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Work on DTC in progress, Bill in Budget session: FM

Finance Minister P Chidambaram Thursday said work on the Direct Tax Code (DTC) Bill, which seeks to overhaul income tax laws, is in progress and the amended Bill will be introduced in the ongoing Budget session.

Plan expenditure estimates for FY14 up 6.58% at Rs 5,55,322 cr

However, the jump in the Plan expenditure for 2013-14 is 29.4 percent when compared with the revised estimates of the same for current fiscal at Rs 4,29,187 crore.

Union Budget: India Inc gives thumbs up

India Inc Thursday gave a thumbs up to the UPA-II's last Union Budget before the general elections next year and said Finance Minister P Chidambaram presented a "bold" and "growth-oriented" Budget.

Chidambaram invokes poets, scholars in Budget speech

Unlike the Rail Budget two days ago, Chidambaram's speech in the Lok Sabha was heard with rapt attention and there were only a couple of minor disruptions.

Duty-free import limit of jewellery via passn baggage raised

To prevent harassment to passengers , the government Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females.

Budget 2013 impact: Clarity on tax issues related to R&D centres in IT soon

The government will soon issue a circular to provide clarity on taxation matters with regard to research and development activities in the IT sector.

Budget 2013-14: Big push to infra with Rs 50k cr tax-free bonds, two new ports

Infrastructure got a major thrust in Budget 2013-14 with Finance Minister P Chidambaram Thursday announcing a slew of measures to boost sector's growth, like raising Rs 50,000 crore through tax-free bonds, setting up of major ports and a road regulator.

Tourism gets Rs 88 cr more than last budget

Tourism sector got a fillip in the Union Budget with the allocation to the tourism ministry hiked by Rs 87.66 crore.

Budget 2013: Token increase for CVC, Lokpal

The government Thursday provided a nominal increase of Rs 26 lakh in the Budget estimates of about Rs 20 crore for Central Vigilance Commission (CVC) to meet its establishment-related expenditure and made a token provision for proposed anti-graft watchdog, Lokpal.

Aircraft maintenance facilities to get concessions

Aircraft maintenance facilities within the country will get concessions, including exemption from basic customs duty on parts and testing equipments for maintenance, repair and overhaul of aircrafts and parts.

Budget 2013: Super rich tax, other proposals to swell exchequer by Rs 18K cr

New tax proposals including 10 percent surcharge on super rich and higher duties on mobiles, cigarettes and SUVs will help government garner Rs 18,000 crore in 2013-14.

Rs 5,000 cr plan outlay for Air India in Budget

Duty concessions on import of spare parts and testing equipment for aircraft MRO industry were granted in the Union budget Thursday, as the government proposed to provide a plan outlay of Rs 5,000 crore in Air India in the next financial year.

Budget 2013: Agro-based Cos happy, edible oil industry disappointed

Even as the annual budget brought cheers to Agro-based companies, the edible oil extraction industry expressed disappointed over their issue of import duty structured anomalies on crude and refined palm oil not being addressed.

Govt expects lower revenue of 19K cr from spectrum, other fee

Government expects a lower revenue of Rs 19,440.67 crore from spectrum sale and other related charges in 2012-13, compared to Rs 58,217 crore estimated in the budget for 2012-13.

Union Budget 2013: Govt targets Rs 55,814 cr from PSU stake sale in FY14

Finance Minister P Chidambaram has doubled the disinvestment target for next fiscal to Rs 55,814 crore, from Rs 24,000 crore estimated in the current fiscal.

Budget 2013: Integrated Child Development's funds enhanced by 11.7 %

The Women and Child Development ministry's Integrated Child Development Scheme (ICDS) has been allocated Rs 17,700 crore in the budget for the year 2013-14 which is an 11.7 percent increase over the fund alloted in the previous year.

Budget 2013: Chidambaram lays stress on buses as a means of transport

The 2013-14 General Budget Thursday laid emphasis on buses as a means of transport especially in the hilly regions of the country.

Budget 2013: Govt to set up two ports in Andhra Pradesh, West Bengal

The government Thursday said it will set up a port each at Andhra Pradesh and West Bengal in 2013-14, to effectively handle increased cargo traffic.

Union Budget 2013: Tax sops in RGESS extended to 3 years

Finance Minister P Chidambaram Thursday proposed liberalising the Rajiv Gandhi Equity Savings Scheme to enable first time investors to park funds in MFs and listed shares and extended tax benefits to three successive years.

Govt allows FIs to raise Rs 50,000 cr via tax-free bonds

To encourage investment in the infrastructure sector, some financial institutions have been allowed to raise about Rs 50,000 crore from tax-free bonds in 2013-14.