilly areas
* Farmers have responded to the price signals and produced more; Rs. 27,049 cr to be allocated to the agriculture ministry
* Assam, Bihar, Chattisgarh and WB have increased rice production
* Small and marginal farmers vulnerable everyone; watershed management crucial; Rs. 5387 cr allocated for Integrated Watershed Programme
* Indian Institute of BioTechnology to be set up at Ranchi
* Proposal to provide Rs. 500 crore to start programme on crop diversification
* 45% hike in rural budget allocation
* The National Livestock Mission will be launched in 2013. Rs. 307 crore to be provided for the Mission
* The National Food Security Bill is the promise of the UPA Govt, sincerely hope that Parliament will pass the Bill soon
* The key to restart growth is to restart the investment engine; will remove any apprehension in the minds of investors
* Need new and innovative funds to mobilise investment
* Need to improve communication of policies to remove distrust and fear among investors
* Propose to seek help of ADB and WB to invest in roads in NE states and connect them to Myanmar
* The road construction sector faces challenges not envisaged earlier including financial stress; Regulatory Authority to be set up
* Cabinet Committee on Investment has been set up to monitor and guide the projects to remove bottlenecks
* Marginal increase in allocation for food subsidy
* Rs. 15,260 crore to be allocated to ministry of drinking water and sanitation
* The household sector must be incentivised to save in financial instruments
* Rs. 25000 crore to be raised from four infrastructure bonds
* The Delhi Mumbai Industrial Project has made rapid projects; work on 2 new smart industrial cities will start during 2013-14
* Proposal to bring instruments that will protect (the country) from inflation
* The next corridor will be the Bengaluru-Mumbai Industrial corridor
* Marginal increase in allocation for food subsidy
* 5 inland waterways have been declared as national waterways
* Income level for Rajiv Gandhi Equity Scheme raised by Rs. 2 lakh
* Additional interest deduction upto 1 lakh for home loan upto Rs. 25 lakhs during FY 14. Deduction available on first home loan
* Delhi Mumbai Industrial Project has made rapid progress
* Semiconductor sector given boost with zero customs duty on import of plant and machinery
* Activities on NELP blocks to kick start
* The natural gas pricing policy will be reviewed; any LP blocks that have been stalled will be cleared
* Inflation indexed bonds and NSCs to be introduced
* Srinagar to Leh to be connected via a new highway
* The govt has approved a scheme for financial restructuring of discoms; urge state govts to prepare the plans immediately
* We need to reduce dependence on imported coal, despite abundunt coal reserves we continue to import coal
* MSMEs: too many of them do not grow due to fear of losing benefits, propose to give them them non-tax benefits for 3 years
* Propose to continue with the technology upgradation funds scheme for the textile sector, environmental concerns of the textile industry to be taken care of
* 150,000 individual weavers will benefit in this year, propose to allocate an addl sum of Rs. 96 crore for ministry of textiles
* Propose to constitute a standing counsel of experts to analyse the competitiveness of the Indian sector
* In 2013-14, propose to provide Rs. 14000 crore for capital infusion in public sector banks
* PSBs have assured me that all their branches will have an ATM by 2013-14
* Capital infusion to public sector banks to be increased in FY 14
* 13 public sector banks to get Rs. 14000 crore
* Propose to set up India's first women's bank as a Public Sector Bank; propose to provide Rs. 1000 crore as initial capital
* Propose to provide Rs. 600 cr to rural housing fund in 2013-14
* Insurance companies will be able to start branches in Tier 2 cities and below, without approval of IRDA
* The insurance amendement bill and the PFRDA bills are before the house; hope that they will be passed soon
* Income limit for the tax-saving Rajiv Gandhi Equity Savings Scheme raised to Rs. 12 lakh from Rs. 10 lakh
* Domestic workers, Anganwadi workers, etc to get group insurance
