How will Budget 2013 impact you? Senior journalist Vivian Fernandes shared his perspective in an interaction with IBNLive readers. ...
06:22 PM, Feb 28, 2013
Global rating agency Standard & Poor's on Thursday said the Union Budget for fiscal year 2013-14 will have no impact on the country's sovereign credit rating. "The latest budget details have no rating impact on our sovereign credit rating on India (BBB-/Negative/A-3)," S&P said in a statement. ...
06:17 PM, Feb 28, 2013
Tax expert Subhash Lakhotia joined IBNLive readers for an interaction on the impact of Budget 2013 on taxes and investments. ...
06:10 PM, Feb 28, 2013
CNBC-TV18 Banking Editor Latha Venkatesh joined IBNLive readers for an interaction on the bigger implications of Budget 2013 for the Indian economy. ...
06:10 PM, Feb 28, 2013
Gems and jewellery sector on Thursday heaved a sigh of as there is duty hike in gold or jewellery in Budget 2013-14. "We thank the Finance Minister for accepting our demand by not increasing the Customs duty on gold and not levying Excise or any other duty on gold jewellery. We accept the Budget with a positive attitude," Bombay Bullion Association President Mohit Khamboj said. ...
05:59 PM, Feb 28, 2013
Modified version of controversial General Anti Avoidance Rules (GAAR) provisions will come into effect from April 2016, Finance Minister P Chidambaram said on Thursday. A number of representations were received against GAAR provisions introduced in the last Budget. Following which the government had set up an expert committee under Parathasarthi Shome to give recommendations on the anti-avoidance tax proposals. ...
05:52 PM, Feb 28, 2013
CBI has received Rs 461.66 crore in budgetary allocation for the next fiscal which is a marginal increase of approximately 14 per cent over 2012-13. The agency has been allocated Rs 461.66 crore in the budget on Thursday as compared to Rs 404.97 crore in the last fiscal marking an increase of approximately 13.99 per cent. ...
05:34 PM, Feb 28, 2013
Infrastructure got a major thrust in Budget 2013-14 with Finance Minister P Chidambaram on Thursday announcing a slew of measures to boost sector's growth, like raising Rs 50,000 crore through tax-free bonds, setting up of major ports and a road regulator. ...
05:33 PM, Feb 28, 2013
Bihar Chief Minister Nitish Kumar on Thursday hailed Finance Minister P Chidambaram for promising to revisit criteria for special category status and said that it was a 'victory in-principle' for Bihar in view of its consistent demand for grant of such a status. ...
05:26 PM, Feb 28, 2013
Finance Minister P Chidambaram on said work on the Direct Tax Code (DTC) Bill, which seeks to overhaul income tax laws, is in progress and the amended Bill will be introduced in the ongoing Budget session. Presenting the Budget, he said that the DTC is not intended to be an amended version of Income Tax Act, 1961 but a new code based on the international practices that will be compatible...
05:23 PM, Feb 28, 2013
Resisting the temptation of election-year populism, the General Budget on Thursday offered no major tax sops but slapped a surcharge on 'super-rich', raised duties on mobile phones, cigarettes and imported luxury vehicles and introduced tax deduction at source (TDS) on property sale above Rs 50 lakh. ...
05:22 PM, Feb 28, 2013
Galvanised steel makers like SAIL and Tata Steel will reap benefits with the Budget 2013-14 bringing down export duty on certain items to nil from 7.5 per cent earlier. ...
05:14 PM, Feb 28, 2013
To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year or a person who is transferring his residence to India. ...
05:13 PM, Feb 28, 2013
Finance Minister P Chidambaram on Thursday announced a Rs 2,000 crore urban housing fund, while making luxury homes costlier by cutting abatement on service tax on a flat with a floor area of over 2,000 sq ft, or prices exceeding Rs 1 crore. ...
05:08 PM, Feb 28, 2013
For every rupee the government proposes to spend in 2013-14, as much as 18 paise will go for paying interests. As per Budget 2013-14, presented by Finance Minister P Chidambaram in Parliament on Thursday, Central Plans expense will see a slight decline at 21 paise out of the total expenditure, from the provision of 22 paise in 2012-13. ...
05:06 PM, Feb 28, 2013
Except for carmakers who were hit by a surprise tax, industry leaders largely cheered Finance Minister P Chidambaram's Union Budget 2013-14 and termed it as "people's budget", "balanced" and "strong". "Finance Minister did the best he could. He revised the bad decisions of previous budget restoring hope for people," former Infosys director Mohandas Pai said. ...
04:54 PM, Feb 28, 2013
Even as the annual budget brought cheers to Agro-based companies, the edible oil extraction industry expressed disappointed over their issue of import duty structured anomalies on crude and refined palm oil not being addressed. "Total withdrawal of export duty on de-oiled rice bran oil cake will help the industry, as such a duty had made our exports uncompetitive. Non inclusion of agro commodities for the CTT (commodity transaction tax) on...
04:45 PM, Feb 28, 2013
The education sector on Thursday received a 17 per cent jump with an allocation Rs 65,867 crore for 2013-14 fiscal, but HRD Minister MM Pallam Raju termed it as "little" increase and said he would be asking for more to meet the goals. He said that with the RTE deadline coming to an end on March 31 for fulfilling all provisions, states would be asking for more the central share...
04:43 PM, Feb 28, 2013
Apart from making allocations for exclusive sub plans for scheduled castes and scheduled tribes, Budget 2013-14 has special plans for minorities, women and children as well as persons with disabilities. ...
04:33 PM, Feb 28, 2013
The Home Ministry on Thursday got Rs 59,241 crore in the General Budget, a modest eight per cent increase over last year, with an emphasis on providing new residential quarters and barracks for central armed police forces personnel. However, the Budget for 2013-14 presented by Finance Minister P Chidambaram did not allocate any separate funds for the controversial National Counter Terrorism Centre, which was initiated by the Finance Minister himself...
04:11 PM, Feb 28, 2013
