Thursday, July 10, 2014

Highlights of Union Budget 2014- 15

On 10th July 2014, Finance Minister Arun Jaitley Presented the Union Budget for 2014 - 15 which is the first under new Prime Minister Narendra Modi's Government. Here are the Highlights of this budget. The below given points has been originally published by TheHinduBusinessLine

Highlights of Union Budget 2014- 15

  1. Income-tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh
  2. Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.
  3. Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh
  4. Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.
  5. Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012
  6. Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6% in FY 16
  7. Rs 150 crore allocated for increasing safety of women in large cities
  8. LCD, LED TV become cheaper
  9. Cigarettes, pan masala, tobacco, aerated drinks become costlier
  10. 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
  11. 5 more IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.
  12. 4 more AIIMS like institutions to come up in AP, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP
  13. Govt proposes to launch Digital India’ programme to ensure broad band connectivity at village level
  14. National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed
  15. Rs 100 cr scheme to support about 600 new and existing Community Radio Stations
  16. Rs 100 cr for metro projects in Lucknow and Ahmedabad
  17. Govt expects Rs 9.77 lakh crore revenue crore from taxes
  18. Govt’s plan expenditure pegged at Rs 5.75 lakh crore and non-Plan at Rs 12.19 lakh crore.
  19. Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called ‘Namami Gange’
  20. Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
  21. FDI limit to be hiked to 49% pc in defence, insurance
  22. Disinvestment target fixed at Rs 58,425 crore
  23. Gross borrowings pegged at Rs 6 lakh crore
  24. Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.
  25. ‘Pandit Madan Mohan Malviya New Teachers Training Programme’ launched with initial sum of Rs 500 crore
  26. Govt provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants
  27. Set aside Rs 11,200 crore for PSU banks capitalisation
  28. Govt in favour of consolidation of PSU banks
  29. Govt considering giving greater autonomy to PSU banks while making them accountable
  30. Rs 7,060 crore for setting up 100 Smart Cities
  31. A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs 4,200 crore set aside for the purpose.
  32. Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology
  33. Expenditure management commission to be setup; will look into food and fertilizer subsides
  34. Impasse in coal sector will be resolved; coal will be provided to power plants already commissioned or to be commissioned by March 2015
  35. Long term capial gains tax for mutual funds doubled to 20%; lock-in period increased to 3 years
  36. Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
  37. EPFO to launch the ‘Uniform Account Number’ service to facilitate portability of Provident Fund accounts
  38. Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000
  39. Minimum pension increased to Rs 1,000 per month

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