Update 1 March: The Union Budget 2013-2014, announced by finance minister P Chidambaram yesterday, glossed over investor interests, didn’t touch the Direct Tax Code, and left GAAR mostly unchanged. We bring you a selection of law firm reactions to the Finance Bill 2013 we've received via email.

Nishith Desai Associates founder Nishith M Desai:

Budget 2013 presented by the Indian Finance Minister offers very little, if not nothing, to excite foreign investors. To start with, the Finance Minister made the right noises when he said that: “Investment is an act of faith” and that “clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary will provide great assurance”. These words however were soon rendered rhetoric.

Economic Laws Practice (ELP) managing partner Rohan Shah:

The introduction of provisions making certain offenses cognizable and bailable, under Customs, Excise and Service Tax is unwelcome as there is a potential for misuse of these provisions.

Advaya Legal alert email:

Though the Budget did not announce any bold policy initiates, it has adopted a multipronged approach. It shows commitment to growth in critical sectors such as banking and infrastructure and energy.

Click here to read NDA’s budget analysis

Click here to read ELP’s takeaways

Click here for Advaya Legal’s take on the union budget

Reverse-chronological live blog:

Stay tuned for some post-budget action in the afternoon as we'll jump in on some law firm analysis of the budget and some updates from them that'll be arriving in our inbox like clockwork!

Right now it doesn't look like any major updates on the taxation web that affects lawyers directly.

12:46: The ayes have it! FM is granted leave to introduce the Finance Bill 2013

12:30: DTC yet again misses date and sleeps in! The DTC is work in progress. Not intended to be an amended version of IT Act. But will be a new code based on international practices. recommendations are being examined. The bill will be endeavoured to be brought back to the house before the end of the budget session.

12:29: A number of representations against GAAR provisions worked to this effect: Impermissible tax avoidance arrangements will b subjected to tax after determination is made by a panel constituting an assessing officer and a judge. We have issued a circular covering IT sector exports. Rules on safe harbour are expected by 31 March 2013.

12:26: Unlisted companies seen to be avoiding Direct Dividend Tax, will now be under net

12:25: Investor protection fund will be exempt from income tax. Venture Capital Funds are now subject to alternative investment fund regulations. VCFs and Angel Investment Funds will get pass through status

12:20; Individuals, HUFs, firms and entitites earning more than Rs 1 crore p.a. will now pay a surcharge of 10%. The surcharge will be applicable only for fy 2014

12:18: Income tax slabs of 10,20 and 30 not to be revised.

12:16: “Madam speaker, I shall now present my tax proposals,” warns Chidambaram.

12:00: In order to create a complete debt market, insurance companies, provident funds and debt funds will be permitted to trade directly on the market, subject to permissions from respective regulators

11:57: A proposal to amend the SEBI Act to strengthen the regulator is under consideration. Many categories of foreign portfolio investors such as FIIs, QFIs, etc. SEBI will simplify procedures and prescribe uniform registration for entry of different portfolios of foreign investors. To remove ambiguity that prevails in what is FDI and what is FII, it is proposed to follow the international practice – stake of less than 10 per cent is held by FII, otherwise by FDI. FIIs will be allowed to participate in currency derivatives segment.

11:37: A company investing Rs 100 crore or more in plant or machinery from 2013-2015 will be allowed to deduct an investment allowance at the rate of 15%

11:35: The government has decided to constitute a regulatory authority for the road sector.

11:31: “Doing business in India must be seen as easy, friendly and mutually beneficial,” says Chidambaram. To increase investment in infrastructure, four Infrastructure Debt Funds (IDF) have been registered with SEBI. Some institutions will be allowed to issue tax-free bonds upto a total sum of Rs 50,000 crore.

The 82nd Indian union budget will be announced at Delhi in less than 10 minutes and Legally India will bring you the legal highlights at speed of sound! Lawyers, it is now time to take bets: Will the GST be implemented today in the Direct Tax Code (DTC)? Any chance of real time adoption on any Shome Committee recommendations, bringing good news for investors? Any other goodies or bombshells expected?