Wincrest Financial Advisors

Sensex jumps 159.33 pts to hit lifetime high of 28,027.96; Nifty at new peak of 8,383.05 in opening trade.

BSE Sensex drops 260 after Japan bonds yield spikes.

The Indian rupee is at a six month low at 55.41/USD. This, experts say is because of the dollar strength and a weak macro economic situation.

The RBI cuts repo rate by 25 basis points in its monetary policy statement for FY 2013-14. The CRR has been maintained at 4%.

“The future starts today, not tomorrow.” ― Pope John Paul II

key points that were highlighted by Mr. P. Chidambaram in the Budget are:

- NO CHANGE in slabs and rate for Personal Income tax.

- Tax credit of Rs 2000 to be provided to every person to having income of up to Rs 5 lakh

- 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore.

- Surcharge of 10 per cent for individuals whose taxable income is over Rs 1 crore.

- Education cess to continue at 3 per cent.

- Commodities transaction tax (CTT) levied on non-agriculture commodities futures contracts at 0.01 per cent.

- No change in peak rate of customs duty for non-agriculture products.

- Direct Taxes Code (DTC) bill to be introduced in current Parliament session.

- No change in basic customs duty rate of ten per cent and service tax rate of 12 per cent.

- Import duty on rice bran oilcake withdrawn.

- Import duty raised on set-top boxes from 5 to 10 per cent to safeguard interest of domestic producers.

- 10 per cent customs duty to be levied on unprocessed illuminate.

- Import duty raised from 75 to 100 per cent on luxury vehicles.

- Duty free limit on gold raised to Rs 50,000 in case of male and Rs 100,000 in case of female.

- Specific excise duty on ci******es and ci**rs raised by 18 per cent.

- Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted.

- Duty on mobiles above Rs 2,000 raised from one to six percent, based on their maximum retail prices. Smart phones to get costlier

- Service tax to be levied on all AC restaurants.

- One time voluntary compliance scheme for service tax defaulters to be introduced. Interest and penalties to be waived.

- Direct tax proposals to yield Rs 13,300 crore, indirect tax proposal to give Rs 4,700 crore.

- Contributions made to central and state government health scheme eligible to tax benefit.

- Eligibility conditions for life insurance policies of persons suffering disabilities to be liberalized.

- TDS of one per cent on value of properties above Rs 50 lakh. Agriculture land exempted.

- Securities Transaction Tax (STT) reduced on equity future, mutual fund.

- Fiscal deficit will be 5.2 per cent in current year and 4.8 per cent in the next fiscal.

- Rs 532 crore to make post offices part of core banking.

- Investor with stake of 10 per cent or less will be treated as FII; any stake more than 10 per cent will be treated as FDI.

- FIIs will be allowed to participate in exchange traded currency derivatives.

- Small and medium companies to be allowed to listed on MSME exchange without making a public offer.

- Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market.

- A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015will be allowed 15 per cent investment deduction allowance apart from depreciation.

- Rajiv Gandhi Equity Scheme will be liberalized to allow first time investor to invest in Mutal Fund and equity.

- First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14 u/s 80L over and above of Rs. 1.50 lac

- Govt. to set up India's first women's bank as a public sector bank by October.

- Rs 14,000 crore capital infusion into public sector banks in 2013-14.

- Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA.

- Government to monitor cost of doing business in India
- To infuse `12,517 cr in PSU banks by March
- To infuse `14,000 cr in PSU banks in FY14
- All PSU bank branches to have ATMs by March 2014
- To provide `1000 cr to set up Women's Bank
- Women's Bank licence to be in place by Oct 2013
- To allocate `6,000 cr to Rural Housing Fund.

Get Cracking: The Imperial Bank of India was re-named on 30th April 1955 as what?

Smart Investor Guide: Children learn fast. Teach your kids the concept of saving early in their life.

RBI cuts REPO rate by 25 bps to 7.75%, CRR by 25 bps to 4%, injecting 180bn liquidity. Inflation revised to 6.80% from 7.5% for Mar-13.