Budget 2013

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.

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.