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Budget 2013-14 (Highlights, Provisions & Analysis) : By: Ankita Bharti Rajeev Kumar Manish Ranjan

The document provides an overview and analysis of the Indian budget for 2013-2014. It highlights that the budget aimed to please voters ahead of elections while also addressing financial gaps. Key points of the budget included retaining the same tax slabs as the previous year, increasing certain excise duties, allocating funds for infrastructure projects, and setting the fiscal deficit target at 4.8% for 2014. The analysis criticized the budget for not doing enough to address issues like inflation and incentivize exports.

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64 views18 pages

Budget 2013-14 (Highlights, Provisions & Analysis) : By: Ankita Bharti Rajeev Kumar Manish Ranjan

The document provides an overview and analysis of the Indian budget for 2013-2014. It highlights that the budget aimed to please voters ahead of elections while also addressing financial gaps. Key points of the budget included retaining the same tax slabs as the previous year, increasing certain excise duties, allocating funds for infrastructure projects, and setting the fiscal deficit target at 4.8% for 2014. The analysis criticized the budget for not doing enough to address issues like inflation and incentivize exports.

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Budget 2013-14 (Highlights , Provisions & Analysis)

By: Ankita Bharti Rajeev Kumar Manish Ranjan

Budget (2013-14) At a Glance


Being the last budget of the current government ;UPA II, and also before the next upcoming Lok Sabha elections in 2014,this budget is was surely seen as a last trump card to make their vote bank strong and to send some positive vibes in the masses. In this budget the government has tried to win hearts of masses with its policies but also tried to fill financial gaps through some direct or back door strategies. Looking forward we would try to focus on some highlights and provisions made in this budget and try to analyse that where this budget stands.

Budget (2013-14) Highlights


The current slabs which were introduced last year are retained and there is no case of revision.
Serial Number 1) 2) Salary Slab Rs. 2,00,000/Rs. 2,00,000 -Rs. 5,00,000/Tax Applied Nil 10 % and the amount by which the total income exceeds Rs. 2,00,000/30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-

3)

Rs. 5,00,000- Rs. 10,00,000/-

Budget (2013-14) Highlights


Serial No. 4) Salary Slab Rs. 10,00,000/Tax Percentage Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.

These are the Normal Rates of tax for the financial year 2012-13 and assessment year 2013-14 but the same slab is maintained for this year as well with minute inclusions of add ons.
Surcharge of 10% on persons whose taxable income exceeds Rs. 1 crore

Budget (2013-14) Highlights


TDS of 1 per cent on land deals over Rs. 50 lakh Excise duty on certain SUVs hiked to 30 per cent Specific excise duty on cigarettes increased by 18 per cent On mobile phones priced at more than Rs. 2000, excise duty hiked to 6 per cent Plan expenditure pegged at Rs. 555,322 crore Non-plan expenditure pegged at Rs. 11,09,975 crore for 2013-14

Budget (2013-14) Highlights


Revised estimate for total expenditure is Rs. 14.3 trillion in 2012/13, which is 96 pct of budget estimate Person taking a loan for his first home during the period 2013-14 will be entitled to an additional deduction of Rs. 1 lakh Excise rate, service tax rate unchanged Import duty on rice bran oilcake withdrawn Commodities futures contracts at 0.01 per cent No change in basic customs duty rate of ten per cent and service tax rate of 12 per cent

Budget (2013-14) Provisions


Tax Administraion Reforms Commission to be set up to review tax laws Revised estimate for total expenditure is Rs. 14.3 trillion in 2012/13, which is 96 pct of budget estimate 3000 km of road projects to be awarded in the first six months Refinancing capacity of SIDBI increased to Rs. 10,000 cr from Rs. 5,000 crore for MSMEs Allocation to defense spending up 4.5 per cent at Rs. 2.03 trillion

Budget (2013-14) Provisions


Cabinet committee on investment set up to monitor stalled projects and guide decision making Govt committed to food security bill. Rs. 10,000 crore set apart for expenditure likely under the Act Clean drinking water and sanitation to get Rs. 15,260 crore Rs. 1,400 crore to set up water purification plants to fight fluoride affected areas Oil and gas policy will be reviewed and changed from a profit-sharing structure to a revenue sharing structure

Budget (2013-14) Provisions


Natural gas pricing policy will be reviewed NELP projects that were stalled will be cleared A PPP policy framework is being devised with Coal India as a partner to provide coal to power producers. The Coal Ministry is working on it. Non tax benefits to SME units to remain for 3 years after they outgrow from the category SIDBI's refinancing capacity increased to Rs. 10,000 crore

Budget (2013-14) Provisions


PSU banks to get Rs. 14,000 capital infusion in FY14 Proposal to set up India's first women's bank as a PSU bank; initial capital to be Rs. 1,000 crore Company investing Rs. 100 crore or more between now and 2015 will be entitled to deduct an investment allowance of 15 per cent in addition to depreciation 2 new ports to be set up in West Bengal and Andhra Pradesh Insurance companies can open branches in Tier II cities without prior approval of IRDA

Budget (2013-14) Provisions


KYC of banks will be sufficient to acquire insurance policies, banks to act as brokers The Insurance Law Amendment Bill and the PFRDA Bill are before the House, hope it gets passed in this session, says Chidambaram FY13 fiscal deficit estimated at 5.2 per cent; FY14 fiscal deficit estimated at 4.8 per cent A proposal to amend the SEBI Act to strengthen the regulator is under consideration, says the Finance Minister

Budget (2013-14) Provisions


10 per cent stake or less will be treated as FII, and stake of more than 10 to be treated as FDI Nirbhaya fund set up with an allocation of Rs. 1,000 crore set up to ensure safety and security of women FIIs can participate in Exchange Traded Currency Derivatives Rs. 6,275 cr allocated to Ministry of Science and Technology; Rs. 5,880 cr to Department of Atomic Energy All cities with population of more than 1 lakh to be covered with FM radio services

Budget (2013-14) Provisions


11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme Rs. 5,87,082 crore to be transferred to states under share of taxes and non-plan grants in 2013-14 Rs. 532 crore to make post offices part of core banking National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs. 250 crore Grant of Rs. 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH.

Budget (2013-14) Provisions


Direct Taxes Code (DTC) bill to be introduced in current Parliament session No change in peak rate of customs duty for non-agriculture products Modified GAAR norms to be introduced from April 1, 2016 Commodities transaction tax levied on non-agriculture

Budget (2013-14)- Analysis


Instead of spending money on roads , Education, and Power , UPA has been wasting nations resources on these vote catching schemes Free Loans ..Farm Loan waiver .. 1 lakh crore ? Free Jobs ..NREGA .. 50,000 crore /year Free food.. Food security bill . 2 lakh crore /year Free Money.. Direct Cash Transfer .. ? lakhcrore /year All these schemes for Congress to get votes is to be paid by Middle class , through higher Taxes , higher Interest rates , and higher Fuel/power prices .. .

Budget (2013-14)- Analysis


Food Inflation is a big issue which is intolerance to middle & below middle class people. But no clear picture drawn to cut the food inflation. Again the middle class salaried person gonna suffered most,with no increase in tax exemption limit, commutation allowances, medical allowances Finance Minister has just shown a mirage of Rs.2000 tax rebate, as what they had taken is much more.

With manifold increase in prices of almost everything, there is nothing left with common man to save.

Budget (2013-14)- Analysis


Mr Chidambaram should give more incentives for Exports - which he has failed to do so. Higher export earnings are the only way to curb the falling rate of Indian Rupee

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