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Feb 28, 2013

Union Budget 2013-14 Tabled, No change in IT Slabs

IN · · 1 comment
P. Chdambaram
The Union Finance minister P. Chdambaram has presented the Union Budget for the fiscal 2013-14 on Thursday in Lok Sabha.

The Budget was one of the populist budgets, as no burden on the income tax payers - no changes in the income tax slabs.

The Minister has given tax credit of 2000 rupees for the income tax payers between 2 lack rupees to 5 lakh rupees.

Women safety has been given prominence in the union budget 2013-14, Rs. 1000 crore for Nirbhaya Fund.

Not only that the finance minister has also suggested for First Women Bank in India for women.

For investors the SEBI to ease norms to attract from FIIs.

Here are the Budget Highlights:

Budget Allocations:

In the Union budget the planned expenditure is pegged at Rs. 555,322 crore which is around 30 per cent more than the budget estimation of last year.


There is no change in the income tax slabs, but tax credit of Rs2000 for the tax-payers under the slab of Rs.2 lac to Rs.5 lac.

Imposes 5-10% surcharge on local companies income above Rs 10 crore

No changes in Education Cess,

Cigarette to cost more as the excise tax has been increased,

FM proposed that India need to rationalize expenditures like coal, oil or gold imports to control fiscal deficit. The fiscal deficit has reduced a value of 4.8% which was 5.2% in last fiscal year.

Giving priority to the education sector, which has been neglected, the Finance Minister has increased the budget allocation to Rs. 65, 867 crores, which is higher 17 per cent from the last year’s budget allocation. Rs. 13215 crore has been provisioned for mid day meal scheme, one of the flagship schemes of the UPA government.

The agriculture sector grew by around 3 per cent in the last fiscal year; the finance minister has allocated Rs. 27,049 crore to the Agriculture Ministry.

Rs. 500 crore For crop diversification and Farm Credit Target has been set at Rs. 7 lakh crore for the fiscal year 2013-14;


In the budget, the finance minister increased the Defence allocation to Rs. 2.03 lakh crore, Rs. 6,275 crore has been granted to to ministry of science and technology and Rs. 5,880 crore to Department of Atomic Energy.

Women Empowerment:

Acting tough on the women empowerment, the finance minister declared Rs. 1000-crore Nirbhaya Fund for this cause. Also aimed to set up India’s First Womens Bank and approved Rs. 1000 crore as Initial capitalization for Women Bank.

Health and Family Welfare:
In the budget, Rs. 37,330 crore have been allocated for Ministry of Health & Family Welfare.

Stock Markets/Investors:
Due the slowdown the stock markets were tumbling often, the interest of stock markets to be protected. The finance minister announced that Security Exchange Board of India (SEBI) would simply its norm to attract Foreign Institutional Investors (FIIs) into Indian economy market. This will help to boost the investment inflow into the country strengthening it. FIIs can trade in Forex derivaties, 10% stake threshold to be seen as fdi, 15% allowance for investment above Rs. 100 cr, investment allowance of 15% of investment, to approve Rs. 50k crore in tax free bonds.

Urban Housing :
In the budget, Rs. 2000 crore has been allocated for Urban Housing Fund, NHB will set up an Urban Housing Fund.

To Set Up Regulator For Road Projects and Infra Debt Funds To Be Encouraged

Additional Rs. 10,000 Cr For Food Bill
Mgnrega Allocation Hiked To Rs. 33,000 Cr
Rs. 15,184 Cr For Indira Awas Scheme
Rs. 80,200 Cr For Rural Development

1 comment:

  1. Great information. I came to know that their is no changes in Income Tax Slab rates. Income Tax Slab allow the person to deduct an amount from taxable income and helps to save tax. This blog contain fresh information according to the new budget 2013.