* SEBI will simplify procedures for entry of foreign portfolio investors to invest in India
* The list of eligible securities will be enlarged
* KYC of banks will be enough to get insurance
* All towns of India with a population of over 10000 to have an LIC office
* Low interest bearing funds for clean / green energy sector. Generation-based incentives for wind energy
* Will encourage cities to take up waste-energy projects through PPPs
* Present criteria for determining backwardness will be changed; propose to frame new criteria
* Defence spending at Rs. 2,20,000 crore, Rs. 86721 crore for capital expenditure
* Rs. 5400 crore to department of space and Rs. 5600 crore to department of atomic energy
* With help of Ministry of S&T,I have identified amazing innovations; Will allocate Rs. 200 crore to scale them & make them avaiable to people
* National Institute of Sports Coaching to be set up at Patiala
* Cities with population of more than 1 lakh will be covered with private FM channel providers, 294 more cities to be connected by FM radio
* Rashtriya Swasthya Bima Yojana to include rickshaw pullers, taxi drivers and ragpickers
* Post offices to beome part of core banking solutions
* Nirbhaya Fund with a corpus of 1000 crore to be set up for girl child welfare
* Ambitious targets of skilling 15 million people in the 12th plan
* Skill trained will be given boost in employment and producitvity; 10 lakh youth can be motivated in one year
* Planned expenditure to be 33% of total expenditure
* Assure that the Direct Benefit Transfer scheme will be rolled out during the term of the UPA govt
* Redeem our promise by 2016-17 and bring down fiscal deficit to 3% and revenue deficit to 1.5%
* The fiscal deficit for the current year has been contained at 5.2%
* No revision in the slabs, relief for tax payers
* Surcharge of 10% for taxable incomes above Rs. 1 crore
* Tax credits of Rs. 2000 to every person who has total income upto Rs. 5 lakh
* Education cess to continue at 3%
* Surcharge of 5% to 10% on companies whose income exceeds 10 crore per year
* There are 42,800 persons in the country who admitted to a taxable income exceeding Rs. 1 crore per year
* Donations made to National Children's Fund will now be 100% deductible
* Contributions to the CGHS are eligible for deduction
* Rate of tax on payments by way of royalty increased from 10% to 25%
* Modified provisions of GAAR will come into effect from 1.04.2016
* Commodity Transaction Tax to be introduced in limited way
* Direct taxes code is work in progress
* Imported luxury goods to get costly
* Increase import duty to increase from 5% to 10% to encourage production of set top boxes in the country
* ST does not apply to AC restaurants that do not serve liquor at present; now all AC restaurants will have to pay service tax
* SUVs occupy more road and parking space and ought to bear higher tax: excise duty rate to be increased from 27% to 30%
* Increase in import duty on high-end motor vehicles from 75% to 100%; and on motorcylces from 60% to 75%
* Wish to encourage large number of assesees to return to the tax fold
* Serious intent of the govt to pass a GST law, need for state and central govt to pass a GST law
* 4% excise duty on silver manufactured from smelting, zinc or lead
* Specific excise duty on cigarettes increased by 18%
* Ships and vessels exempted from excise duty
* Donations made to National Children's Fund will now be 100% deductible
* Contributions to the CGHS are eligible for deduction
* Rate of tax on payments by way of royalty increased from 10% to 25%
* ST does not apply to AC restaurants that do not serve liquor at present; now all AC restaurants will have to pay service tax
* Wish to encourage large number of assesees to return to the tax fold
* Serious intent of the govt to pass a GST law, need for state and central govt to pass a GST law
* By 2025, we could become a $5-trillion economy
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Showing posts with label BUDGET. Show all posts
Showing posts with label BUDGET. Show all posts
Thursday, February 28, 2013
BUGDET 2013: HIGHLIGHTS - Income Tax etc...
