July 10, 2014:
Following are the highlights of the Union Budget 2014-15 presented by Finance Minister Arun Jaitley in Parliament on July 10, 2014
Income-tax exemption limit raised by Rs. 50,000 to Rs. 2.5 lakh and for senior citizens to Rs. 3 lakh
Exemption limit for investment in financial instruments under 80C raised to Rs. 1.5 lakh from Rs. 1 lakh.
Investment limit in PPF raised to Rs. 1.5 lakh from Rs. 1 lakh
Deduction limit on interest on loan for self-occupied house raised to Rs. 2 lakh from Rs. 1.5 lakh.
Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012
Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6% in FY 16
Rs. 150 crore allocated for increasing safety of women in large cities
LCD, LED TV become cheaper
Cigarettes, pan masala, tobacco, aerated drinks become costlier
5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
5 more IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.
4 more AIIMS like institutions to come up in AP, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP
Govt proposes to launch Digital India’ programme to ensure broad band connectivity at village level
National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed
Rs. 100 cr scheme to support about 600 new and existing Community Radio Stations
Rs. 100 cr for metro projects in Lucknow and Ahmedabad
Govt expects Rs. 9.77 lakh crore revenue crore from taxes
Govt’s plan expenditure pegged at Rs. 5.75 lakh crore and non-Plan at Rs. 12.19 lakh crore.
Rs. 2,037 crore set aside for Integrated Ganga Conservation Mission called ‘Namami Gange’
Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
FDI limit to be hiked to 49% pc in defence, insurance
Disinvestment target fixed at Rs. 58,425 crore
Gross borrowings pegged at Rs. 6 lakh crore
Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.
‘Pandit Madan Mohan Malviya New Teachers Training Programme’ launched with initial sum of Rs.500 crore
Govt provides Rs. 500 crore for rehabilitation of displaced Kashmiri migrants
Set aside Rs. 11,200 crore for PSU banks capitalisation
Govt in favour of consolidation of PSU banks
Govt considering giving greater autonomy to PSU banks while making them accountable
Rs. 7,060 crore for setting up 100 Smart Cities
A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs. 4,200 crore set aside for the purpose.
Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology
Expenditure management commission to be setup; will look into food and fertilizer subsides
Impasse in coal sector will be resolved; coal will be provided to power plants already commissioned or to be commissioned by March 2015
Long term capial gains tax for mutual funds doubled to 20%; lock-in period increased to 3 years
Rs. 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
EPFO to launch the ‘Uniform Account Number’ service to facilitate portability of Provident Fund accounts
Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs. 6,500 toRs. 15,000
Minimum pension increased to Rs. 1,000 per month
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