10/07/2014
Budget 2014 Highlights:
INDIRECT TAX:-
> Basic Custom Duty on LED Panels below 19 inches made NIL.
> Customs Duty On Some Wind Power Equipment Cut To 5%.
> Basic Customs Duty On Crude, Naphthalene Cut To 5% V/s 10%.
> Cut Basic Customs Duty On Methyl Alcohol To 5%.
> Increase Custom Duty On Imported Flat Roll Steel.
> Rationalize Customs Duty On All Grades Of Coal To 2.5%.
> Export Duty On Bauxite Hiked To 20% From 10%.
> Footwear to get cheaper.. Excise Duty cut from 12% to 6%.
> Cut Excise Duty On Food Processing To 6%.
> Cut Excise Duty On Packaging Machinery To 6%.
> increased excise duty on to***co products, and aerated water products with added sugar. Additional Excise Duty @ 5% on aerated water products with added sugar.
> Ci******es to cost a lot more. Excise duty to go up between 11% and 72%.
> Cenvat Credit can be claimed by Rent a Cab Car Scheme.
> Basic rates of customs duty @ 10%, excise duty @ 12% and service tax @ 12% remains intact!
> Indian Custom Single Window Project to be taken up for facilitating trade.
> Internet and Mobile advertising now under service tax net.
DIRECT TAX:-
> Tax Exemption limit for small and marginal taxpayers changed from Rs. 2.0 to Rs 2.5 lakhs.
> Tax Exemption limit for senior tax payers changed from Rs. 2.5 to Rs 3.0 lakhs.
> No change in tax rate.
> Section 80C limit raised to Rs 1.5 lakh from Rs 1 lakh.
> Deduction for Interest on Self occupied property increased from Rs. 1.5L to 2L.
> No sunset date for concessional rates for foreign dividends.
> 10 year tax holiday for power companies who start production, generation and distribution on March 31, 2017.
> Government to take a view on Direct Taxes Code (DTC)
> 60 more 'Ayakar Sewa Kendras' to be set up.
> To Increase Capital Gains Tax Cut- Off For Mutual Funds and other Equity Oriented Funds To 36 Months from 12 Months.
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Revenue & Expenditure:-
> Young Leaders Programme to be set up with Rs 100 crore
> For rehabilitation of displaced Kashmiri migrants, Rs 500 crore allocated
> Namami Ganga', an integrated Ganga Development Project; Rs 2037 crore set aside for this
> Rs 100 crores to train sportspersons for the Commonwealth and Asian Games coming up
> Rs 100 cr set aside for project to link rivers
> announces Rs 100 cr for development of Archaeological sites. Gaya to be developed as world class tourism spot
> War memorial to be set up along with a war museum; Rs. 100 cr set aside fro this
> A special small saving scheme will be introduced for the education of girl child
> Ppf limit enhanced to 1.5 lacs from the current limit 1 lacs
> New accounting standards (IND AS) voluntary 2015-16 & mandatory from 2016-17
> Mr Jaitley proposes single KYC norms for all financial services and one demat account for all financial products
> In order to complete gas grid, 15000km of additional pipeline to be developed through PPP mode.
> New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.
> 16 new ports to be set up. Rs 11,000 crore to be allocated for this
> Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan
> Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East
> Rs. 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia,over 1620 km
> Trade facilitation centre to promote handloom work in Varanasi
> Rs 200 crores for 6 new textile clusters at Bareilly, Kutch, Surat, Mysore and Bhagalpur
> Finance to 5 lakh landless farmers through NABARD. Kisan TV to be launched this year
> Govt to provide finance to 5 lakh landless farmers through NABARD
> Rs 100 crore for modernisation of madrasas
> Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana;
> Rs 100 crore for Metro in Lucknow and Ahmedabad.
> Lok Nayak Centre for higher education.
> Madam Mohan Malviya scheme for teacher training
> New AIIMS in Andhra, Maharashtra, Madhya Pradesh and Purvanchal
> 12 more medical colleges with dental facilities as well
> Rs 3600 crore set aside for National Rural Drinking Water
> Crisis Management Centre for women at Delhi, money to be provided from Nirbhaya fund
> Women's safety: Rs 100 crores for Beti Bachcao, Beti Padhao Yojana