Highlights of Railway Budget 2013-14
Highlights of Railway Budget 2013-14
· 67 new Express trains to be introduced · 26 new passenger services, 8 DEMU services and 5 MEMU services to be introduced · Run of 57 trains to be extended · Frequency of 24 trains to be increased · First AC EMU rake to be introduced on Mumbai suburban network in 2013-14 · 72 additional services to be introduced in Mumbai and 18 in Kolkata · Rake length increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai · 500 km new lines, 750 km doubling, 450 km gauge conversion targeted in 2013-14 · First ever rail link to connect Arunachal Pradesh · Some Railway related activities to come under MGNREGA · For the first time 347 ongoing projects identified as priority projects with the committed funding · Highest ever plan outlay of Rs. 63,363 crore · Loan of Rs. 3000 crore repaid fully. · A new fund-Debt Service Fund set up to meet committed liabilities. · Freight loading of 1047 MT, 40 MT more than 2012-13 · Passenger growth 5.2% in 2013-14 · Gross Traffic Receipts – Rs. 1,43,742 crore i.e. an increase of 18,062 crore over RE, 2012-13 · Dividend payment estimated at Rs. 6,249 crore · Operating Ratio to be 87.8% in 2013-14 · Supplementary charges for super fast trains, reservation fee, clerkage charge, cancellation charge and tatkal charge marginally increased · Fuel Adjustment Component linked revision for freight tariff to be implemented from 1st April 2013 · Enhanced reservation fee abolished · Elimination of 10797 Level Crossings (LC) during the 12th Plan and no addition of new LCs henceforth · Introduction of 160/200 kmph Self Propelled Accident Relief Trains · ‘Aadhar’ to be used for various passenger and staff related services · Internet ticketing from 0030 hours to 2330 hours · E-ticketing through mobile phones · Project of SMS alerts to passengers providing updates on reservation status · Next –Gen e-ticketing system to be rolled out : capable of handling 7200 tickets per minute against 2000 now, 1.20 lakh users simultaneously against 40,000 now · Introduction of executive lounge at 7 more stations: Bilaspur, Visakhapatnam, Patna, Nagpur, Agra, Jaipur and Bengaluru · Introduction of ‘Azadi Express’ to connect places associated with freedom movement · Four companies of women RPF personnel set up and another 8 to be set up to strengthen the security of rain passengers, especially women passengers · 10% RPF vacancies being reserved for women · 1.52 lakh vacancies being filled up this year out of which 47000 vacancies have been earmarked for weaker sections and physically challenged · Railways to impart skills to the youth in railway related trades in 25 locations · Provision of portable fire extinguishers in Guard-cum-Brake Vans, AC Coaches and Pantry Cars in all trains · Pilot project on select trains to facilitate passengers to contact on board staff through SMS/phone call/e-mail for coach cleanliness and real time feedback · Provision of announcement facility and electronic display boards in trains · Providing free Wi-Fi facilities on several trains · Upgrading 60 stations as Adarsh Stations in addition to 980 already selected · Introduction of an ‘Anubhuti’ coach in select trains to provide excellent ambience and latest facilities and services · 179 escalators and 400 lifts at A-1 and other major stations to be installed facilitating elderly and differently-abled · Affixing Braille stickers with layout of coaches including toilets, provision of wheel chairs and battery operated vehicles at more stations and making coaches wheel-chair friendly · Centralized Catering Services Monitoring Cell set up with a toll free number (1800 111 321) · Complimentary card passes to recipients of Rajiv Gandhi Khel Ratna & Dhyan Chand Awards to be valid for travel by 1st Class/2nd AC · Complimentary card passes to Olympic Medalists and Dronacharya Awardees for travel in Rajdhani/Shatabadi Trains · Travel by Duronoto Trains permitted on all card passes issued to sportspersons having facility of travel by Rajdhani/Shatabadi Trains · Facility of complimentary card passes valid in 1st class/2nd AC extended to parents of posthumous unmarried awardees of Mahavir Chakra, Vir Chakra, Kirti Chakra, Shaurya Chakra, President’s Police Medal for Gallantry and policy medal for Gallantry · Policy Gallantry awardees to be granted one complimentary pass every year for travel along with one companion in 2nd AC in Rajdhani/Shatabadi Trains · Passes for freedom fighters to be renewed once in three years instead of every year. · Setting up of six more Rail Neer bottling plants at Vijayawada, Nagpur, Lalitpur, Bilaspur, Jaipur