Saturday 12 July 2014

Salient aspects of the Union Budget FY 2014-15

Salient aspects of the Union Budget FY 2014-15, as applicable generally to us as individuals, are given below for your quick reading please:-
  1. Income tax exemption limit raised from Rs 2 lakhs at present to Rs 2.5 lakhs Income Tax rates: Budget ‘14-15
Income upto Rs 2.5 lakhNil
Rs 2.5 lakh to Rs 5 lakh10% of income above Rs 2.5 lakh
Rs 5 lakh to Rs 10 lakh20% of income above Rs 5 lakh
Income over Rs 10 lakh30% of income above Rs 10 lakhs
 
 
  1. For Senior Citizens, Income tax exemption limit raised from Rs 2.5 lakhs to Rs 3.0 lakhs
  2. Section 80C investment limit raised from Rs 1 lakh to Rs 1.5 lakh for tax benefits
  3. Tax exemption on interest component on housing loan raised from Rs 1.5 lakhs  to Rs 2 lakhs (for self-occupied house. For rented, the earlier rules continue)
  4. Annual Public Provident Fund (PPF) ceiling to be enhanced from Rs 1 lakh to Rs 1.5 lakhs
  5. Special National Savings Certificates and savings instruments for parents to invest in name of girl child also announced.
  6. Kisan Vikas Patra to be reintroduced for planned and unplanned savings under small savings schemes
  7. Proposal to Introduce single demat account for all types of financial transactions
  8. Proposal to Introduce Standardized KYC Norms and single KYC across entire financial sector
  9. EPFO to launch unified account scheme to ensure Provident Fund portability
  10. Cheaper Housing Loan & Tax Incentive for LIG - Low Income Groups. Allocated Rs. 4000 crores for the same.
  11. Insurance sector FDI to be hiked to 49%, from 26% leading to increase in Insurance penetration.
  12. Long Term Capital Gain tax on Debt Mutual Funds increased from 10 % to 20% and tenure increased from 12 to 36 months
14. No change in rate of surcharge; Education cess to continue at 3 per cent; No change in tax laws for Hindu Undivided Families

15.Other important budget announcements:
  1. Basic customs duty on colour picture tubes scrapped; taxes on cigarettes (11-72 percent), cigars, unmanufactured tobacco and gutka to go up.
  2. Radio taxies also to be levied service tax.
  3. Excise duty on footwear reduced from 12 per cent to 6 per cent.
  4. e-Visas will be allowed in 9 airports; new airports will be developed through PPP mode
  5. Proposed setting aside Rs 500 Cr For 5 Tourist Circuits
  6. To introduce bullet trains on Ahmedabad-Mumbai route (Railway Budget)
  7. Rs 1000 Cr for rail connectivity for North-East  
  8. One rank, one pension: Rs 1,000 crore allocated for implementing One Rank One Pension scheme
  9. To introduce uniform KYC norms
  10. Defence: Defence allocated Rs 229,000 crore; modernisation gets Rs.5,000 crore over and above interim budget
  11. NRI fund for conservation of river Ganga to be set up. FM announces "Namami Ganga", an integrated Ganga Development Project; Rs. 2,037 cr set aside for this.
  12. War memorial: A war memorial to be set up along with a war museum at the Princess Park; a sum of Rs 100 crores will be allocated for this purpose
  13. A special sum of Rs 2000 crore to be allocated in Jammu and Kashmir to build state of the art sports facilities
  14. Sum of Rs 100 crore to train women and men in the forthcoming Asian games
  15. To set up Trade Facilitation Centres for Varanasi
  16. Rs 50 crore set aside for Pashmina Production program in J&K.
  17. FDI in real estate for low cost housing.
  18. 5 New IITs and IIMs in India.
  19. Senior citizen pension scheme to be revived.
  20. To launch broadband connectivity at village level ahead
  21. e-governance: All govt departments and ministries to be integrated through E-platform by 31 Dec this year
  22. Internet connectivity: Will launch broadband connectivity at village level.
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