Discuss live budget 2014 updates !

Page no : 8

Aishwary bang (Business) (22 Points)
Replied 10 July 2014

A good budget giving relief to aam aadmi

Upgrade to CAclubindia Pro. Subscribe Now!

paresh thakor (article) (51 Points)
Replied 10 July 2014

minimum wages should be rs. 15000 to deduct epf, what does it mean?

Ravi Dadwal (commerce) (66 Points)
Replied 10 July 2014

No much improvement in the union budget 2014

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26258 Points)
Replied 10 July 2014

It's alike RAIL BUDGET focusing more on EFFICIENT UTILIZATION of FUNDS.

Although some major steps have been taken to attract investment.

Tax litigations would be reduced.

More discussion :

https://www.facebook.com/events/550329961756401/

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26258 Points)
Replied 10 July 2014

The important one is :

PROPOSED :
.
2nd Green Revolution & Protein Revolution!

Upgrade to CAclubindia Pro. Subscribe Now!

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 11 July 2014

1 ) All the Government departments and ministries will be integrated through E-platform by 31 December this year

2 ) Finance Minister announces no tax for those earning below Rs 2.5lakh per annum.

3) Under 80C - 1 lakh to 1.5 lakhs to encourage savings..

4) Those earning above Rs 2.5 lakh per annum to save Rs. 5150 per year..

5) Finance Minister announces 10 year tax holiday for power companies who start production and distribution on March 31, 2017.

6) Small colour TVs to be cheaper; Colour picture tubes exempted from basic customs duty - basic customs duty on LCD, LED panels below 19 inches reduced to NIL .

7) Cigarettes, tobacco products, Pan masala, aerated drinks to cost more.

8) Investment allowance at 15% for 3 yrs to manufacturing company which invest more than Rs. 25 crore in plant and machinery.

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 11 July 2014

No specific measures to control inflation. not much benefit for individual tax payers :(

But..Good to see budget is reality based and not false promising..

Keeping in mind the middle class and growth of small scale industries this budget promises avenues in north east states which was rarely touched by previous budget regarding railway and telecommunication links...

Govt could have increase certain existing limits such as medical - (now only up to 15 K per year....it should have increased the limit to 30k to 40/50k. child education from Rs.100/p.m to 1000/- p.m.....these all are our nominal expenses which would help us to get some tax relief! ...

Rajagopalakrishnan R (PARTNER) (1422 Points)
Replied 11 July 2014

The Much awaited "First" Budget is here and the best we can say is "Practical". I think we especially finance professionals need to change our mindset towards this annual exercise and the hype it creates. In todays economic scenario what we need is a long term policy statement with annual updates on the progress on the implementation of this policy. The annual exercise must be a plan vs progress document rather than one which announces new schemes which do not form part of the Long term plan. I think Late VP singh when he brought forth the Long term Fiscal Policy had this in mind but this idea was ahead of his time. But now this would be an ideal way to plan and implement the economic agenda of BJP and take the country forward. Moreover, the Modi government has a mandate which was not available to any other government in the last 15 years.

In this context I think the FM and the Modi Govt lost their best opportunity to lay the foundation for a resurgent India and what they can do in the next 5 years to realise this potential of the country. While it may be argued that the FM had but 6 weeks to bring the budget document to the table, I am sure the ideology and the road map for this government must have been in the PM's and the party's Horizon for at least 5-10 years now. Or was BJP unprepared for this decisive mandate!! If so India and Indians have a genuine cause for worry!!.