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PrintTags: P Chidambaram, Finance Minister, Growth rate, fiscal deficit, Budget Session 2013, Budget 2013, govt spending, Budget 2013-14, LIVE Budget Session, Union Budget 2013-14, Govt subsidies, #Economic Survey2013 Indian Economy, Indian GDP
The much-debated additional tax?for super-rich found favour with the Government as Finance?Minister P Chidambaram proposed a 10 per cent surcharge?for a year on income above Rs 1 crore.
The proposal will cover 42,800 individuals and entities.??When I need to raise resources, who can I go to except?those who are well-placed in society. Only 42,800 persons in?the whole country who admitted to a taxable income of?exceeding Rs one crore per year.
I propose to impose a surcharge of 10 per cent on?persons whose taxable income exceeds Rs 1 crore per year,? he?said while unveiling Budget proposals for 2013-14.
The proposal to tax the super-rich was mooted by Prime?Minister?s Economic Advisory Council Chairman C Rangarajan and?found echo in Wipro Chairman Azim Premji.
?I believe there is a little bit of spirit of Azim Premji?in every affluent taxpayers and I am confident when I ask?relatively affluent taxpayers to bear a small burden for one?year they will do so cheerfully,? he said, adding the tax?proposal will be only for one year.
He further said, ?fiscal consolidation cannot be effected?only by cutting expenditure. Where ever possible, revenues?must also be augmented.??The surcharge will apply to individuals, HUFs, firms and?entities with similar tax status, he added.
Tax credit of Rs 2,000 for income up to Rs 5l
In a small relief to tax payers, Finance Minister announced a tax credit of Rs 2,000 for persons with income up to Rs 5 lakh.
The proposal, he said, will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.
The other slabs and rates have been kept unchanged in view of constrained economy, he said.
?I am inclined to give some relief to tax payers in the first bracket between Rs 2-5 lakh?. I propose to provide tax credit of Rs 2,000 to every person who has a total income of up to Rs 5 lakh. 1.8 crore taxpayers are expected to benefit, to the value Rs 3,600 crore,? the Finance Minister said.
As per the existing slabs, tax on income from Rs 2 lakh to 5 lakh is at 10 per cent, up to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
Additional tax break of Rs 1l for 1st time home buyers
In a bid to promote the housing sector, the Finance Minister raised tax deduction limit by Rs 1 lakh for the first time home buyers .
??a person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, 2014 will be entitled to an additional deduction of interest of up to Rs 1 lakh,? he announced.
?If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of Rs 1.5 lakh allowed for self-occupied properties under section 24 of the Income-tax Act,? he said.
(With inputs from agencies)
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