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» » » Highlights of Union Budget 2014

Highlights of Union Budget 2014
Direct Taxes
1. Personal income tax exemption limit raised from Rs. 2,00,000 to Rs 2,50,000.
2. Raised tax exemption for senior citizens from Rs 2.5 lakh to 3 lakh for senior citizens
3. Tax relief on interest of home loan for self-occupied houses raised to Rs 2 lakh.
4. Exemption Limit under section 80C has been enhanced to Rs. 1,50,000 from existing Rs. 1,00,000 limit.
5. Public Provident Fund (PPF) limit enhanced to Rs. 1,50,000 from existing Rs. 1,00,000, this is covered under section 80C exemption only.
6. In case of mutual funds, the capital funds held for more than a year will be taxed at 10 per cent.
7. Education cess will continue at 3%.
Indirect Taxes
8. Excise duty on cigarettes hiked from 11 to 72%.
9. Levy an additional excise duty on aerated waters.
10. Excise duty reduction on specified food processing industries
11. CRT TVs exempted from customs duty to help poor.
12. Color pictures tubes exempt from custom duty.
13. Additional duty on imported computer components.
14. Propose to increase export duty on bauxite to conserve natural resources.
15. To encourage exports 3 forms of semi-precious stones are exempted from custom duty.
16. A concessional basic custom duty of 5% on machinery for setting up compressed bio-gas plants.
17. A concessional duty of 5 per cent will be given to setup solar energy production plant.
18. Basic custom duty reduced on LCD TV’s below 19-inches.
Other Key Highlights
19. Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research institutes in Jharkhand and Assam.
20. Indian Depository Receipts (IDR) to be replaced with more liberal Bhartiya Depository Receipts (BDR).
21. Convergence of New Indian Accounting Standards (IAS) by F.Y. 2014-15 voluntarily and by F.Y. 2015-16 mandatorily.
22. Foreign Direct Investments in Defense enhanced to 49% (With Indian Management and Control) from existing 26%
23. Under Employee pension scheme (EPS) minimum Pension limit enhanced to Rs. 15000 from existing Rs. 6500 with minimum monthly contribution of Rs. 1000 per month.
24. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it.
25. Andaman and Nicobar islands are a crucial part of our country. To tide over communication related problems, will allocate Rs 150 crore.
26. Northeast to see development of its rail system. Will expedite rail connectivity in the region and allocate an additional sum of Rs 1000 crore over and above the interim budget.
27. Rs 500 crore for displaced Kashmiri migrants and their rehabilitation.
28. To promote leadership skills, a young leadership programme will be proposed and allocated Rs 100 crore.
29. Setting aside Rs 100 crore for training of women in Asian and Commonwealth games.
30. A sports university to be proposed in Manipal.
31. Propose to provide Rs 200 crore to upgrade indoor and outdoor stadium to international levels in Kashmir valley.
32. National sports academies for major sports.
33. Each state where there is no AIIMS will be added in the coming years.
34. Rs 2037 crore for new scheme to rejuvenate Ganga.
35. NRI fund for Ganga will be setup too.
36. Our riverfronts and ghats are not only rich historical places but sacred too. Proposed to set aside Rs 100 crore for this.
37. Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore.
38. Safe drinking water in 20,000 habitations in villages facing problem of impure drinking water.
39. Effort to link rivers can give rich dividends to the country

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