Budget 2013

Pre-budget meetings with Chidambaram begin today

The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists to get their feedback and inputs for possible incorporation in Budget 2013-14.

Disinvestment plan: Govt to sell 10% stake in Oil India, NTPC soon

Government is likely to come out with 10 percent stake sale offer of Oil India in the second fortnight of this month, followed by NTPC's issue in the first 14 days of February, a Finance Ministry official said today.

Govt seeking to amend controversial tax rules next month

NEW DELHI (Reuters) - The government is likely to approach parliament next month to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, a move that may help settle British-based Vodafone Group Plc's long-runnning $2 billion tax dispute. Vodafone, the largest overseas corporate investor in India, has repeatedly clashed with Indian authorities over taxes since it bought Hutchison Whampoa's local mobile business in 2007

Fitch warns of India rating downgrade in 12-24 months

Fitch ratings said that India is likely to miss its fiscal deficit target of 5.3 percent of gross domestic production, while other macroeconomic trends too have been disappointing.

Govt confident of meeting fiscal target, not worried about Fitch warning

Fitch, during a recent conference call in Tokyo, had reiterated its threat to downgrade India's rating against the backdrop of slowing growth, high inflation and rising fiscal deficit.

Govt to infuse Rs 12,517 cr into state-run banks by March

The Cabinet on Economic Affairs today approved infusion of Rs 12,517 crore in public sector banks by the end of financial year 2013 in order to help banks comply with Basel III norms andto boost their capital , finance minister P Chidambaram said today.

CAG pulls up banks for lapses, falsification in loan waiver

The government auditor CAG has found irregularities in disbursement of funds under the Rs 52,000-crore farm debt waiver scheme, 2008, as benefits have been taken by some ineligible farmers.

Latest Budget 2013 News

Shome panel favours deferment of GAAR implementation by 3 yrs

The Committee also suggested abolition of capital gains tax on transfer of securities and doing away with Securities Transaction Tax (STT).

Eporters unlikely to get tax sops in Budget 2013

Exporters are demanding measures like adequate availability of credit at affordable rates, exemption from service tax on some services like branding and marketing of a product and a planned scheme for marketing of items.

Budget 2013: Railways misses passenger, freight earning target

The total passenger earnings during this period were Rs 23,025.36 crore as against the target of Rs 23,536.41 crore.

Textiles industry seeks cut in excise duty on man-made fibres

In its pre-budget memorandum to Finance Minister P Chidambaram, Confederation of Indian Textiles Industry (CITI) said: "The duty on man-made fibres and their raw materials may be reduced to 8 percent from the current 12 percent."

Unions demand hike in I-T exemption limit to Rs 5 lakh/annum

The I-T exemption limit for individuals stands at Rs 2 lakh per annum at present. The unions have also asked the government not to raise FDI cap in financial sectors like insurance and banking.

Expect a 'tight budget' with no freebies: Pawar

Pawar also said that he does not expect further reduction in interest rate on crop loans on those farmers who pay in time. At present, the interest rate on farm loan is 4 per cent for timely repayers.

PlanCom proposes 12% hike in gross budgetary support for FY14

Planning Commission is believed to have proposed 12 percent increase in the plan expenditure or gross budgetary support (GBS), which include allocations for social sector schemes like mid-day meal, for 2013-14.

Govt imposes 2.5% import duty on crude edible oil

At present, crude edible oil attracts no import duty but there is 7.5 percent duty on refined edible oil.

Indian IT to continue getting tax sops, clarifies finmin

Seeking to remove apprehensions of the software industry, Finance Ministry, on Thursday, clarified that domestic and overseas software developers would continue to get tax benefits under the Income Tax Act.

Don't mis-sell, devise simple products, FM tells insurers

"In my view, the reason why insurance is stumbling in India is because of mis-selling of products and complex products. "If you want to sell insurance to India, you must sell simple products and must make it absolutely clear to agents and other officers that they should not mis-sell," Chidambaram said.