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Modi Government's First Union Budget - Synopsis

By : Dr. Anand Wadadekar on 10 July 2014 E-mail Print Report Abuse


Hello,
 
Modi Government's First Union Budget...
 
It has been my every year ritual - since more than 
12
 years now - to send you the "Synopsis of Union Budget"as soon as declared by our Finance Minister.
 

So this year too, I carry on with this ritual, unabated...
Hope you will benefit from this... this year too... 
 
Please find below the "Synopsis of the Union Budget 2014-2015" presented by our H'ble Finance Minister Arun Jaitley in the Parliament today, the 10th July of 2014.
 
Key Features, Finance Bill, Budget Speech are available on www.indiabudget.nic.in
 
 

GENERAL:

  • Budget aims at 7-8% GDP growth in 3-4 years

  • Govt proposes to set up 5 new IIMs and 5 new IITs: FM

  • Rs 37,850 crore allocated for road building plan via NHAI

  • FDI in Defence to be raised to 49%, says Arun Jaitley

  • Revamp IDR rules; to introduce Bharat Depository Receipts

  • To deepen the currency derivatives market To liberalise ADR, GDR regime to allow permissible securities

  • Urgent need to converge current Indian standard with international accounting standards.

  • To award 16 new Port projects. Allocating 11,635 cr to develop existing ports & harbours.

  • Plan to establish 7 industrial cities in India, says Arun Jaitley

  • Announces new airports to be developed through PPP mode

  •  India has emerged as the largest PPP market in the world.

  • PSU banks to raise Rs 2.40 lakh crore capital by 2018

  • All govt departments and ministries to be integrated through E-platform by 31 Dec this year

  • To print currency notes with Braille effects

  • To spend Rs 7,060 cr for 100 smart cities

  • Govt to constitute an Expenditure Management Commission

  • Uniform KYC for financial sector
  • FDI in Insurance to be hiked to 49 per cent
DIRECT TAX:
  • No change in tax rates. Income tax exemption hiked by Rs 50000 to 2.5 lakhs

  • Propose to increase investment limit under Section 80C from Rs. 1 lakh to Rs. 1.5 lakhs

  • Education cess to continue at 3%
  • To raise Housing interest deduction limit raised from 1.5 Lakhs to Rs 2 lakhs
  • Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs

  • Tax exemption limit for senior citizens changed from Rs. 2.5 lakh to Rs. 3.0 lakhs

  • PPF savings limit enhanced from Rs 1.1 lakh to Rs 1.5 lakh

 

Tax Slabs:

 

Income up to Rs 2.50 lakh: NIL tax

(For Senior Citizens: Income up to Rs 3.00 lakh: NIL tax)

 

Income between Rs 2.50 - 5 lakh: Tax at 10%

Income between 5-10 lakh: Tax at 20%
Income above Rs 10 lakh: Tax at 30%

  
 

Corporates:

No change 


INDIRECT TAX:
  • No change in Service Tax rate

  • Print media to continue to be exempted from Service Tax

 

 

 

***********************************************************
Disclaimer: This Synopsis prepared by Anand Wadadekar, has been prepared with utmost care and accuracy, however errors or omissions cannot be fully ruled out and the Author is not responsible for the same. The recipient is advised to go through the original Finance Bill if required.

 

Source : Finance Minister,

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