Indian Budget - 2013 : Baseless Budget For Common Mango People

Union Budget:2013 in Animated Form

Indian Budget - 2013

 Income Tax

1)  Income Tax

No over all changes in Income tax Slab. There are very Few Changes in Income tax Structure which are given Below:

a) Income Upto 2 lacs : No Tax

b) Income more than  2 to 5  Lacs : Tax slab 10% ( Rs 2000 Tax Rebate from total tax payable)

c) Income more than 5 to 10 Lac : Tax slab 20%

d) More than 10 Lacs : Tax slab 30%

e) Super Rich group whose annual Income one Crore have to give additional 10 % surcharge.

Agriculture  Sector

2) Agriculture  Sector:

More than 58% of the population in India rely on farm for livelihood

1) the total plan outlay for agriculture has been increased by 22 per cent from Rs Rs 20,208 crore to 27,049 crore.

2) 1000 crore rupees alloted for Green Revolution in India . Like Increase fertility in the agriculture field, Increase food production by inclusion of Modern  Agriculture Technique.

3) 3458 Crore alloted for Agricultural research and Development.

4) 7 Lacs crore alloted for agriculture loan.

5) The Rashtriya Krishi Vikas Yojana is intended to mobilise higher investment in agriculture and the National Food Security Mission is intended to bridge yield gaps.In Budget 2013 it was proposed to provide Rs 9,954 crore and Rs 2,250 crore, respectively, for these two programmes,”

6) Allocation for the integrated watershed programme from Rs 3,050 crore in 2012-13 to Rs 5,387 crore.

7) “A pilot scheme to replant and rejuvenate coconut gardens that was implemented in some districts of Kerala and the Andaman and Nicobar Islands will be extended to the entire state of Kerala, and I propose to provide an additional sum of Rs 75 crore in 2013-14,”

Rural Development

Rural Development:

5) 80,194 crore alloted for Rural Development Mantralaya for development of road ,irrigation, farming etc for rural areas.

MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) will get Rs 33,000 crore, PMGSY (Pradhan Mantri Gram Sadak Yojana) will get Rs 21,700 crore, and IAY (Indira Awaas Yojana) will get Rs 15,184 crore. Allocation of  Rs 15,260 crore to the Ministry of Drinking Water and Sanitation.

Allocation of Rs 1,400 crore was also made to set up water purification plants in the arsenic and fluoride-affected rural habitations.

Industry Sector:

Products More Costlier:Products More Cheaper:

Products More Costlier:

1) Price increase in Silver.

2) Television viewing is going to get expensive; only because the finance minister has posed a duty hike on set top box negative for DTH players.

3) Sports Utility Vehicle : Excise duty on these vehicles has been increased to 30 percent from 27 percent earlier. However, SUVs registered as taxis have been spared.

4) Mobile Phones  Price increased  whose MRP more than Rs 2000/- .

5) Cigarette :  The finance minister has raised specific excise duty on cigarettes and cigars raised by 18 percent.

6) Air Conditioned restaurants : levying service tax on all air conditioned restaurants

7) Luxury Vehicles: Raised Import duty on luxury cars from 75 percent to 100 percent.

Products More Cheaper:

1) Readymade Garments : Exice Duty on readymade garments exempted positive for textile sector

2) Leather Footware : The finance minister has lower customs duty on leather and footwear that will make leather shoes and belts cheaper.

3) Gems and Jewellery : deciding to spare further import duty on gold, and actually introducing taxes on gems and jewellery, the commodity will surely be more pocket-friendly.

4) One Lac rupees worth gold can be imported by a single women and Fifty Tousand rupees worth gold can be imported by a single men from foreign countries

5) Hand Made Carpets, Marbles etc.

General Industry and Insurance

General:

1) 1 % TDS levied on the sale of properties worth more than 50 lacs.

2) Three year tax rebate on Small scale Industries.

