Highlights of Budget 2014 To meet 4.1% fiscal deficit target PSU banks would need Rs 2.4lakh cr govt infusion By 2018 FY16 and FY17 fiscal deficit targets at 3.6 percent and 3 percent of GDP respectively Allocate Rs 1,000 cr for PM Irrigation Scheme To give Rs 14,389 cr for Rural Roads Development Retrospective taxation rules remain unchanged To resolve tax Disputes for resident taxpayers qucikly Propose additional 3 percent interest subsidy on farm loans Aim for RS 8 lakh crore farm credit in FY15 To set up long-term rural credit fund with Rs 50,000Cr corpus Allocate Rs 5,000 crore for farm warehousing plan Propose RS 11,635 crore for harbour projects this fiscal Allocate Rs 100 cr for national industrial corridor based in Pune Propose scheme for development of airports in Tier-I, II cities New airports to be developed through PPP mode NHAI to target 8,000 km of road development in FY15 Propose to take up pending Insurance Bill Allocate RS 2.9 lakh cr for defence sector Revenue deficit to be 2.9 percent Of GDP in FY15 Non-tax revenue at Rs 2.12 lakh crore in FY15 Direct Taxes No change in corporate surcharge To up personal income tax exemption to Rs 2.5 lakh and Rs 3 lakh for senior citizens Invst allowance of 15% on invstment of > Rs25 cr in manufacturing Propose To Extend 10-Yr Tax Holiday For Power Income From Portfolio Invst To Be Capital Gains Exemption for self-occupied homes raised to Rs 2 lakh Non Direct Taxes To cut basic customs duty on some petchems Education cess on imported electronic products 10 percent customs Duty on some Telecom Products To cut customs duty on LCD, LED Panels Sub-19 Inch To Nil To Rationalise Customs Duty on all grades of coal To 2.5 percent To Cut Excise Duty On Food Processing To 6 percent To Hike Excise Duty On Cigarettes By 11-72 percent Excise Duty On Gutka Raised To 70 percent From 60 percent.
Posted on: Thu, 10 Jul 2014 08:40:10 +0000
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