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
CNN-IBN Deputy Editor Sagarika Ghose discusses the question and much more with a panel of experts on the show Budget before Ballot. ...
08:48 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
Lauding the Union Budget as a "pragmatic balance" between fiscal prudence and public welfare, Congress today dismissed criticism from Opposition and some allies that it was "anti-farmer and anti-poor". "The interests of farmers are first and foremost in the mind of the Government and the interests of farmers will, in no way, be compromised. The budget is certainly not anti-farmer. Huge outlays have been made for farming sector," party spokesperson...
07:42 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
The government on Thursday unveiled a slew of measures to attract more investors to the stock market and making it easier for foreign entities to make investments. Presenting the Union Budget 2013-14, Finance Minister P Chidambaram proposed to strengthen capital market regulator SEBI and cut the securities transaction tax, which will bring down overall costs for investors. ...
07:12 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
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
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
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