and Ahmedabad · Setting up of a multi-disciplinary training institute at Nagpur for training in rail related electronics technologies · Setting up of a centralized training institute at Secunderabad--Indian Railways Institute of Financial Management · Five fellowships in national universities to be instituted to motivate students to study and undertake research on Railway related issues at M.Phil and Ph.D. levels · Fund allocation for staff quarters enhanced to Rs. 300 crore · Provision of hostel facilities for single women railway employees at all divisional headquarters · Provision of water closets and air conditioners in the locomotive cabs to avoid stress being faced by loco pilots Source:pib | |
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Wednesday, February 27, 2013
Rail Budget 2013-14....Highlights
Rail Budget 2013-14....Highlights
72 additional suburban services in Mumbai and 18 in Kolkata
Rs.100 crore for improving stations in New Delhi
No fresh hike in passenger fares
Common rail-bus ticket to be introduced for Katra-Vaishnodevi pilgrims
New train Azadi Express to places linked with the freedom struggle to be introduced, fares to be concessional
Internet booking to be provided from 0030 hours to 2330 hours
Internet booking to be strengthened with next-generation e-ticketing system to eliminate delays
Special A/C coaches ‘Anubhuti’, to be introduced in select Shatabdi and Rajdhani trains to give excellent ambience with commensurate fare
Railways will use Aadhar data base for bookings and validation of passengers
SMS alert service being rolled out shortly to intimate passengers about reservation status
Free wi-fi facility to be provided in select trains
Plan to allow e-ticketing via mobile phones
10% reservation for women in RPF
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Tuesday, February 26, 2013
Rail Budget 2013: No hike in passenger fares, but travel will be costlier
Rail Budget 2013: No hike in passenger fares, but travel will be costlier New Delhi: Even though Railway Minister Pawan Kumar Bansal did not hike passenger fares but he announced a marginal increase in freight charges, supplementary charge, superfast charge, reservation charge, cancellation charge and Tatkal charge. The hike supplementary charge, superfast charge, reservation charge, cancellation charge and Tatkal charge means that even though basic fare has not increased but passengers would be paying more for the travel. Bansal announced that dynamic fuel adjustment component has been introduced on freight rates from April 1, which will result in less than five per cent increase in rates, the minister said. In his 75-minute speech which was drowned in opposition slogan-shouting towards the end, Bansal said there are a number of supplementary charges which have not been revised for last several years. Bansal justified the fuel adjustment component saying after the fuel price hike and electricity power hike, it was necessary to increase freight charge for the Railways to provide better services. "The passenger fare had to be increased in January due to the circumstances. But then there was an increase in fuel prices immediately after that. Fuel adjustment component will be added to make the adjustments. There is no increase in the basic fare, the increase in charges is for the Railways to provide better services," the Rail Minister said in a press conference after presenting the Rail Budget. The dynamic fuel adjustment component introduced on freight rates from April 1 will result in less than 5 pc increase in rates. The Railway Minister during his budget speech highlighted that even as there were more trains being added, losses continued to mount for the railways. "The number of passenger trains has increased, yet the losses on these continues to mount," Bansal said. Bansal, however, proposed to abolish the concept of enhanced reservation fee with a view to simplifying the fee structure, having already discontinued development charge in January this year. In January, the minister effected an across-the-board hike in passenger fares that would net Rs 6,600 crore a year. However, the subsequent hike in diesel price and electricity charges put an additional burden of Rs 3,300 crore on the railways which is projected to see a loss of Rs 24,600 crore in the current financial year, up from Rs 22,500 crore in 2011-12 in passenger traffic segment. CNN-IBN (With additional information from PTI) | |
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Wednesday, January 16, 2013
Railway Budget 2013 - Consideration of NFIR’s proposals
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