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IT Exemption, Home Loan Rebate, PPF Limits Hiked

PUBLISHED BY: SURENDER KUMAR
JULY 11, 2014

   
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IT Exemption, Home Loan Rebate, PPF Limits Hiked


As per the Union Budget, the government will retain the fiscal deficit target for 2014-15 at 4.1 % of GDP and reduce it further to 3 % by 2016-17.

Here are some more highlights from Arun Jaitley's Budget 2014-15:

 

HIGHLIGHTS

* Government committed to provide a stable taxation regime, which will be investor friendly

* To promote FDI in select sectors

* 100 smart cities to be developed, 7,060 crores to be kept aside for this

 

* To boost tourism, e-visas to be introduced at 9 airports. This facilitates visas on arrival

* Programme called 'Skill India' will be launched to train resources

* Sanitation to all houses by 2019

* Rs 200 crores set aside to build statue of Sardar Patel

* Currency notes with Braille to help the visually challenged

* Crisis management Centre in all districts of National Capital Territory, hospitals

* 4 more AIIMS in Andhra, West Bengal, Maharashtra and Purvanchal

* 12 more govt medical colleges with dental facilities proposed

* An AIIMS in every state

* Toilets, drinking water in all girls' schools

* Pan-India programme to ensure broad-band connectivity to villages

* Mission for low-cost affordable housing

* Slum development to be part of CSR

* 'Kisan Television' to be launched in the current year

* Allocation for Defence Rs 2,29,000 crore

* Ceiling for PPF investment raised from Rs 1 lakh to Rs 1.5 lakh

*Several major space missions planned for 2014-2015

* Mars orbital spacecraft to be launched by September

* National Centre for Himalayan Studies will be set up in Uttarakhand

* Minimum tax exemption increased from 2 lakhs to 2.5 lakhs for those under 60

* Tax exemption increased to Rs 3 lakh for senior citizens

* Deduction under 80CC increased from Rs 1 lakh to Rs 1.5 lakh

* No changes in direct taxe rates

* Rate of tax for long term capital gains from 10% to 15%

* Housing loan rebate has been hiked from 1.5 lakh to 2 lakhs

*10-year tax holiday for power generation and transmission companies

* Televisions sets to be cheaper, basic custom duties on LCD, LED panels reduced

* Excise duty on footwear reduced from 12% to 6%

*  Reduction in excise for specified food package industry from 10% to 6%

* Excise duty on tobacco products and cold drinks increased



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