Key Features from Budget 2014 GENERAL: Budget aims at 7-8% GDP growth in 3-4 years Govt proposes to set up 5 new IIMs and 5 new IITs: FM Rs 37,850 crore allocated for road building plan via NHAI FDI in Defence to be raised to 49%, says Arun Jaitley Revamp IDR rules; to introduce Bharat Depository Receipts To deepen the currency derivatives market To liberalise ADR, GDR regime to allow permissible securities Urgent need to converge current Indian standard with international accounting standards. To award 16 new Port projects. Allocating 11,635 cr to develop existing ports & harbours. Plan to establish 7 industrial cities in India, says Arun Jaitley Announces new airports to be developed through PPP mode India has emerged as the largest PPP market in the world. PSU banks to raise Rs 2.40 lakh crore capital by 2018 All govt departments and ministries to be integrated through E-platform by 31 Dec this year To print currency notes with Braille effects To spend Rs 7,060 cr for 100 smart cities Govt to constitute an Expenditure Management Commission Uniform KYC for financial sector FDI in Insurance to be hiked to 49 per cent DIRECT TAX: No change in tax rates. Income tax exemption hiked by Rs 50000 to 2.5 lakhs Propose to increase investment limit under Section 80C from Rs. 1 lakh to Rs. 1.5 lakhs Education cess to continue at 3% To raise Housing interest deduction limit raised from 1.5 Lakhs to Rs 2 lakhs Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs Tax exemption limit for senior citizens changed from Rs. 2.5 lakh to Rs. 3.0 lakhs PPF savings limit enhanced from Rs 1.1 lakh to Rs 1.5 lakh Tax Slabs: Income up to Rs 2.50 lakh: NIL tax (For Senior Citizens: Income up to Rs 3.00 lakh: NIL tax) Income between Rs 2.50 - 5 lakh: Tax at 10% Income between 5-10 lakh: Tax at 20% Income above Rs 10 lakh: Tax at 30% Corporates: No change INDIRECT TAX: No change in Service Tax rate Print media to continue to be exempted from Service
Posted on: Thu, 10 Jul 2014 13:53:39 +0000
Trending Topics
Recently Viewed Topics
© 2015