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Transcript of India Budget 2013
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INDE
ECON
BUDG
DIREC
N O C D I PINDIR
S E CFEMA
CORP
SECT
anBusiness
OMICSURVEETECONOMTTAXESONCORPORTHERPROVIS
RPORATEEDUCTIONSTERNATATI
OCEDURESECTTAXESRVICETAXCISESTOMSORATELAWRALIMPAC
nveshaSolutions P
YICHIGHLIGHTE
IONS
NALTAX
nt Ltd.,
S
Taxatio
ccounts
CXO | C
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Payroll
mpliance
.sureshandc
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Advisory
utsourci
Services
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UD
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ET
SuChart
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201
resh & Cred Acco
e
B
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3
.,ntants
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NochangesinTaxSlabs
10%Surchargeforthose
withIncomeaboveRs.1
crore
AllWomansBanktobe
started
FiscalDeficitexpectedto
be4.8%
15%Investment
allowanceforinvestment
over100cr
SERVICE
TAX/EXCISE/CUSTOMS
NoChangeinTax%
Investmentsfor
Developmentof
Infrastructuresector&
Agriculturalsector
NewProposals
for
developmentofFinancial
Sector
1%TDSonproperty
transactionsabove50
Lacs
Indiahas
high
growth
potential
Indiasgrowthisnext
onl toChina
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DIRECTTAXES:NONCORPORATETAXES
BudgetImpactonIndividuals,HUF,Firm &LLPThere are no changes in the tax slabs including the Basic
exemptionlimits.Thepreviousyeartaxslabsistobecontinued
forNonCorporatesasmentionedbelow:
For
Senior
Citizens,
age
between
60
79
years
being
a
residentinIndiathebasicexemptionisRs.2,50,000/
For Senior Citizens, above the age of 80 years being aresidentinIndiathebasicexemptionisRs.5,00,000/
For other assesses including Women Assessee, HUF, NonResident,
the
basic
exemption
is
Rs.2,00,000/
ForFirms(includingLLP),taxrateremainssameat30%
AdditionalBurdenoftaxafterBudget: Surcharge is levied @ 10% on Tax Amount for No
Corporate Assessee whose Net Total Income is more tha
Rs.1Crore.
TaxRebate New rebate section 87A is introduced for Residen
Individual whose Total Income is not more than R
5,00,000/. As per this section, Rebate of Rs. 2,000/ o
Total Taxable amount, whichever is lower is allowable a
deductionfromhistaxLiability.
AdditionalBenefits(Exemptions): U/s10(10D)thematurityamountofinsurancereceivedwith
respecttopolicy issuedonorafter01/04/2013for persons
with disabilitymentionedin80Uanddiseasesmentionedin
80DDB shall not be taxableprovidedpremiumpaidhasnotexceeded 15% as against 10% in respect of other lifeinsurancepolicies.
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TaxImpactbefore&afterBudget
Illustration:
(Amountsin
Rupees)
Taxable
Income
ForIndividualTaxPayers ForSeniorCitizen ForVerySeniorCitizen
Tax
Before
Budget
TaxAfter
Budget
TaxSavings/
(Burden)
Tax
Before
Budget
TaxAfter
Budget
TaxSavings/
(Burden)
Tax
Before
Budget
TaxAfter
Budget
TaxSavings/
(Burden)
2,70,000 7,210 5,210 2,000* 2,060 60 2,000* Nil Nil Nil
25,00,000 5,97,400 5,97,400 NIL 5,92,250 5,92,250 NIL 5,66,500 5,66,500 Nil
1,20,00,000 35,32,900 38,86,190 (3,53,290)** 35,27,750 38,80,525 (3,52,775)** 35,02,000 38,52,200 (3,50,200)**
*SavingsduetoRebateu/s87A
**BurdenduetoSurcharge@10%
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DIRECTTAXES:OTHERPROVISIONS
SecurityTransactionTax
SecurityTransaction
Tax
on
futures
is
reduced
from
Rs.
