Budget Highlights - Personal Finance - Income tax exemption limit raised from Rs 2 lakhs at present to Rs 2.5 lakhs. - For Senior Citizens Income tax exemption limit raised from Rs 2.5 lakhs to Rs 3.0 lakhs. - Section 80C investment limit raised from Rs 1 lakh to Rs 1.5 lakh for tax benefits. - Tax exemption on interest component on housing loan raised from Rs 1.5 lakhs to Rs 2 lakhs - Annual Public Provident Fund PPF ceiling to be enhanced from Rs 1 lakh to to Rs 1.5 lakhs. - A special small saving scheme will be introduced encourage savings towards education & marriage of girl child. - Kisan Vikas Patra to be reintroduced for planned and unplanned savings under small savings schemes. - Proposal to Introduce single demat account for all types financial transactions. - Proposal to Introduce Standardized KYC Norms and single KYC across financial sector. - EPFO to launch unified account scheme to ensure Provident Fund portability. - Cheaper Housing Loan & Tax Incentive for LIG - Low Income Groups. Allocated Rs. 4000 for same. - Insurance sector FDI to be hiked to 49%, from 26% leading to increase in Insurance penetration. - Long Term Capital Gain tax on Debt Mutual Funds increased from 10 % to 20% and tenure increased from 12 to 36 months.
Posted on: Mon, 14 Jul 2014 12:21:55 +0000
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