Union Budget 2014 has brought relief for many sections of people, including the salaried class. Finance Minister Arun Jaitley's maiden budget had the following major provisions:
* Tax proposals on indirect taxes to yield Rs 7,525 crore.
* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.
* Additional 5% excise tax on cold drinks. Tobacco products to be costlier as excise duty hiked to 72%
* Reduction in excise duty for specified food package industry from 10% to 6%.
* Excise duty on footwear reduced from 12% to 6%
* Measures to encourage manufacture of LCD/LED panels of TVs.
* Housing loan rebate raised from Rs 1.5 lakh to Rs 2 lakh.
* Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.
* Investment limit under Section 80C raised from Rs 1 lakh to Rs 1.5 lakh.
* Tax exemption limit for income tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.
* No changes in tax rates.