17/ perlakhtoRs.10/ perLakh.
Security Transaction Tax on Intraday transaction is
reducedtoRe.1perlakh.
Commodity Transaction Tax (CTT) introduced. Seller of
Commodity has topay Rs.10/ per lakhofCTTon Sale
Value/Value of Transaction (other than agricultural
products).Theabovemayboostthestockmarket
WithholdingTax
TDStobemadeu/s194IA@1%onSaleProceeds
ofImmovablePropertyotherthanagriculturalland,
if Sale Consideration exceeds Rs. 50 LACs and
purchased from Residential Assessee. This is totrack sale of all immovable properties and bringthemintotaxnet.
ThereisnochangeinTDSRatesandthresholdLimit. In case of TDS where the income payable to the
recipient is exceeding the limits specified for the
levy of surcharge on such recipient, the specified
rates should also be increased by the applicable
surcharge.
Increased the rate of TDS on payments by way of
royalty and fees for technical services to non
residentsfrom10%to25%.
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WealthTax
UrbanLand
definition
enhanced:
The
amendment
has
impact
on
capital
gains
in
Income
Tax
Act
as
well
as
Wealth
Tax:
VacantUrbanLandisataxablewealth.Tobetaxable,itshouldhavebeenlocatedwithinthemunicipalareaorwithinaprescribed
distancefromsuchmunicipalarea,suchdistancenotbeingmorethan8kms.Inrespectofvacantlandoutsidethemunicipallimitsonly
fewmunicipalitieswerenotifiedforthispurpose.ThechangeindefinitionbringsintotheambitofWealthTaxmorevacantlands.Thishas
beenachievedbybringinginlandsituatedoutsideallmunicipalareasinthepurviewasfollows:
i) Populationofmunicipality between10,000to1Lacwithin2kmsfromthe municipallimits
ii)
Population
of
municipality
between
1
Lac
to
10
Lac
with
in
6
kms
from
the
city/
municipal
limits
iii) PopulationofmunicipalityBeyond10Lacwithin8Kmsfromthecity/municipallimits.
Furtherforthispurposetheyhaveclarifiedthatdistancewouldbeaeriallymeasured.
SimilaramendmentshavebeenmadetothedefinitionofagriculturallandandcapitalassetintheIncomeTaxprovisions.
Section14B:
Filing
of
Returns
electronically
Theboardmaymakerulesforfurnishingthereturninelectronicformandalsoformandmannerinwhichreturninelectronicformmay
befurnished.
Section14A:PowerofBoardtodispensewithfurnishingdocuments,etc.,withreturnofWealth
TheBoard
may
make
rules
not
to
furnish
documents,
statements,
receipts,
certificates,
audit
reports,
reports
of
registered
valuer
or
any
otherdocuments,otherwiserequiredtobefurnishedexceptu/s14BalongwithReturnsatthetimeoffiling.HoweverwhendemandedthesametobetobeproducedbeforetheAssessingofficer.ThisistoenableefilingofWealthTaxreturns.
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DIRECTTAXES:CORPORATE
TaxRates
TheTaxRateapplicabletocompanieswillcontinuetobethe
samei.e.,30%incaseofDomesticCompaniesand40%incase
ofForeignCompanies.
Surcharge will continue to be the same i.e., 5% in case of
Domestic Companies and 2% in case of Foreign Companies
whosetotalincomeexceedsRs.1crorebutnotmorethan10
crores.
Surcharge is enhanced from 5% to 10% in case of domestic
companies and from 2% to 5% in case of foreign companies
whosetotalincomeexceedsRs.10Crores.
Surcharge is enhanced from 5% to 10% on dividend
distribution tax paid by Companies & Mutual Fund Houses.
Thiswill
reduce
the
distributable
surplus.
AdditionalsurchargeshallbeapplicableonlyforFY20132014.
NochangewithrespecttoCess.
