Highlights From India’s 2013 Budget

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Mar. 5 – India’s Finance Minister Mr. P. Chidambaram recently presented his 2013 Budget to the Indian Parliament in one of the most keenly awaited documents of recent years. The coming year’s Budget has been seen as critical by both Indian and international analysts, as many see 2013 as the year India may regain its impressive growth rates, but also where the Indian government must implement concrete plans to avoid the emergence of long-term fiscal problems.

Speaking to the New York Times, Rajiv Kumar, and an economist with the Center for Policy Research in New Delhi, called the Budget “supercritical.”

Mr. P. Chidambaram clearly reflected the seriousness of the government’s intent to improve investor confidence in its fiscal policy.

“The main thrust of the Budget is to signal the world and everyone else that we are following a prudent fiscal path and that the fiscal deficit will be contained,” said the Finance Minister. “Foreign investment is an imperative.”

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Service Tax for Directors for the Year 2012-13

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Mar. 22 – Before the new budget was issued, there was ambiguity surrounding the dealing of director’s remuneration. There is inconsistency about whether it is considered salary income or business income chargeable under the head business and profession. However, in the new union budget, India has issued a new clause – clause 194(J) – clarifying that any payment or commission paid to the director of a company is liable to tax deduction at source at the rate of 10 percent.

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