Women, Youth and Poor: Prime Highlights of Budget'13

Bangalore: Highlights of the budget for 2013-14 presented by Finance Minister P. Chidambaram in the Lok Sabha:

1. No revision of personal income tax slabs; relief in first bracket through tax credit of 2,000 for earnings up to 500,000 (approx $9,000)

2. Ten percent surcharge on income exceeding 1 crore (10 million/$180,000) a year; only 42,800 people have declared such income

3. Collective responsibility to ensure dignity and safety of women; recent incidents have cast a dark shadow; stand in solidarity with our girl children and women; will keep them safe and secure

4. 1,000 crore allocated for establishing Nirbhaya Fund

5. 97,000 crore (970 billion/$18 billion) for women's development

6. Defence allocated 203,672 crore (2.03 trillion/$37 billion), an increase of five percent

7. Import duty on high-end vehicles raised from 75 percent to 100 percent

8. Excise duty on cigarettes to be increased 18 percent

9. No change in service tax of 12 percent

10. No service tax on vocational courses run by institutes affiliated to state governments

11. Service tax on all air conditioned restaurants regardless of whether or not they serve alcohol

12. No service tax on agricultural testing procedures

13. 9,000 crore allocated for compensating state for differential in central sales tax and GST

14. Concessions for encouraging MRO (maintenance repair overhaul) sector

15. No change in customs duty on non-agricultural products

16. Modified law to prevent tax avoidance to come into effect April 1, 2016

17. 100 percent tax deduction for contributions to National Children's Fund

Read:
Union Budget 2013: First Time Home Buyers To Get Additional Tax Break Of 1 Lakh
Union Budget 2013: 10 Percent Tax Surcharge on Super-Rich