EXEMPTIONS
Section10(23FB)EnlargedtaxexemptionVentureCapital
Company{Modified}
Venture
Capital
Companies
enjoyed
exempt
income
where
specified
conditions are met. These were pass through entities, i.e. the tax is
payable on distribution to Venture Capital Company investors. Now
this exemption has been extended even to Category 1 Alternative
Investment Fund registered Venture capital Fund and regulated by
SEBI.Thisisapplicablewhereitisnotlisted,2/3rd
ofitsinvestiblefunds
are
invested
in
unlisted
securities
and
where
their
directors
or
related
parties do not hold more than 10% equity in companies where they
invest.
TAXON
DISTRIBUTED
INCOME
Section115RIncreasedDistributionTaxonIncomedistributedbyMutualFundstoIndividuals/HUF{Modified}
TheTaxonincomedistributionbyMutualFundsotherthanonliquidfundsandmoneymarketfundstoIndividual/HUFUnitholdershas
beenincreasedfrom12.5%to25%.
Anyincomedistributedbyamutualfundunderaninfrastructuredebtfundschemetoanonresident(notbeingacompany)oraforeign
company,themutualfundshallbeliabletopayincometaxattherateof5%.
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INVESTMENTALLOWANCE
Sec32AC
Deductions
w.r.t
to
Plant
&
Machinery
purchasedabove100crore{New}
Investment allowanceat the rateof 15 percentwill be available to
manufacturing companies that invest more than 100 crore in
aggregateinnewplantandmachineryduringtheperiod1.4.2013to
31.3.2015.
If such Plant & Machinery is sold within 5 years from the date of
installation,theamountofdeductionallowedinrespectofsuchnew
assetshallbedeemedtobethe incomeoftheassesseechargeable
undertheheadProfitsandgainsofbusinessorprofession.Except
forassetstransferredincourseofamalgamationordemerger
BUSINESSEXPENDITUREDEDUCTIONS
Sec 36(1) (xvi) Deduction of Commodities transaction
taxpaid(CTT){New}
CTT paid in respect of commodity transactions will be allowed as
deduction for computing profits from commodity transaction
business.
SPECIALPROVISIONS
Section43CA
Special
provision
for
Deemed
value of consideration for transfer of Land &
Buildingotherthancapitalassets incertaincases
{New}
In case of transfer of Land & building, other than in the
natureof
capital
asset,
such
as
Stock
In
trade
etc.,
the
value
of transfer is deemed to be the value adopted for the
purpose of stamp duty by the state govt. This would be
applicablewheretheactualtransactionvalue is lowerthan
theabovevalue.Thisissimilarto50Cprovisionsforcapital
assets. Where the date of registration and agreement is
different,
the
value
on
the
date
of
the
agreement
is
considered where the payment is made in a mode other
thanCASHonorbeforetheagreementdate.
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Section80GDeductionw.r.tDonationsmade {Modified}
Donationsmade
to
National
Children
Fund
eligible
for
100
percent
deduction.
Section80GGBDeductioninrespectofcontributionsgivenbycompaniestopoliticalparties{Modified}
In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the
previousyeartoanypoliticalparty.
DeductionshallnotbeallowedunderthissectioninrespectofanysumcontributedbywayofCASH.
Section80GGCDeductioninrespectofcontributionsgivenbyanypersontopoliticalpartiesnowrestrictedNON
CASHdonations{Modified}
In computing total income of an assessee, being any person other than local authority and every artificialjuridical person shall be
eligibleforadeductionofamountofcontributionmadebyhimtoapoliticalparty.
Deductionshall
not
be
allowed
under
this
section
in
respect
of
any
sum
contributed
by
way
of
CASH.
DeductionforPowerProjectsSec80IA{Modified}Deduction benefit extended for another year i.e., till 31st March, 2014 (A.Y. 20142015) under section 80IA towards Generation or
GenerationandDistributionofPowerandlayingandrenovationofTransmissionlines.
