Budget 2014 : Key points with respect to Personal Finances:
- To review Direct Tax Code
- Tax exemption for interest paid on a home loan for a self-occupied property has been raised to Rs 2 Lakhs (Section – 24b)
- The income earned by Senior Citizens (above 60 years) is tax free up to the Rs 3 Lakhs
- Section 80c investment limit raised from Rs 1 Lakh to Rs 1.5 Lakh
- Contribution to Public Provident Fund can be up to Rs 1.5 Lakh
- Know Your Customer (KYC) norms will be made uniform across the entire financial sector.
- A Single Demat Account will be introduced which will allow transactions of all financial products.
- E-Visa to be allowed in 9 airports.
- Re-introduction of Kisan Vikas Patra (KVP)
- National Savings Certificate with insurance will be launched to provide additional benefits for the small savers.
- Rate of tax on long term capital gains has been increased from 10 percent to 20 percent on transfer of units of Mutual funds, other than equity oriented funds
Income Tax Slabs for FY 2014-2015 (AY 2015/16)
Other important Points in Budget 2014 :
- Divestment Target For Public Sector Units pegged at Rs 43,425 Cr
- Total Divestment Target At Rs 63,425 Cr for Financial Year 2015
- Total Subsidy at Rs 2.51 Lakh Crores for FY15
- Financial Year 2015 Revenue deficit at 2.9%
- FISCAL DEFICIT TO BE 4.5% OF GDP
- Allocated Rs 2.29 Lakh Crores for Defence Sector
- Composite Cap Of Foreign Direct Investment in Insurance Raised To 49%
- Proposed Rs 8 lakh Crores as farm loan target for FY15
- Housing for all by 2022
- To set up four AIIMS in Andhra Pradesh, West Bengal, Vidharbha & Purvanchal.
- Allocated Rs 50,500 Cr For Scheduled Caste, Tribe Schemes
- A dedicated TV channel “Kisan TV” to be launched for farmers
- Allocated Rs 7060 crores for developing 100 smart cities.
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