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Friday, July 11, 2014

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Exclusive : Highlights of the Union Budget 2014-15

Union Budget 2014-15

"I propose not to make any changes in the tax rate. However, with the view to provide relief to small and marginal and senior citizen, I propose to increase the personal income tax exemption limit by Rs 50,000 from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who are below the ago of 60 years," the FM said while presenting budget for 2014-15 in Parliament. Following are the highlights of the Union Budget 2014-15 presented by Finance Minister Arun Jaitley in Parliament on Thursday:

Highlights of the Budget

01) Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh

02) Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.

03) Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh

04) Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.

05) Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012

CULTURE & TOURISM
01. 200 crore provided to build the Statue of unity(National project). Facility of Electronic Travel Authorization (e-Visa) to be introduced in phased manner at nine airports in India.

02. Countries to which the Electronic Travel authorisation facility would be extended would be identified in a phased manner.

03. 500 crore provided for developing 5 tourist circuits around specific themes.

04. 100 crore provided for National Mission on Pilgrimage Rejuvenation and Spiritual
Augmentation Drive (PRASAD).

05. 200 crore provided for National Heritage City Development and Augmentation Yojana
(HRIDAY).

06.100 crore provided for Archaeological sites preservation.

07. Sarnath-Gaya-Varanasi Buddhist circuit to be developed with world class tourist
amenities to attract tourists from all over the world.

Science and Technology
01. Government to strengthen at least five institutions as Technical Research Centres.

02. Development of Biotech clusters in Faridabad and Bengaluru.

03. Nascent agri-biotech cluster in Mohali to be scaled up. In addition, two new clusters,
in Pune and Kolkata to be established.

04. Global partnerships will be developed under India’s leadership to transform the Delhi
component of the International Centre for Genetic Engineering and Biotechnology

05. (ICGEB) into a world-leader in life sciences and biotechnology.

06. Several major space missions planned for 2014-15.

Smart Cities
A sum of ` 7060 crore is provided in the current fiscal for the project of developing
“one hundred Smart Cities’

Real Estate

01. Incentives for Real Estate Investment Trusts (REITS). Complete pass through for the

purpose of taxation.

02. A modified REITS type structure for infrastructure projects as the Infrastructure
Investment Trusts (INVITS).

03.These two instruments to attract long term finance from foreign and domestic sources
including the NRIs.

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