Thursday, 10 July 2014

Indian Budget 2014 highlights

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%

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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