Tag Archives: Union Budget

Income tax slabs for FY 2013-2014

Posted on by Rakesh HP

According to the source Income tax slabs for FY 2013-2014

General tax payers Men and Women

Below 2L Nil
2L to 5L 10%
5L to 10L 20%
Above 10L 30%

Senior citizens Aged 60 to 80 years

Below 2.5L Nil
2.5L to 5L 10%
5L to 10L 20%
Above 10L 30%

Very senior citizens Above 80 years

Below 5L Nil
5L to 10L 20%
Above 10L 30%

Finance Minister P Chidamabaram allowed some relief for those who earn between Rs 2-5 lakh per year by announcing that they would be granted a tax credit of Rs 2000.

Person taking home loan for the first time will get tax cut of Rs 1 lakh.
Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan.
Home loan interest to save Rs 30, 900 for tax payer in 30% bracket.

Surcharge to be for everyone with an annual taxable income of over 1 crore. It is time for the rich to be worried as they would have to pay an additional surcharge of 10% on taxable income of over Rs 1 crore.

Sports utility vehicles, yachts and high-end mobile phones (of value over Rs 2,000) more expensive.

Cigarettes will also get expensive

Handmade carpets, electric hybrid cars and leather and leather goods including footwear could get cheaper.

Tags: Income tax slabs unchanged, Budget 2013,budget 2013 highlights

Some announcements in the Budget 2013-2014

Posted on by Rakesh HP

Pay High for:

  • Import Duty on set top boxes hiked to 10%
  • Service tax will be levied on all air-conditioned restaurants
  • Excise duty on mobile phones costing more than Rs 2000 raised to 6%. As a result, mobile phones will cost more.
  • Excise duty on marbles from Rs 30 per square metre to Rs 60 per square metre.
  • Duty on raw silk has been increased from 5% to 15%.

Pay less for:

  • The Union Budget exempted handmade carpets and textile floor coverings of coir or jute from excise duty.
  • The Prices of leather goods and leather footwear will come down. The Union Budget reduced customs duty on specified machinery for manufacture of leather and leather goods, including footwear, from 7.5% to 5%.
  • The Budget reduced customs duty on precious and semi-precious stones from 10% to 2%.