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Thursday, 10 July 2014

Budget 2014 Highlights


INDIRECT TAX

> basic custom duty on LED panel below 19 inch made nil

> Customs Duty On Some Wind Power Equipment Cut To 5%

> Basic Customs Duty On Crude, Naphthalene Cut To 5% Vs 10%

> Cut Basic Customs Duty On Methyl Alcohol To 5%

> Increase Custom Duty On Imported Flat Roll Steel

> To Increase Cap Gains Tax Cut- Off For Eq MFs To 36 Months

> Rationalise Customs Duty On All Grades Of Coal To 2.5%

> Export Duty On Bauxite Hiked To 20% From 10%

> Footwear to get cheaper.. Excise Duty cut from 12% to 6%

> Cut Excise Duty On Food Processing To 6%

> Cut Excise Duty On Packaging Machinery To 6%

> increased excise duty on tobacco products, and aerated water products with added sugar

> Cigarettes to cost a lot more. Excise duty to go up from 11-72%

> Cenvat Credit can be claimed by Rent a Cab Car Scheme.

> Basic rates of customs duty @ 10%, excise duty @ 12% and service tax @ 12% remains intact!

> Indian Custom Single Window Project to be taken up for facilitating trade

> nternet and mobile advertising now under service tax net.

DIRECT TAX

> tax exemption limit for small and marginal changed from Rs. 2.0 to Rs 2.5 lakhs

> tax exemption limit for senior tax payers changed from Rs. 2.5 to Rs 3.0 lakhs

> No change in tax rate

> Section 80C limit raised to Rs 1.5 lakh from Rs 1 lakh

> Deduction for Interest on Self occupied property increased from Rs. 1.5L to 2L

> No sunset date for concessional rates for foreign dividends.

> 10 year tax holiday for power companies who start production and distribution on March 31, 2017

> Government to take a view on Direct Taxes Code (DTC)

> 60 more 'Ayakar Sewa Kendras' to be set up.

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Revenue & Expenditure

> Young Leaders Programme to be set up with Rs 100 crore

> For rehabilitation of displaced Kashmiri migrants, Rs 500 crore allocated

> Namami Ganga', an integrated Ganga Development Project; Rs 2037 crore set aside for this

> Rs 100 crores to train sportspersons for the Commonwealth and Asian Games coming up

> Rs 100 cr set aside for project to link rivers

> announces Rs 100 cr for development of  Archaeological  sites. Gaya to be developed as world class tourism spot

> War memorial to be set up along with a war museum; Rs. 100 cr set aside fro this

> A special small saving scheme will be introduced for the education of girl child

> Ppf limit enhanced to 1.5 lacs from the current limit 1 lacs

> New accounting standards (IND AS) voluntary 2015-16 & mandatory from 2016-17
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> Mr Jaitley proposes single KYC norms for all financial services and one demat account for all financial products

> In order to complete gas grid, 15000km of additional pipeline to be developed through PPP mode.

> New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.

> 16 new ports to be set up. Rs 11,000 crore to be allocated for this

> Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan

> Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East

> Rs. 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia,over 1620 km

> Trade facilitation centre to promote handloom work in Varanasi

> Rs 200 crores for 6 new textile clusters at Bareilly, Kutch, Surat, Mysore and Bhagalpur

> Finance to 5 lakh landless farmers through NABARD. Kisan TV to be launched this year

> Govt to provide finance to 5 lakh landless farmers through NABARD

> Rs 100 crore for modernisation of madrasas

> Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana;

> Rs 100 crore for Metro in Lucknow and Ahmedabad.

> Lok Nayak National Centre for higher education.

> Madam Mohan Malviya scheme for teacher training

> New AIIMS in Andhra, Maharashtra, Madhya Pradesh and Purvanchal

> 12 more medical colleges with dental facilities as well

> Rs 3600 crore set aside for National Rural Drinking Water

> Crisis Management Centre for women at Delhi, money to be provided from Nirbhaya fund

> Women's safety: Rs 100 crores for Beti Bachcao, Beti Padhao Yojana
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