Maximum exemption limit raised to Rs. 2.5 lakhs for an individual

Maximum exemption limit raised to Rs. 2.5 lakhs for an individual

July 10, 2014

1:10 PMThursday
Clean energy cess increased from Rs 50/tonne to Rs 100/tonne
1:09 PMThursday
Excise duty hiked on aerated waters with sugar content
1:07 PMThursday
Basic rates of customs duty @ 10%, excise duty @ 12% and service tax @ 12% remains intact!
1:05 PMThursday
Cigarettes, Cigars, Pan Masala, Gutka – to attract more excise duty !
1:05 PMThursday
Sugary carbonated drinks to get dearer
1:02 PMThursday
Footwear to go cheaper – excise duty reduced from 12% to 6%
1:01 PMThursday
TV sets, Solar power units, computers, oil products, soaps becomes cheaper
1:00 PMThursday
Cigarettes and other tobacco products shall be costlier
12:58 PMThursday
Excise duty on footwear reduced
12:58 PMThursday
Customs duty cut to nil on import of LCD, LED Panels below 19 inch
12:56 PMThursday
Govt. reduces basic customs duty on LCD/LED telivisions
12:56 PMThursday
Customs duty reduced on certain types of coals
12:55 PMThursday

Income of funds from portfolio investments shall be deemed as capital gains

Controversy over categorization of income of foreign investors funds as capital gains or business income shall end with this proposal.

12:54 PMThursday
Imported electronics goods to cost more. A cess to be introduced
12:54 PMThursday
Portfolio income of FIIs to be to be treated as capital gains
12:53 PMThursday
Govt to provide investment allowance at 15% for 3 years to manufacturing company investing more than Rs 25 crore
12:53 PMThursday
Import duty on steel increased from 5% to 7.5%
12:51 PMThursday
To boost manufacturing sectors – customs duty reduced on certain inputs such as fatty acids, etc.
12:51 PMThursday
10 year tax holiday for power companies starting production and distribution on or before March 31, 2017
12:50 PMThursday
FM starts Indirect tax proposals
12:49 PMThursday
Govt. shall considers pubic comments received on DTC
12:46 PMThursday
Multiple year data can be used for comparability for TP study: FM
12:45 PMThursday
Road map for APA schemes to be introduced
12:44 PMThursday
Concessional rate of 5% on interest extended to all types of bonds
12:43 PMThursday
No sunset date for concessional rates for foreign dividends
12:43 PMThursday
Concessional rate of tax on dividend from foreign subsidiaries continues
12:43 PMThursday
15% allowance to manufacturing companies investing Rs 20 crores in plant and machinery
12:42 PMThursday
Investment Linked deductions extended to two more sectors
12:41 PMThursday

No change in tax rates for corporate tax payers

Maximum exemption limit for an individual increased to Rs. 2,50,000 from existing Rs. 2,00,000. Senior citizen can avail maximum exemption limit for Rs. 3,00,000.