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DIRECTTAXES:PROCEDURES&OTHERS
Section139(9)
Defective
Return:
Filing of Tax Returns without discharging of full or partial tax liability is
consideredasDefectivereturns.Therebythereturnsshouldbefiledoncethe
taxliabilityisdischargedalongwithinterest.
SpecialAuditrequestbyAssessingOfficer Section142(2A)
Ifthe
Assessing
Officer,
not
only
with
respect
to
the
nature
&
complexity,
but
also
with
respecttoVolume,doubtsaboutthecorrectness,multiplicityoftransactionsofthe
booksofaccountsoftheasseesseeorthespecifiednatureofbusinessofthe
asseesseeisoftheopinionthatthebooksofaccountoftheassesseeisrequiredtobe
auditedbyaCharteredAccount,hemaysodirectwiththepreviousapprovalofChief
CommissionerorCommissioner.
PenaltyforNonFilingofAIR Section271FA
FailuretofurnishAnnualInformationReturnwithintimeprescribedbysection285BA
shallattractapenaltyofRs.100/ perdayuntilthedefaultcontinues.
FailuretofurnishtheAnnualInformationReturnwithinthetimespecifiedbyanotice
issuedshallattractapenaltyofRs.500/ perdayuntilthedefaultcontinuesbeginning
fromthedayfollowingtheduedatespecifiedinthenoticeforfurnishingthereturn.
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INDIRECTTAXES:SERVICETAX
NoChangeinServiceTaxRate
ChangeinAbatementNotificationST26/2012byST2/2013wef1Mar13
Particulars Existing Proposed Condition
Construction of a complex,
building, civil structure or a part
thereof, intended for a sale to a
buyer,
wholly
or
partly
exceptwhere entire consideration is
received after issuance of
completion certificate by the
competentauthority,
i. CENVAT credit on
inputs used for
providing the taxable
service
has
not
beentaken under the
provisions of the
CENVAT Credit Rules,
2004;
ii. The value of land is
included in the amount
chargedfromtheservicereceiver.
(i) for residential unit having
carpetareaupto2000squarefeet
or where the amount charged is
lessthanrupeesonecrore;
75% 75%
(ii)forotherthanthe(i)above. 75% 70%
LuxuryApartmentwillcostmore
VoluntaryComplianceEncouragementScheme,
2013(VCES)Introducedtoencouragevoluntary
compliancewithfollowingfeatures;
(i)Theschemecanbeavailedofbynonfilersor
stopfilers or persons who have not made a
truthful declaration in their return. However it
will not be applicable to persons against whom
any inquiry or investigation is pending by the
issueofsearchwarrantorsummonorbywayof
audit;
(ii) The defaulter will be required to make a
truthful declaration of all his pending tax dues
(from
October1,
2007
to
December
31,
2012)
andpayatleasthalfofthatbeforeDecember31,
2013;remaininghalftobepaidby:
(a) June30,2014withoutinterest;or
(b)ByDecember31,2014withinterestfrom
July1,2014onwards;
(iii)On
compliance
with
all
the
requirements
the
person will have immunity from interest (as
specified),penaltiesandotherproceedings;
Itisclarifiedthatthetaxpayerswillneedto
settletheirduesfortheperiodafterDecember
31,2012underthepresentlaw.
Tobe
notified
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INDIRECTTAXES:SERVICETAXCONT.
LegislativeAmendments
RelevantSection Upto28022013 W.E.FdateofenactmentofFinanceBill
Section77(1)(a) Failure to take registration a penalty
which may extend to ten thousand
rupeesortwohundredrupeesforevery
dayduringwhichsuchfailurecontinues,
whichever is higher, starting with the
firstday
after
the
due
date,
till
the
date
ofactualcompliance
Thewordsortwohundredrupeesforevery
day during which such failure continues,
whicheverishigher,startingwiththefirstday
after the due date, till the date of actual
compliancearedeleted
In other words penalty is restricted to Rs
10,000/
Section78A NoProvisions Impose penalty on directors and officials of
the company for specified offences in cases
ofwillfulactions.
