10/07/2014
highlights of the budget:
1. No Retrospective Tax to be levied.
2. Scope of Settlement Commission to be increased
3. Proposal of setting up of high level committee for dealing with trade committees
4. All cases of retrospective amendments to be seen by high level committees
5. GST will be brought in soon
6. FDI in defence increased to 49%
7. E-visas to be introduced in a phased manner at 9 airports in India within 6 months to promote tourism. Visas on Arrival.
8. Transfer Pricing Rules to be changed.
9. "Skill India" to be introduced to increase employability with traditional skills.
10. FDI to be opened up in Urban Construction
11. FDI in Insurance increased to 49%
12. Savings in Kisan Vikas Patra to be introduced
13. Currency Notes to be made in Braille for visually impaired
14. Total sanitation for all houses by 2019.
15. Women Centre in NCT of Delhi by Nirbhaya Fund
16. School Curriculum shall have separate chapter on gender streaming
17. Beti Bachao Beti Padhao yojana - Rs. 100 crores allocation
18. Rs. 14389 crores for Village Roads
19. Rs. 150 crores for Women Safety
20. Free Drug Service and Free Diagnostic Service for TB at AIIMS(Delhi) and in Madras.
21. Setting up of 4 more AIIMS institutions is under consideration
22. Unclaimed PPF Funds to be reorganized for Senior Citizens
23. Rs. 7060 Crore for Development of Smart Cities
24. Unified A/c Scheme to provide portability to EPF Subscribers
25. 5 new IITs and IIMs to be set up soon
26. Overhauling of subsidy Regime
27. Inclusion of Slum Development in CSR Activities
28. Focus on Agri-linked asset creation
29. National Adaptation fund to be set up to deal with Climate Change
30. Price Stabilization Fund in Agro Sector
31. Bank Loans to women at 4% / 7%
32. Long Term Rural Credit Scheme
33. National Industrial Corridor at Pune to deploy industrial corridors
34. Housing emerges area of focus
35. Kisan Television will be launched
36. Rs. 3600 Crore for drinking water project
37. Definition of MSME will be revised for a higher ceiling
38. Financial Assistance to SME
39. 2nd Green Revolution proposed
40. Proposal to amend Apprenticeship Act
41. Liberalization of ADR/GDR Regime for all permissible securities
42. 16 new port projects in this year alone
43. Introduction of Uniform KYC Norms across the financial sector
44. Establishing Private Markets in agriculture to lower inflation
45. International Accounting Standards (IFRS) Voluntary from FY 15-16 . Mandatory from FY 16-17
46. One Single DEMAT Account for all transactions
47. 6 new Debt Recovery Tribunals to be set up
48. Revitalization of small saving schemes
49. NSC with insurance cover for small savers
50. One Rank - One Pension Scheme
51. Special Scheme for Girl Child
52. 10 years tax holiday in power sector
53. Govt to provide finance to 5 lakh landless farmers through NABARD
54. Rs. 10,000 crores allocated to encourage start-up entities
55. Allocation of funds for increasing Warehousing Capacity
56. Crop Price Stabilization Fund to be setup with initial contribution of 500 crores.
57. Revival of SEZs is being planned
58. In PPF scheme, annual remittance to be increased to Rs. 1.50 lakhs from Rs. 1 lakh
59. Sports University to come up in Manipur
60. War Memorial, Police Memorial to be setup
61. Development of 6 textile clusters to boost local job creation
62. New 24*7 TV Channel for the North East
63. GST BY YEAR END
64. Targets of Direct Taxes and Indirect Taxes as per Interim Budget have been retained
65. Rs. 2037 crore to be allocated towards cleaning up of the Ganga River.
66. Relief to small and marginal tax payers
67. Personal Income tax limits increased from 2 lacs to 2.50 lacs
68. Senior Citizens - Exemption Limits raised to 3 lacs
69. Exemption Limit under 80C raised to 1.50 lacs
70. Deduction under Interest on Home Loans (Self-occupied houses) increased to 2 lacs
71. Section 35AC @15% to manufacturing company which invests more than Rs. 25crore in a year
72. APA regime strengthened - Roadmap provision. Range Concept for determination of ALP
73. In case non-deduction of TDS in case of resident assessees only 30% shall be disallowed, in case of 100%
74. Customs Duty - BCD on certain products reduced
75. No change in tax laws for HUF
76. Education cess and surcharges to stay
77. Good for consumers (Indirect Tax) as soaps, oil products, TVs, computers to get cheaper.
78. Excise Duty on Pan Masala, To***co ad Ci******es increased
79. Clean Energy Cess increased from 5% to 10%
80. Tax rate increased from 10% to 20% on transfer of MF units.
81. Service Tax on advertisements on digital platform
82. Tax limit increased from 2 lakhs to 2.5 lakhs for individuals(below 60 years).
83. CSR will not be eligible for deduction while computing business income
84. MNREGA to be linked to Agricultural activities
