Budget Highlights - Personal Finance 1.Income tax exemption limit raised from Rs 2 lakhs at present to Rs 2.5 lakhs 2.For Senior Citizens Income tax exemption limit raised from Rs 2.5 lakhs to Rs 3.0 lakhs 3.Section 80C investment limit raised from Rs 1 lakh to Rs 1.5 lakh for tax benefits 4.Tax exemption on interest component on housing loan raised from Rs 1.5 lakhs to Rs 2 lakhs 5.Annual Public Provident Fund PPF ceiling to be enhanced from Rs 1 lakh to to Rs 1.5 lakhs 6. A special small saving scheme will be introduced encourage savings towards education & marriage of girl child 7. Kisan Vikas Patra to be reintroduced for planned and unplanned savings under small savings schemes 8.Proposalto Introduce single demat account for all types financial transactions 9. Proposal to Introduce Standardized KYC Norms and single KYC across financial sector 10.EPFO to launch unified account scheme to ensure Provident Fund portability 11. Cheaper Housing Loan & Tax Incentive for LIG - Low Income Groups. Allocated Rs. 4000 for same. 12. Insurance sector FDI to be hiked to 49%, from 26% leading to increase in Insurance penetration. 13 .Long Term Capital Gain tax on Debt Mutual Funds increased from 10 % to 20% and tenure increased from 12 to 36 months
Posted on: Thu, 10 Jul 2014 10:06:37 +0000
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