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Indian Financial budget for 2013-14
Indian Financial Budget 2009-10
Courtesy: India Budget

Union Minister P. Chidambaram on 28/02/2013 presented the Union Budget for the fiscal 2013-14 in the Parliament

Relyon brings you the best and informative parts from the budget towards taxation. The due care has been taken while presenting the content over here

Click here: Budget 2012 | Budget 2011 | Budget 2010 | Budget 2009 | Budget Speeches

You can find these resources useful:

For More details visit www.indiabudget.nic.in

 

Major Tax related updates:

  1. Tax rates – there is no change in the Income Tax slab for individuals. However a tax credit of Rs.2000 has been granted to those whose income is upto Rs. 5Lacs:
    1. In case of Male
      1. Up to 2 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 10 Lakhs => 20%
      4. Above 10 Lakhs => 30%
    2. In case of Female
      1. Up to 2 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 10 Lakhs => 20%
      4. Above 10 Lakhs => 30%
    3. In case of Senior Citizens (Age reduced from 65 to 60 years)
      1. Up to 2.5 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 10 Lakhs => 20%
      4. Above 10 Lakhs => 30%
    4. In case of Higher Senior Citizens (Aged above 80 years)
      1. Up to 5 Lakhs => 0%
      2. Up to 10 Lakhs => 20%
      3. Above 10 Lakhs => 30%
  2. Surcharge at the rate of 10% in case the Total Income exceeds Rs. 1 crore
  3. For Co-operative Societies/ Firms/Local Authorities, no change in the basic income tax rates. Surcharge @ 10% shall be charged in case Total Income exceeding Rs. 1 crore.
  4. For Companies, no change in basic tax rates as those specified for financial year 2012-13. But there is change in the Surcharge.
    • Domestic Companies
      • @ 5% if the Total Income exceeds Rs. 1 crore but does not exceed Rs. 10 crore.
      • @ 10% if the Total Income exceeds Rs. 10 crore.
    • Other than Domestic Companies
      • @ 2% if the Total Income exceeds Rs. 1 crore but does not exceed Rs. 10 crore.
      • @ 5% if the Total Income exceeds Rs. 10 crore.
    • In other cases (including Sec 115-O, 115QA, 115R, 115TA) surcharge shall be levied @ 10%
  5. Education cess shall continue at 3%.

Thats all the major coverage from the Union Budget presented by Minister of Finance in the parliment for the year 2013.

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