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Stock & Share

FII tax issues,surcharge spook markets; Sensex plunges 291 pts

Markets gave thumbs-down to Finance Minister P Chidambaram’s Budget 2013-14, with BSE benchmark Sensex nosediving 291 points to close below 19,000 level as FII tax issues and new surcharge on domestic corporates left investors disappointed. After a higher start, the Sensex tumbled by 290.87 points, or 1.52 per cent to settle at 18,861.54, its lowest […]

Business

Highlights of Budget 2013–14

Following are some of the key highlights of the Union Budget 2013-14 presented by Finance Minister P Chidambaram in Parliament. *No change in income tax slabs *Relief of Rs 2,000 for tax payers in tax bracket of Rs 2-5 lakh *10 pc surcharge on persons with taxable income of over Rs 1 crore *Tobacco products, […]

Business

Budget lays roadmap for investment: PM

Hailing the budget, Prime Minister Manmohan Singh on Thursday said it would reverse the pessimistic mood and lay the roadmap for investments as he expressed confidence of returning to eight per cent growth within three years. Dr. Singh listed fiscal deficit, inflation and current account deficit as three barriers that can affect the realisation of […]

Banking

India to get first all-women bank by Oct: FM

By the end of this year India is all set to get an all-women bank with the government announcing an initial capital of Rs 1,000 crore for the purpose. Announcing the Budget proposals for 2013-14, Finance Minister P Chidambaram said the bank is likely to be set by October this year. “I…propose to set up […]

Business

Chidambaram proposes 10 pc surcharge on super-rich

The much-debated additional tax for super-rich found favour with the government as Finance Minister P Chidambaram on Thursday proposed a 10 percent surcharge for a year on income above Rs one crore. The proposal will cover 42,800 individuals and entities. “When I need to raise resources, who can I go to except those who are […]

Business

1st time home buyers to get additional tax break of Rs 1 lakh

Finance Minister P Chidambaram has raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector. “…a person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, […]

Business

Tax credit of Rs 2,000 for persons with income up to Rs 5 lakh

Giving small relief to tax payers, Finance Minister P Chidambaram on Thursday announced a tax credit of Rs 2,000 for persons with income up to Rs 5 lakh. The proposal, he said, will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore. The other slabs and rates have been kept unchanged […]

Business

Budget: Farm credit enhanced by Rs 1.25 lakh crore for FY’14

Finance Min P Chidambaram announced a sharp increase of Rs 1.25 lakh crore in agriculture credit target to Rs 7 lakh crore for next fiscal and allocated additional Rs 10,000 crore in subsidy for implementing the Food Security Bill. He also allocated 22 percent more funds to Agriculture Ministry at Rs 27,049 crore for the […]

Stock & Share

Sensex surges 163 points ahead of General Budget

The BSE benchmark Sensex rose by nearly 163 points in early trade on Thursday ahead of Union Budget 2013-14 amid a firming global trend, the 30-share barometer gained by 162.86 points to 19,315.27. The index had gained 137.27 points in the previous session after pre-Budget Economic Survey projected a promising growth outlook for 2013-14. All […]

Business

Finance Minister to present General Budget for 2013 – 14 tomorrow

Finance Minister P Chidambaram is likely to present General Budget for 2013 – 14 on Thursday and is expected to announce steps to contain current account deficit. Containing inflation continues to be a big challenge for this year as well. All eyes are set for tomorrow’s General Budget. After being presented in Parliament tomorrow, the […]