UNION BUDGET 2014-2015 HIGHLIGHTS RELATED WITH TAXES

UNION BUDGET 2014-2015 

HIGHLIGHTS  RELATED  WITH TAXES
*No changes in tax rates for individuals.
*Tax exemption limit for small and marginal changed from Rs 2 lakh to Rs 2.5 lakh and for senior tax payers Changed to 3Lakhs.

*Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh.

*Govt to provide investment allowance at 15% for 3 years to manufacturing company which invest more than Rs 25 crore in plant and machinery.

*Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley

*60 more 'Ayakar Sewa Kendras' to be set up.

*Income tax department is expected to function not only as an enforcement dept but also as a facilitator says Arun Jaitley

*Arun Jaitley raises PPF ceiling to Rs 1.5 lakh

*Goods and Services tax , VAT should come to end - FM

*Personal computers, electronic goods to be cheaper. FM announces proposals to make CRT TVs cheaper.*Basic custom duty on LED panel below 19 inch made NIL

*Soaps and oil products to become cheaper.

*Excise duty on footwear reduced from 12% to 6%.

*Jaitley announces reduction in excise duty(VAT) for specified food package industry from 10% to 6%.

*Excise duty raised on tobacco products and aerated water products with added sugar.

*To broaden tax base, negative list for service tax has been reviewed: FM

*Cigarettes, pan masalas to be costlier: FM

* Annual PPF ceiling to be raised to Rs 1.5 lakh, from Rs 1 lakh.

* No changes in taxes retrospectively and also there is no changes in tax rates.

* Goods and Services tax , VAT should come to end

OTHERS
-Uniform KYC across the finance sector

- Govt to set up 4 more AIIMS

- Rs 3600 crore set aside for National Rural Drinking Water.

- 12 more medical colleges with dental facilities as well
- Govt proposes to set up 5 new IIMs and 5 new IITs.

- There should be at least 2 bank accounts in each household says FM.. Govt to provide all households with banking facilities to empower the weaker sections.

- To allocate Rs 150 crore to boost women's safety

- Rs 1,000 crore for 'one rank, one pension' scheme.

- Rs 2.29 lakh crore allocated for defence sector.

- Rs 500 crore for digital India programme to ensure broadband connectivity at village level, transparency in VAIBHAV governance.

- Sports university to be set up in Manipur, Rs 100 crore to be provided for this.

- Rs 100 crore for training of sportspersons for upcoming Asian Games.

- FM propose Rs 200 crore for power reforms, and Rs 500 crore for water reforms in Delhi

- Rs 100 crore set aside for Metro scheme in Ahmedabad and Lucknow.

- The govt is notifying Rs 1000 pension per subscriber of EP scheme. Rs 50 crores being set aside for this

- Rs 200 crore set aside to support Gujarat govt in the Sardar Patel statue installtion

- FM propose Rs 7060 crores for the development of 100 smart cities

- Jaitley announces schemes for disabled persons in the country.

- Jaitley announces 'Beti padhao, beti badhao yojana', sets aside Rs 100 crore for this.

- Govt to provide finance to 5 lakh landless farmers through NABARD

- Govt to set up Industrial Smart Cities in 7 cities.

- Rs 200 crore allocated for 6 more textile clusters in Rae Bareily, Lucknow, Surat and Bhagalpur.

- 16 new ports to be set up. Rs 11,000 crore to be allocated for this..

- FM : Bank to be encouraged to give long term funds and loans to infrastructure sector.

- EPFO will launch a unified account scheme for portability of Provident Fund accounts

- In order to give major boost to tourism, E-visas would be introduced at 9 airports. This will facilitate visas on arrival

- Indian citizen will hold shares in public sector banks directly rather than indirectly at present

- FDI is an additional support. India needs a boost in job creation.