Press Esc to close
Sunday 24 July 2016
News updated at 2:07 PM IST
Weather
Max: 26.4°C
Min : 19.6°C
In Bengaluru
Generally cloudy

Super rich tax,other proposals to swell exchequer by Rs 18K cr

New Delhi, Feb 28, 2013 (PTI)
Reuters Image

New tax proposals including 10 per cent surcharge on super rich and higher duties on mobiles, cigarettes and SUVs will help government garner Rs 18,000 crore in 2013-14.

Finance Minister P Chidambaram in his budget speech today said, "My tax proposals on the direct taxes side are estimated to yield Rs 13,300 crore and on the indirect taxes side Rs 4,700 crore."

As part of budget proposals for direct taxes, the Finance Minister imposed a surcharge of 10 per cent on persons (other than companies) whose taxable income exceeds Rs 1crore.

Besides, surcharge has been doubled to 10 per cent on domestic companies whose taxable income exceeds Rs 10 crore. For foreign companies, surcharge has been raised from 2 per cent to 5 per cent, if the taxable income exceeds Rs 10 crore.

These additional surcharges would be in force for only one year. However, education cess would continue at 3 per cent.

At the same time, the Finance Minister has provided tax relief of Rs 2,000 for the Tax Payers in the first bracket of Rs 2 lakh to Rs 5 lakh.

With regards to indirect taxes, the Finance Minister proposed raising excise duty on SUVs from 27 per cent to 30 per cent while on mobile phones priced above Rs 2,000 it has been raised to 6 per cent from the current 1 per cent.

Cigarettes will cost more as specific excise duty increased by about 18 per cent. Similar increases are proposed on cigars and cigarillos.


Go to Top

Photo Gallery
Actress Aindritha Ray performing during Shatha Sambrama -University of Mysore Centenary...

Actress Aindritha Ray performing during Shatha Sambrama -University of Mysore Centenary...

School students sit in the formation of a plane as they pray for the Indian Air Force plane...

School students sit in the formation of a plane as they pray for the Indian Air Force plane...

Indian Army soldiers rescue flood affected villagers near India-Bhutan border of Chirang...

Indian Army soldiers rescue flood affected villagers near India-Bhutan border of Chirang...

Prime Minister Narendra Modi interacting with the children at the launch of the Reliance...

Prime Minister Narendra Modi interacting with the children at the launch of the Reliance...

Flamingos fly over Chandlai Lake in Jaipur on Saturday. Flamingos travel thousands of miles...

Flamingos fly over Chandlai Lake in Jaipur on Saturday. Flamingos travel thousands of miles...

Director Porsche India oavan Shetty with new Porsche 911 car during the launch in Bengaluru...

Director Porsche India oavan Shetty with new Porsche 911 car during the launch in Bengaluru...

Women on a boat wade through flooded area after heavy showers in Mayong village in Morigoan...

Women on a boat wade through flooded area after heavy showers in Mayong village in Morigoan...

Kite club India fly's 300 kite during Kite festival 2016 as the part of Income Declaration...

Kite club India fly's 300 kite during Kite festival 2016 as the part of Income Declaration...

Villagers along with their cattle wade through a Banana raft from the flood affected village...

Villagers along with their cattle wade through a Banana raft from the flood affected village...

A fan sports painting Rajinikanth's Kabali on his body at the release of his new film 'Kabali' ...

A fan sports painting Rajinikanth's Kabali on his body at the release of his new film 'Kabali' ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523