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Budget Relief For Middle Class; Cigarettes, Cold Drinks Costlier

JULY 11, 2014

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Budget Relief For Middle Class; Cigarettes, Cold Drinks Costlier


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.



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