Transcript group study exchange 2007-08

Direct Tax Proposals in
Union Budget 2013
&
Rotary Foundation Grants
BRIEF SNAP SHOT ON
UNION BUDGET 2013-2014
 Union Budget is an exercise to take
stock of the financial position
 Growth rate had declined from 9.3% in
2010.11 to 5% in 2012.13
 Fiscal Deficit is the difference
between Revenue Receipts and Total
Expenditure
Fiscal Deficit as a % of GDP
Year
2008-09 Actual
As a % of
GDP
6.0%
2009-10 Actual
6.5%
2010-11 Actual
4.8%
2011-12 Actual
5.7%
2012-13 Actual
5.3%
2013-14 Projected
4.8%
 Macroeconomic indicators: Increasing
current account deficit, high inflation,
declining savings and investment and
falling consumption
 Plan of action: Fiscal Consolidation,
provide Impetus to Economic Growth
and Stimulate Investment
 Tax Revenues : The tax proposals in the
Budget for 2013-14 help raise
Rs.18,000 Crores
Amendments proposed to the
Direct Taxes
1. Personal Taxation
 No change in Basic Exemption Limit.
 Tax slabs for Financial Year 2013-14 will
be the same
 Rebate of Rs. 2,000 for Individuals only
having total income up to Rs. 5,00,000
2. Surcharge on Income tax
 10 % Surcharge is payable on total
income above Rs. One Crore in a year
3. Additional deduction of Interest
on Housing Loan
 One time deduction of Rs.1,Lakh on
Housing Loan below Rs.25 Lakhs.
 Value of new house should not be more
than Rs.40 Lakhs.
 This deduction is for loans sanctioned
between April 2013 and March 2014
4.Rajiv Gandhi Equity Saving Scheme
 Deduction of 50% of amount invested in
equity shares
 Retail individual investor with a total
income up to Rs.12,00,000
 Investments can be either listed Equity
Shares or Units of Equity Oriented
Funds
 Deduction for three consecutive
assessment years now
Changes in Corporate Taxation
 Surcharge on Income Tax is increased
from 5% to 10% in case of Domestic
Companies
 Surcharges increased from 2% to 5% in
case of Foreign Companies
 New Investment Allowance of 15% on
investments of more than Rs.100 Crores
in new Plant and Machinery
TDS on Immovable Property
 T.D.S of 1% to be deducted U/s 194A
on Sale Consideration of Immovable
Property exceeds Rs. 50 Lakhs
 To be made by the buyer of the
Immovable Property at the time of
making payment
 If seller does not possess a PAN 20%
has to be deducted instead of 1%
Property purchased for Inadequate
Consideration
 Immovable property received by an
Individual or H.U.F for inadequate
consideration will be taxed as Income
from Other Sources.
Other Changes
 Deductions U/s 80G for National
Children Fund increased from 50%
to 100%
 Return of Income will be treated as
defective if Self Assessment Tax along
with Interest is not paid before the
date of furnishing the return.
Rotary Foundation Grants
 Rotary Foundation has developed a
Future Vision Plan.
 The Vision Statement of Rotary
Foundation
 New motto of Rotary “ Doing Good in
the World”
The Future Vision Plan is
 Simplify Foundation Programs and
Process
 Offer program options to achieve
local and global goals
 Transfer Rotary Foundation decision
making to Districts
 Greater understanding of Rotary
Foundation’s work and enhance
Rotary’s Public Image
Three Rotary Foundation
Grants
1. Rotary Foundation District Grants
2. Rotary Foundation Global Grants
3. Rotary Foundation Packaged Global
Grants
1. Rotary Foundation District Grants
 Block grants made to Districts up
to 50% of District Designated
Funds.
 The purpose is to respond quickly
for immediate needs or to plan
projects with clubs locally.
Benefits of Rotary District Grants
 More say in District Designated Fund
allocations.
 More flexibility
 Funds for Local and International
projects
 District has quicker access to Funds
 Clubs may partner with other Clubs or
other District
2. Rotary Foundation Global Grants
six areas of focus
 Peace and Conflict Resolution
 Disease Prevention and Treatment
 Water and Sanitation
 Maternal and Child Health
 Basic Education and Literacy
 Economic and Community Development
Rotary Global Grants Proposals
 Requires an International Partner who is
qualified
 Must be measurable and sustainable
 Must have a minimum project budget of
$ 30,000 and a maximum of $ 2,00,000
 Proposals must be accepted by Rotary
Foundation before an application is made
 Proposals should be routed through the
District.
3. Rotary Foundation Packaged
Global Grants
 Opportunities for Clubs and District to
work with strategic partners of the
Rotary Foundation.
 Strategic Partners have expertise in
Focus Areas.
 Rotary Foundation and strategic
partners will provide 100% funding for
Packaged Global Grants.
Thank You