12:40 PMThursday
Deduction for Interest on Housing Loan increased to Rs. 2,00,000
12:40 PMThursday
Investment limit under Sec. 80C increased to Rs. 1.5 Lacs
12:39 PMThursday
Senior Citizen are not liable to pay tax on income upto Rs. 3,00,000
12:39 PMThursday
Maximum exemption limit raised to Rs. 2.5 lakhs for an individual
12:38 PMThursday
Proposes to retain tax target proposed in interim budget
12:37 PMThursday
FM Starts tax proposals
12:37 PMThursday
Rs 100 crore for training of sports persons for upcoming Asian Games.
12:35 PMThursday
FM announces “Arun Prabha” channel for NorthEast region; will be 24/7 channel.
12:31 PMThursday
Rs. 1,000 crores to improve Rail Connectivity
12:30 PMThursday
Rs. 500 crores to support Displaced Kashmiri Migrants
12:29 PMThursday
Proposes establishment of Sports University in Manipur
12:24 PMThursday
National Police Memorial to be constructed
12:21 PMThursday
Rs 229,000 crore allocated for Defence in contrast to 2,24,000 in interim budget
12:19 PMThursday
Special small saving scheme to be introduced for the education of girl child: Arun Jaitley
12:15 PMThursday
Increasing NPA in public sector banks is a matter of concern: FM
12:14 PMThursday
FM porposes one demat account for all financial products
12:14 PMThursday
Taxation issues for foreign funds with Indian managers to be clarified – FM
12:12 PMThursday
Accounting Standards for Banks and Insurance sector would be notified seperately
12:12 PMThursday
FM Proposes liberalization of ADR/GDR regime
12:11 PMThursday
Uniform KYC norms for entire financial sector: FM
12:09 PMThursday
Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan
12:09 PMThursday
Revisions of rate of Royalty for State Government will be undertaken soon
12:08 PMThursday
New airports to be developed through PPP mode in tier-II and tier-III cities
12:07 PMThursday
Investment in road highways to the tune of Rs 37,887 crore
12:05 PMThursday
Slum development to be included in Corporate Social Responsibility activities.
12:04 PMThursday
Allahabad-to-Haldia Ganga waterway project announced
12:04 PMThursday
Road Sector needs huge amount of investment: Jaitley
12:01 PMThursday
Focus on encouraging entrepreneurship – especially in rural sector and for SMEs!
12:00 PMThursday
Committed to revive Special Economic Zones: Jaitley
12:00 PMThursday
Proposes establishment of export promotion mission
11:59 AMThursday
Rs. 10,000 crores allocated to encourage start-up entities
11:59 AMThursday
Better infrastructure and facilitation proposed in manufacturing sector to promote exports..
11:57 AMThursday
MSME are backbone of Indian Economy: FM
11:56 AMThursday
All stake holders for export to be brought under one umbrella: FM
11:54 AMThursday
Rs. 100 crores for organic farming developments
11:53 AMThursday
Govt to provide finance to 5 lakh landless farmers through NABARD: FM
11:53 AMThursday
Continues existing interest subvention schemes for farmers
11:52 AMThursday
Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups
11:51 AMThursday
Funds set up to boost Long Term Investment in agriculture
11:51 AMThursday
Allocation of funds for increasing Warehousing Capacity
11:48 AMThursday
National Adaptation Fund for climate change
11:47 AMThursday
Arun Jaitley takes a ‘five-minute break’ from budget speech. House adjourned
11:46 AMThursday
Market tumbles with Arun Jaitley’s Budget
11:45 AMThursday
Allocates Rs. 400 crores to incentivise the development of low cost housing
11:41 AMThursday
Rs 100 crore for Metro in Lucknow and Ahmedabad.
11:35 AMThursday
Four more IITs to be set up
11:35 AMThursday
Five more IIMs to be set up
11:32 AMThursday
Online courses given emphasize, Rs. 100 crores proposed for this
11:31 AMThursday
Rs 150 crores for the Home Ministry to spend on women’s safety
11:29 AMThursday
Uproar in Parliament over proposal for creation of new states
11:28 AMThursday
Safe drinking water shall be provided to rural areas in next three years: FM
11:27 AMThursday
Women’s safety: Rs 100 crores provided for Beti Bachcao, Beti Padhao Yojana
11:27 AMThursday
Support for Rural Housing continues in current year with Rs. 8,000 crores: FM
11:26 AMThursday
Rs. 100 crores provided for Rural entrepreneurship programme
11:26 AMThursday
FM announces schemes for disabled persons in the country.
11:25 AMThursday
Rs 200 crore set aside to support Sardar Patel statue installtion: FM
11:24 AMThursday
Committee to be set up on how to invest these unclaimed amounts and invest for benefits of senior citizens: FM
11:24 AMThursday
These unclaimed amounts belong to senior citizens: FM
11:24 AMThursday
Large no. of amount lying unclaimed in PPF and saving accounts: FM
11:17 AMThursday
Total sanitation shall be achieved by 2019: FM
11:17 AMThursday
Irrigations facilities to be improved to reduce dependence on rains: FM
11:16 AMThursday
FM proposes measures to encourage development of smart cities
11:15 AMThursday
To boost Tourism e-visas to be introduced in phased manner
11:14 AMThursday
FM raises FDI in defense up from 26 to 49 % with Indian management and control.
11:13 AMThursday
Banking system to be further strengthen
11:12 AMThursday
FDI in manufacturing sector – Sale through retail sector and e-commerce platform without any additional approval: FM
11:11 AMThursday
FDI in insurance sector increased to 49%
11:10 AMThursday
Constitution of more benches of Advance Ruling, FM assures
11:10 AMThursday
FM in favour of Enlarging scope of SetCom
11:09 AMThursday
Transfer Pricing is the major area of litigation: FM
11:08 AMThursday
Indirect transfer cases will be scrutinized by high level committee to be constituted by CBDT
11:07 AMThursday
We are committed to provide certain tax laws which are tax payer friendly: FM
11:06 AMThursday
Government will not bring any retrospective amendment which is unfair to the tax payers: FM
11:06 AMThursday
I assure that Government will fair with the state government: FM
11:06 AMThursday
Matter discussed with the State and will bring final solution for GST this year: FM
11:06 AMThursday
Debate over GST issue must come to an end: FM says
11:05 AMThursday
BJP Government is dedicated to Minimum Government and Maximum Governance: FM
11:04 AMThursday
We have to take bold steps to enhance Indian economy: FM
11:03 AMThursday
Iraq crises leaving behind impact on oil prices: FM says
11:03 AMThursday
Decline of fiscal deficit were mainly achieved by reduction in expenditure: FM says
11:02 AMThursday
We can’t go on spending today which shall be financed by tax of future day: FM
11:00 AMThursday
People have voted for a change. India desires to grow: FM
11:00 AMThursday
Reducing the fiscal deficit is the aim of current Government: Arun Jaitley says

10:59 AMThursday
My aim is to lay down broad policies: FM







Last update 12.48 AM

Budget  2014-15: Income tax highlights
Ø  Investment limit under Sec. 80C increased to Rs. 1.5 Lacs
Ø  Senior Citizen are not liable to pay tax on income upto Rs. 3,00,000
Ø  Maximum exemption limit raised to Rs. 2.5 lakhs for an individual
Ø  Multiple year data can be used for comparability for TP study
Ø  Road map for APA schemes to be introduced
Ø  Concessional rate of 5% on interest extended to all types of bonds
Ø  No sunset date for concessional rates for foreign dividends
Ø  Concessional rate of tax on dividend from foreign subsidiaries continues
Ø  15% allowance to manufacturing companies investing Rs 20 crores in plant and machinery
Ø  Investment Linked deductions extended to two more sectors

Ø  No change in tax rates for corporate tax payers

Published by Business So Simple

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