3) 1560 crores rupees allocated for setting up Six AIMS  like super speaciality Hospital.

4) 37,330 crore of ruppes allocated for Medical Development

5) Rupees One Lac interest rebate for the Home loan 25 Lacs.

6) One Lac Crore rupees allocated for Infrastructure development.

7) 5000 crore of Rupees allocated for Space research Programme.

Insurance:

The Budget will allow Banking correspondents to sell micro insurance products. This will lead to insurance being available in smaller towns and villages through a large number of Bank correspondents.

Expanding RSBY Scheme to be expanded to include Rickshaw pullers, taxi-drivers etc, will go a long way in providing health insurance to people of this Country.

The Public Sector General Insurance Companies will ensure that there is an office in all towns upto tier-IV by 31st March 2014. This will facilitate better insurance penetration.

Other Budget 2013 News : Education : Defence

Other Budget 2013 News:

1) 24,598 Crore of Rupees allocated for minority development.

2) 41,561 crore rupees allocated for  development of schedule caste and tribes.

3) 110 crore for development of Physically handicapped Person .

4) 1000 Crore rupees fund will be establish for the Safety of Women.

5) 24000 crore rupees allocated for Adivasi Kalyan (Development of tribal People)

6)  The Centre planned an investment of Rs 73,793 crore for development of various port projects in the 12th Plan, which includes two new major ports in West Bengal and Andhra Pradesh.

7) Kolkata soon have Income tax Collection Center which will be 5th in the country

8) 5,87,072 crores of rupees extra allocated for the states after having their share of Tax Collection.

For Education:

1) The education sector today received a 17 per cent jump with an allocation Rs 65,867 crore for 2013-14 fiscal.

2) The plan expenditure for Department of School Education has been kept at Rs 49,659 crore while the plan expenditure for department of higher education has been put at Rs 16,198 crore.

3) The Rashtriya Madhyamik Siksha Abhiyan programme, which aims at universalisation of secondary education, has got Rs 3983 crore for 2013-14, an increase of Rs 25.6 per cent over the revised estimate.

4) The mid-day meal programme has been allotted Rs 13,215 crore.

5) 3% Education cess continue.

Defence Budget:

The government has upped its allocation for defence expenditure to Rs. 2.03 lakh crore for the financial year 2013-14.

Banking Sector

Banking Sector:

1) Budget -2013  propose to set up India's first Women's Bank as a public sector bank and I shall provide Rs 1,000 crore as initial capital.

2) Budget 2013-14 proposed to provide a sum of Rs 14,000 crore capital support to all public sector banks.

3) "In consultation with RBI, I propose to introduce instruments that will protect savings from inflation, especially the savings of the poor and middle classes. These could be Inflation Indexed Bonds or Inflation Indexed National Security Certificates. The structure and tenor of the instruments will be announced in due course

4) Farmers who repay bank loans right in time normally pay a subsidised rate of interest just at 4%.

5) Every Bank Become Online and will have ATM Facility.

Faults of Union Budget-2013

Faults of Union Budget-2013:

1) No strong steps  have been taken to recover Black Money From Foreign Swiss Banks and other banks.

2) No steps have been taken to save public money from the uncertain and Volatile equity market.

3) No proper security measure have been taken before large scale privatization in Insurance and Banking  Sector.

4) No practical Measure have been taken to reduce Price hike of   necessary commodities   like Food, oil, medicine.

5) Government deliberately wanting that All Public Money should be invested into Uncertain and Volatile Equity Share markets and mutual funds to Make Richer More Rich and Poor People get more poorer.  Saving Fixed Deposit Interest in Banks and Post office are continually low but these investment  are most safest mode of Public Saving.

6) No Strict measure have been taken to secure our Natural Resources and Minerals like Coal, Oil , Iron ,Natural Gases etc from Money Mongering Private Sectors  which causing artifitial Price Increasing around the Indian Market.

So ultimately this Union Budget is Bad, Baseless and with lots of faults.