-Budget aims at 7-8% GDP growth in 3-4 years -Tax/GDP ratio should be raised Tax collections to be improved -Target of 4.1% Fiscal Deficit is daunTING -FY 16 fiscal deficit target @ 3,6% -Taking bold steps to enhance economy, boost growth -To launch New Urea Policy -Streamlining tax administration, avoid harassment of businessmen -No Retrospective Tax -To approve Goods & Services Tax by end of year -Transfer Pricing Rules to be changed to improve confidence. India needs boost for jobs creation -To raise Defence FDI to 49%; Retain Indian control -To Raise FDI insurance to 49%; Control via FIPB Route -To introduce e-visa, automatic permissions in 9 airports -To allocate Rs 1000 cr for improving irrigation tracts -Plan to retain majority control in PSU banks; push retail FPOs -To introduce Kisan Vikas Patra for unbanked savings - To allocate Rs 50,047 cr for welfare of SCs, STs -To spend Rs 7,060 cr for 100 smart cities -Rs 200 cr set aside to support Gujarat govt in the Sardar Patel statue installtion-PIB - Rs 50,548 cr proposed for SC development 80C exemption limit hiked from 1 lac to 1.50 lacs plz take this money atleast in ELSS rather than giving debt product again. Updates on personal finance from union budget 2014. Kisan vikas patra to be reintroduced for planned and unplanned savings. Cheaper housing loan & Tax incentive for LIG - low income group Insurance sector FDI to be hiked to 49% from 26% Introduction of standardised KYC norms across financial sector. Introduction of single demat account for all types of financial transactions PPF limit raised from 1 to 1.5 lakhs A special small saving scheme will be introduced to encourage savings towards education & marriage of girl child. DIRECT TAXES income tax exemption limit increased from 2 to 2.5 lakhs for age less than 60 yrs Senior citizen from 2.5 to 3 lakhs Standard deduction limit u/s 80C raised from 1 to 1.5 lakhs Interest on housing loan for self occupied property from 1.5 to 2 lakhs Long term Capital gain on sale of debt mutual fund increased to 20% Holding period for long term capital gain for mutual funds &shares increased from 12 to 36 months. INCOME TAX SLAB NOW :-- (A) NIL UP TO RS. 2,50,000 (Above 60 yr 3,00,000) *** (B) 10% TAX RS. 5,00,000 (C) 20% TAX RS. 10,00,000 (D) 30% TAX RS. 10,00,000+ ***** 80-C LIMIT : NOW UP TO RS. 1,50,000 ****** Home loan int. free upto now 2,00,000 instad of 1,50,000 ****
Posted on: Thu, 10 Jul 2014 09:09:56 +0000