Budget 2013-14: No change in tax slabs

Finance Minister P Chidambaram presented his 8th Union Budget today. In terms of taxes, he proposed that the personal income tax exemption limit will remain unchanged at Rs 2 lakh.

No Tax: For an annual income up to Rs 2 lakh 10% Tax: For an annual income of more than Rs 2 lakh and up to Rs 5 lakh 20% Tax: For an annual income of above 5 lakh and up to Rs 10 lakh 30% Tax: For an annual income exceeding Rs 10 lakh

TAX HIGHLIGHTS
>Person taking home loan for the first time will get tax cut of Rs 1 lakh. > Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan. > Home loan interest to save Rs 30, 900 for tax payer in 30% bracket. > Tax administration reform committee to be set up > FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13. > FY14 revenue deficit aim at 3.3%. > Tax credit of Rs 2,000 for everyone in the Rs 2 - 5 Lakh bracket. > Surcharge of 10% for the super rich > Surcharge to be for everyone with an annual taxable income of over 1 crore. > Surcharge hiked to 10% from 5%. > All additional surcharge for only one year. > 10% surcharge on companies with income over Rs 10 crore.

Budget 2013: What's Cheaper, What's Costlier

Excise duty on Cigarette increased by 18% 6% percent duty on mobile phones that cost above Rs 2000 Eating out to get more expensive. All A/C restaurants will have to pay service tax. 100% custom duty on luxury cars 4% duty on silver Duty on set up box to be increased TDS at 1 per cent on properties being sold for more than Rs 50 lakh. No excise duty for handmade carpets of choir and jute. Vocational courses and testing activities in relation to agriculture to be exempt of service tax. To reduce abatement rates on luxury apartments. Lower Securities Transaction Tax on mutual funds Duty-free gold limit raised