Thursday 10 July 2014

Indian Budget 2014 highlights

INCOME TAX
Individual tax exemption limit for individual raised to 2,50,000

Senior citizen basic exemption limit raised to Rs. 3,00,000

Sec 80C limit raised from 1 Lac to 1.50 lacs.

Deduction of Housing Loan interest raised from 1.5 lacs to 2 Lacs

No change in surcharge

Cess continues @3%

Advance rulings extended to residents as well!

Investment in mf 36months is long term capital gain. Tax @20%

CUSTOMS & EXCISE :
Lcd led tvs basic customs duty 10% to nil

Baggage rules Limit raised 35to45k

Solar sheet exempt from excise.

Cigarette excise from 11% to 72%

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