PPF savings limit enhanced from Rs 1.1 lakh to Rs 1.5 lakh
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Discuss live budget 2014 updates !
- 60 more Ayakar Sewa Kendras to be set up in the country
Tax announcements by FM
1. No change in direct tax rates
2. To increase personal I-T limit to Rs 2.5 lk
3. Raises tax exemption limit to Rs 3lk vs Rs 2.5lk for senior citizens
4. No change in tax laws for Hindu Undivided Families
5. Education cess to continue at 3%
6. To raise Housing interest deduction limit to Rs 2 lk
7. Raises 80C investment cap to Rs 1.5 lk
8. To raise investment allowance for investments above Rs 25 cr in units
Limit 2.5 other than sr.citizen
80 C ..1.5
Housing loan interest 2 lacs
Non deduction or deposition of tds will disallowed only 30% of expenses
Basic exemption limit 2.5L and 80C limit increased to 1.5L. Achhe din budget!
Is there any classification for 80c
Budget 2014:
FM retains tax rebate on dividend by foreign companies
FIIs' portfolio income to be treated as Capital Gains
Deduction on Interest on housing loan increased from 150000 to 200000.
Old cases of assesment should be sortrd out as early as possible.. positive move towords non applying retrospective effects
FM : Good news for tax payers, Income tax exemption hiked by Rs 50000 to 2.5 lakhs
60 more ASK will be established
Budget 2014:
FM retains tax rebate on dividend by foreign companies
FIIs' portfolio income to be treated as Capital Gains
Baggage Allowance increased to Rs. 45k
New tax slabs -
Upto 2.5 lakh - NIL
Above 2.5-5 lakh - 10%
Rs 5-10 lakh - 20%
Above Rs 10 lakh - 30% ;
Sr Citizen : Above 60 (Upto 3lakh)/Above 80 (Upto Rs 5 lakh) - NIL
Increase investment limits U/s 80C from 1 lac to 1.5 lacks
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