Section89(1)(d) Imprisonment extends to 3 years in
respectof
failure
to
remit
the
collected
servicetaxbeyondsixmonths.
Imprisonmentextendsto7yearsinrespectof
failure
to
remit
the
collected
service
tax
beyondsixmonths.
InclusioninNegativeList(w.e.fthedateofenactmentofFinanceBill)
a. Vocational courses offered by institutes affiliated to the State Council of Vocational Training and testing activities in
relationto
agriculture
and
agricultural
produce.
b. Filmindustry fullexemptionofservicetaxgrantedoncopyrightoncinematographybelimitedtothefilmsexhibitedin
cinemahallsonly.
INDIRECT TAXES SERVICE TAX CONT
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Amendmentin
Mega
Exemption
Notification
ST
25/2012
by
ST
2/2013
wef
1Apr
2013
1 ServiceProvidedbyauxiliaryeducationalservicesandrentingofimmovablepropertyby educationalinstitutes
willnotbeavailable.EducationInstitutionslettingoutcommercialpropertywilllevyservicetax.
2 Thebenefitofexemption inrelationtocopyrightsforcinematographfilmswillnowbeavailableonlytofilms
exhibited
in
a
cinema
hall
or
theatre.
This
will
allow
service
providers
to
pass
on
input
tax
credits
to
taxable
end
users.
3 NoExemptionavailabletoairconditioned(noncentrallyairheated)restaurants;thedualrequirementearlier
thatitshouldalsohavealicensetoservealcoholisbeingdoneawaywith. NowallAirConditionedrestaurants
[email protected]%.WouldalsobeentitledtoInputCredit.
4
Theexemptions
available
to
transportation
of
goods
by
railway
and
vessel
and
services
provided
by
agoods
transportation agency (GTA) are being harmonized. Thus exemption to transportation of petroleum and
petroleum products, postal mails or mail bags and household effects by railways and vessels will not be
available while the benefit of transportation of agricultural produce, foodstuffs, relief materials for specified
purposes,chemical fertilizersandoilcakes,registerednewspapersormagazinesanddefenceequipmentswill
beavailabletoGTAs.
5 The exemptions for vehicle parking to general public and repair or maintenance of government aircrafts are
beingwithdrawn.
6 Thebenefittocharitiesprovidingservicesforadvancementofanyotherobjectofgeneralpublicutilityupto
Rs25Lakhwillnotbeavailable.HoweverthethresholdexemptionwillcontinuetobeavailableuptoRs10lakh
INDIRECTTAXES:SERVICETAXCONT.
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SECTORALIMPACT
Power:
Alwaysanucleus tohighgrowth.But due toseveralsociopoliticalupheavals the
new projects has taken a back seat. Also availability of coal and associated
environmentissueshasrenderedourcoalbasedthermalplantsperformingbelow
capacity, resulting in huge energy gap. The government has expressed its
determinationtobridgethegapbydeclaringthefollowingsopstothesector.
BasiccustomsdutyonsteamcoalisbeingincreasedfromNilto2%andCVD
from
1%
to
2%.
Basic
customs
duty
on
bituminous
coal
is
being
reduced
from5%to2%andCVDfrom6%to2%.Thiswillleadtocheapergeneration
costforthermalpower.
Reintroduction of generation based incentive for wind energy projects
andallocatedRs.800croreonthatground.
GovernmentwillprovidelowcostfinancefromNationalCleanEnergyFund
(NCEF)toIREDAforlendingtorenewableenergyprojects.
To improvepowersupply intheLehKargil regionandconnect theLadakh
region to thenortherngrid, the Government willconstruct a transmission
systemfromSrinagartoLehatacostofRs.1,840crore.Iproposetoprovide
Rs.226crorein201314fortheproject.
Rs.5,580croreallottedforDept.ofAutomicEnergy.
Media&Entertainment:
BasiccustomsdutyonSetTopBoxes
forTVisbeingincreasedfrom5%to
10%topromotedomestic
manufacturers.
