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General Union Budget for Year 2014-15

Following are the highlights of the Union Budget 2014-15 presented by Finance Minister Arun Jaitley in Parliament on July 10, 2014

  • Tax slab on personal income remains unchanged.
  • Income-tax exemption limit raised by Rs. 50,000 to Rs. 2.5 lakh and for senior citizens to Rs. 3 lakh
  • Exemption limit for investment in financial instruments under 80C raised to Rs. 1.5 lakh from Rs. 1 lakh.
  • Investment limit in PPF raised to Rs. 1.5 lakh from Rs. 1 lakh
  • Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.
  • Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
  • Deduction limit on interest on loan for self-occupied house raised to Rs. 2 lakh from Rs. 1.5 lakh.
  • Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012
  • Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6% in FY 16
  • Rs. 150 crore allocated for increasing safety of women in large cities
  • Govt expects Rs. 9.77 lakh crore revenue crore from taxes
  • Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.
  • Set aside Rs. 11,200 crore for PSU banks capitalisation
  • Govt in favour of consolidation of PSU banks
  • Govt considering giving greater autonomy to PSU banks while making them accountable
  • Long term capial gains tax for mutual funds doubled to 20%; lock-in period increased to 3 years
  • Rs. 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
  • EPFO to launch the ‘Uniform Account Number’ service to facilitate portability of Provident Fund accounts
  • Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs. 6,500 to Rs. 15,000
  • Minimum pension increased to Rs. 1,000 per month

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@ All the Income tax slabs details are collected from different information sources. There may be some difference in actual Tax calculation.

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