With over 35 years of experience in the field of personal taxation, Subhash Lakhotia answers your queries on the Budget and what it has in store for you. ...
09:10 PM, Feb 28, 2013
Gujarat Chief Minister Narendra Modi on Thursday said that the UPA government's budget lacks a growth strategy and vision to develop India's economy. Coming down heavily on the budget, he said that there is a lack of co-ordination between the 12th Five Year Plan and the budget presented for the year 2013-14 by Union Finance Minister P Chidambaram. ...
09:01 PM, Feb 28, 2013
Against the backdrop of oil firms like BP Plc complaining of artificially low gas rates in the country impeding investments, Finance Minister P Chidambaram on Thursday said the pricing policy will be reviewed and uncertainties removed. ...
08:23 PM, Feb 28, 2013
Watching cable and satellite TV may turn expensive with the government proposing to double import duty on set top boxes (STBs) to 10 per cent but domestic manufacturers have welcomed the move. Reacting to Finance Minister P Chidambaram's announcement to hike import duty on STBs from the existing 5 per cent, DTH Operators Association of India President Harit Nagpal said "the increase seems out of place". ...
08:12 PM, Feb 28, 2013
The Budget presented by Finance Minister P Chidambaram evoked a mixed response amongst the leading industrialists and bankers of Kerala. At least 30 odd industrialists participated in the budget viewing session organised by the Confederation of Indian Industries (CII) here. ...
07:34 PM, Feb 28, 2013
Disappointed at not getting incentives like relief on excise duty front in Budget, bicycle manufacturers here today said they have no option but to raise prices by 4-5 per cent within next fortnight due to spiralling input cost. Bicycle manufacturers had delayed the price hike as they were expecting rollback of two per cent excise duty on bicycle in Union Budget, which was presented by Union Finance Minister P Chidambaram....
07:29 PM, Feb 28, 2013
Hotels and restaurant owners on Thursday asked Finance Minister P Chidambaram to roll back the service tax proposed on all air-conditioned restaurants. "The Finance Minister should reconsider it. This will have a very bad impact on the hospitality industry," Federation of Hotel & Restaurant Associations of India (FHRAI) Secretary Vijai Pande said. He said the move will mean an additional burden on customers. ...
07:04 PM, Feb 28, 2013
NATGRID - a pet project of Finance Minister P Chidambaram during his tenure as Home Minister - witnessed a quantum jump in the 2013-14 budget getting a six-fold increase with the allocation pegged at Rs 66.5 crore. ...
06:43 PM, Feb 28, 2013
Indicating that his hands were tied because the economy is "challenged", Finance Minister P Chidambaram on Thursday said more "measures and decisions" will be announced during the Budget passage in Parliament. Addressing a post-Budget press conference, he said Budget is not a one-stop or one-step measure and is a continuing process. ...
06:30 PM, Feb 28, 2013
Healthcare and pharmaceutical industries on Thursday welcomed steps announced in the Budget to increase allotment on health and medical education. However, private players expressed concern that Finance Minister P Chidambaram could have provided support in the form of tax incentives as well. ...
06:08 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
The Reserve Bank on Thursday welcomed the General Budget, saying it has laid the foundation for lowering fiscal and current account deficits, apart from supporting both domestic and foreign investments. The central bank said the government's net market borrowing target of around Rs 5 lakh crore (budget estimate for the next fiscal is Rs 4.84 lakh crore) is manageable. ...
05:46 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
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
Duty concessions on import of spare parts and testing equipment for aircraft MRO industry were granted in the Union budget today, as the government proposed to provide a plan outlay of Rs 5,000 crore in Air India in the next financial year. "The aircraft manufacture, repair and overhaul (MRO) industry is at a nascent stage. Encouraging the MRO sector will generate employment besides other benefits. Hence, I propose to provide...
04:59 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 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
Aiming to check demand for gold, Finance Minister P Chidambaram on Thursday proposed inflation-indexed bonds and modified Rajiv Gandhi Equity Savings Schemes with a view to make financial instruments more attractive. "The household sector must be incentivised to save in financial instruments rather than buy gold. Increasing savings and their optimal allocation for productive uses lead to higher economic growth," he said while presenting the Budget. ...
04:04 PM, Feb 28, 2013
The government on Thursday said it will release Rs 9,000 crore as the first instalment of compensation for losses incurred by states due to reduction in the Central Sales Tax rate, a precondition for the rollout of GST - the indirect taxes regime. It also expressed the hope that a consensus with states on the Goods and Services Tax, which has been in the works for long, will be reached...
03:32 PM, Feb 28, 2013
