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| Budget 2013: Chidambaram's 'Robin |
| Budget 2013: Chidambaram's 'Robin Hood' Budget: High earners say not fair
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| INDIA
, 1-March-2013
2:17:32 AM |
| High-earning Indians gave a collective groan when Finance Minister P Chidambaram imposed a 10 per cent surcharge on their income in his Budget 2013 on Thursday.
Just 42,800 of the country's 1.2 billion people will be affected by the extra tax on taxable earnings above Rs. 1 crore, according to Mr Chidambaram. The measure will be in place for one year.
The finance minister also increased the surcharge on domestic companies whose taxable income exceeds Rs. 10 crore per year to 10 per cent from 5 per cent. In the case of foreign companies, who pay the higher rate of corporate tax, the surcharge will increase from 2 per cent to 5 per cent. The finance minister has upped the excise duty on big cars, particularly SUVs, and has hiked duty on imported cars and yachts.
He has also proposed that those who buy houses with a carpet area of over 2,000 feet or which costs over Rs. 1 crore, will pay a service tax of 30 per cent of the value of the property.
Also, mobile phone handsets that cost more than Rs. 2,000 will be dearer, with the minister hiking the customs duty on them.
On the other hand, Mr Chidambaram, while leaving tax rates unchanged, announced a tax credit of up to Rs. 2,000 for those with incomes of not more than Rs. 5 lakh. He has also said a first time home buyer taking a loan of up to Rs. 25,00,000 will be entitled to an additional deduction of interest of up to Rs. 1.00,000.
Naina Lal Kidwai, country head at HSBC India and president of the Federation of Indian Chambers of Commerce & Industry, called Mr Chidambaram's budget a "mix of Robin Hood and PC Sircar (India's most famous magician)."
"At the end of the day, not a bad budget. The Finance Minister should be given some credit for managing through a crisis," she added.
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