Theexemptionofservicetaxgrantedoncopyrightoncinematographyis
nowrestrictedtofilmsexhibitedin
cinemahallsonly.
Servicetaxextendedtoair
conditionedrestaurantsthatdonot
serveliquor
Itis
proposed
to
expand
private
FM
radioservicesin294morecitieswith
839newFMchannels.
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Insurance
Amulti
pronged
approach
will
be
followed
to
increase
the
penetration
of
insurance,
both
life
and
general,
in
the
country.
To
accomplish
thatthefollowingproposalsaremadeinconsultationwithIRDA.
InsurancecompaniescanopenbranchesinTierIIcitiesandbelowwithoutpriorapprovalofIRDA.
AlltownsofIndiawithapopulationof10,000ormorewillhaveanofficeofLICandanofficeofatleastonepublicsectorgeneral
insurancecompanybyMarch2014.
Banks&bankingcorrespondencewillbepermittedtoactasinsurancebrokers&KYCofbankswillbesufficientforinsurance
policiesto
improve
penetration.
TheInsuranceLaws(Amendment)BillandthePFRDABillarebeforetheHouse.
TheRashtriyaSwasthiyaBimaYojanacovering 34millionBPLfamiliesnowwillbeextendedtoothercategoriessuchasrickshaw,
autorickshawandtaxidrivers,sanitationworkers,ragpickersandmineworkers.
Increaseof80Cbenefitoninsurancepoliciesupto15%ofsumassuredisexpectedtoboostthissector.
Textile
TocontinuetheTechnologyUpgradationFundSchemeintextilesectorin12thplantargetedallocationwill
beRs.1,50,000crore. Themajorfocuswouldbeonmodernisationofthepowerloomsectorwithallocation
ofRs.2,400crorein201314forthepurpose.
ApparelParkstobesetuptoboostexports.
Rs.500crorehasbeenallocatedtoaddresstheenvironmentalconcernoftextileindustry.
Handloom weavers and cooperatvive societies will be provided with working capital and term with a
concessionalinterestrateof6%
Cheer Basiccustomsdutyisbeingreducedfrom7.5%to5%ontextilemachinery&parts.Zeroexciseduty
forbrandedreadymadegarmentsandmadeupsincaseofcotton.
Dampener Basiccustomsdutyonrawsilk(notthrown),ofallgradesisbeingincreasedfrom5%to15%.
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|Credits|
9 CoverPages:Nandish
9 EconomicSurvey:Suraj
9 BudgetEconomicHighlights:Suraj
9Direct
Taxes
:
Kiran,
Rajiv,
Suhas,
Priya
Charan,
Vinod,
Srujan,
&
Sharanya
9 IndirectTaxes:Nandish,Nagaraja&BDChandrashekar
9 FEMA:Sushma&YeshaShah
9 CorporateLaw&OtherLaws:Sushma&YeshaShah
9
SectoralImpact
:Subyasachi
Dutta
&
Karthik
9 Publishing:Nandish&Vivek
9 Distribution:Shobha&Nagendra Supportedby
Shekar & Yatish
Chartered Accountants
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Disclaimer:
This summary of Union Budget 2013 is compiled by Suresh & Co andAnnveshanfor restrictedcirculation only. It should not be relied upon as a substitutefor detailed advice or a basisforformulatingbusinessdecisions,althoughweendeavortoprovideaccurateandtimely information,andtherecanbenoguaranteeandsuchinformationisaccurateasofthedateitisreceivedorthatitwillcontinuetobeaccurateinfuture.
AnnveshanBusiness Solutions Pvt Ltd.,
# 6 / B-1, 2nd Floor, M.N.K. Rao RoadOff Govindappa Road
BasavanagudiBengaluru 560 004
Ph: 080 65670048 - 52
Suresh & Co.,Chartered AccountantsNo. 43/61, SrinidhiSurveyors Street,
BasavanagudiBengaluru 560 004Ph: 080 65670016 - 20