New Delhi: Walking a tight rope ahead of next year's General Elections, Finance Minister P Chidambaram on Thursday did not tinker with the Income Tax slabs or rates while presenting the Union Budget 2013-14 in the Lok Sabha. As part of his tax proposals, he gave a benefit of Rs 2,000 to individual tax payers with taxable income of up to Rs 5 lakh.
Chidambaram also imposed a surcharge of 10% on those earning over Rs 1 crore in a year. This surcharge has been imposed on individuals, HUFs, firms and entities with a similar tax status. The surcharge would be payable for the 2013-14 fiscal only.
The Finance Minister announced that first-home buyer who takes a loan for an amount not exceeding Rs 25 lakh would be allowed an additional deduction of interest of Rs 1 lakh to be claimed in assessment year 2014-15 with spillover effect.
But in bad news for consumers, the Finance Minister made mobile phones, cigarettes and luxury vehicles costlier by hiking duties on these products. -
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