Highlights of the Budget: · Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent. · Imported electronics goods to cost more. A cess to be introduced · Sugary carbonated drinks to get costlier · Cigarettes, gutkas, cigars to cost more · CRT TVs exempted from customs duty to help poor · No change in income tax rates; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh · Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh · Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh · Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh · 10 year tax holiday for power companies who start production and distribution on March 31, 2017 · Revenue deficit pegged at 2.9 per cent of GDP · Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal. · Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh · Airports to be developed in tier 1 and 2 cities, 16 new port projects to be awarded this year · Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East · Govt committed to providing 24x7 power supply to all homes: FM · Single KYC norms for all financial services and one demat account for all financial products · Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan · Rs 11,600 cr for developing outer harbour projects Rs 11,600 cr for developing outer harbour projects · Mining issues to be resolved on priority · Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities: · 20 new industrial clusters announced · We will examine proposal to give greater autonomy to banks: FM. · Budget proposes 49 per cent FDI in insurance through FIPB route · Propose to provide finance to 5 lakh landless farmers through NABARD · Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. · Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups · Rs 500 crore allocated for stabilizing prices of agricultural commodities · Rs 3600 cr set aside for National Rural Drinking Water: FM · We will examine proposal to give greater autonomy to banks: FM. · Budget proposes 49 per cent FDI in insurance through FIPB route · Propose to provide finance to 5 lakh landless farmers through NABARD · Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. · Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups · Rs 500 crore allocated for stabilizing prices of agricultural commodities Rs 3600 cr set aside for National Rural Drinking Water: FM · Rural housing: Rs 8000 crore for national housing banking programme · FM announces development of Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmedabad and Lucknow · Each year government will be adding AIIMS to ensure there is an AIIMS in every state: Jaitley · Rs 100 crores to set up virtual classrooms · Rs 500 crores for setting up 5 more IIMs and IITs · FM Proposes to enhance the scope of income tax settlement commission · Rs 7,060 crore allocated for building new cities #YoungCAaspirants
Posted on: Thu, 10 Jul 2014 09:03:25 +0000
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