Budget 2014 : TAX PROPOSALS

Basic tax exemption limit raised to Rs 2.5 lakh, and Rs 3 lakh for senior citizens (60-plus). No changes made in corporate or other direct taxes. Limits under section 80C raised to Rs 1.5 lakh – as indicated in raising the PPF limit to Rs 1.5 lakh. EMI exemption for self-occupied property raised to Rs 2 lakh.

Companies to get 15 percent investment allowance for fresh investments above Rs 25 crore. Foreign institutional investors to get tax-breaks to entice them to move back from Mauritius. Their incomes will be treated as capital gains – which is 15 percent for short-term gains and zero tax for long-term gains.

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