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.


Budget 2014 : Ganga to receive ocean of funds

Ganga to receive ocean of funds – for clean-up, ghat development, and NRI contributions. Modi’s Varanasi constituency should be happy. Money also allocated for studying inter-linking of rivers.


Budget 2014 : SOPS FOR SAVERS

Two big schemes for small savers – Investment limits for public provident fund raised to Rs 1.5 lakh per year. Special natinoal savings certificates and savings instruments for parents to invest in name of girl child also announced. Does this mean the 80C limits will also go up? One-rank-one-pension scheme for retired soldiers also being implemented with allocation of Rs 1,000 crore this year.It’s like a senior citizen’s scheme in effect.



FM Mr. Jaitley to move forward on the Financial Sector Legislative Reforms Committee (FSLRC) to adopt Indian Financial Code after talks with stakeholders. The RBI is bitterly opposed to some steps – especially shifting the powers of Governor to a monetary policy committee where the finance ministry has more nominees. Indian Depository Receipts to be revamped. Insurance sector regulations to be improved.

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