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Changes that will affect your finances in FY14
THE finance minister has proposed many measures to promote inclusive growth in the recently announced budget 2013. In his speech, he reiterated that clarity in the tax laws and non-adversarial tax administration is of paramount importance.
The common man, who is reeling under soaring inflation and had high expectations from the finance minister, doesn't have many reasons to cheer. Following are the changes in budget 2013 that will impact an individual: Tax rebate of Rs 2,000: The finance minister provided a marginal tax relief for individual taxpayers in the lower income bracket.
He provided a tax rebate of Rs 2,000, or the actual amount of tax, whichever is less, for resident individual having income up to Rs having income 5 lakh. He did not change the tax rate and tax slabs. As education cess will also be applicable, effective tax benefit will be Rs 2,060.
Additional deduction of Rs 1 lakh for interest on home loan: It has been proposed to provide additional deduction of Rs 1 lakh towards interest on home loan up to Rs 25 lakh taken during FY14. The proposed deduction will be available only to taxpayers buying their first house costing up to Rs 40 lakh. If the entire interest cannot be claimed in the first year, the differential amount can be claimed in the subsequent year also. Benefit of RGESS widened: Budget 2013 has also liberalised incentive available under the Rajiv Gandhi Equity Savings Scheme (RGESS) by pro posing that deduction for investment by new retail investors will be allowed for three consecutive years vis à-vis existing cap of one year. The deduction will be available to taxpayers having income up to Rs 12 lakh, compared with Rs 10 lakh at present. Also, investment in listed units of an equity oriented mutual fund will also be eligible for deduction. This will result in a tax saving of Rs 23,175 in three years time vis-à-vis Rs 5,150 in one year earlier. Tax on super rich: The finance minister has levied a one-time additional surcharge of 10 per cent on taxpayers having income exceeding Rs 1 crore. This levy will impact 42,800 individuals, with an additional outflow of about Rs 3.2 lakh. It will also impact firms if they have employed expatriates and are paying more than Rs 1 crore and also picking their tax liabilities.
Items that will get costlier: There are some products on which indirect taxes are levied and will become costlier like SUV's, luxury cars, yachts, mobile phones exceeding Rs 2,000, set-top boxes. The food bill in air conditioned restaurants, cigarettes and cigar will also become costlier.
Other changes affecting individuals:
■ Return of income filed without payment of self-assessment tax to be treated as defective return.
■ TDS at 1 per cent on transfer of immovable property exceeding Rs 50 lakh in value.
■ Reduction in rates of securities transaction tax.
■ Introduction of annexure less and paperless e-filing of wealth tax return.
■ 100 per cent deduction for donations to National Children Fund.
To sum up: The finance minister has done a balancing act by taxing the super-rich and by giving some benefits to the common man. While the expectations are always high, the finance minister has to reduce inflation and manage the fiscal and current account deficit that are more alarming.
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