Date: 11.July.2014 Finance Minister Arun Jaitley increased the income tax exemption limit from Rs. 2 lakh to Rs. 2.5 lakh for those aged below 60. For senior citizens, the limit has been increased to Rs. 3 lakh from Rs. 2.5 lakh. The investment limit under section 80C of the Income-tax Act has been increased to Rs. 1.5 lakh an annum from Rs. 1 lakh. He also announced a Rs. 50,000 relief for those with housing loans for self-occupied properties. We can have the following benefits: Benefits: (1) A person earning Rs. 5 lakh a year will have a basic tax exemption of Rs. 5,000. (2) The total relief for those earning up to Rs. 10 lakh a year, who also have home loans and investments, will be around Rs. 25,000 and for those earning more than Rs. 10 lakh an annum, it could be around Rs. 35,000. ------------- Finance Minister Arun Jaitley proposed hiking the foreign direct investment limit in insurance and defence sectors to 49 per cent. The composite cap in the insurance sector is proposed to be increased up to 49 per cent from the current level of 26 per cent, with full Indian management and control, through the FIPB (Foreign Investment Promotion Board) route. ------------ In Andhra Pradesh, over 100 schoolchildren got a rare opportunity to become privileged customers of Andhra Bank by an initiative of the National Bank for Agriculture and Rural Development(NABARD). The bank officials began opening of savings accounts with zero balance to create financial discipline among them at a young age. --------- The govt has proposed investment in National Highways Authority of India and State roads of an amount of Rs. 37,880 crore which includes Rs. 3,000 crore for the North East. --------- The Navy is set to acquire an indigenous anti-submarine warship, Kamrota — the first of a series of four corvettes that will beef up the capacity of the force to counter underwater threats. ----------- HTC, the Taiwanese handset maker launched its two new devices — the Desire 616 and HTC One (E8). ---------- Lieutenant-Governor Najeeb Jung will launch the Pooch-o App, which has been developed by transport body Delhi Integrated Multi-modal Transit Systems (DIMTS). The application can be downloaded from Google Play Store.
Posted on: Mon, 14 Jul 2014 08:29:15 +0000
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