Union Budget 2014 in 2 minutes

Fri Jul 11 2014, 14:10 hrs
Individuals  * Income tax exemption limit up from Rs 2 lakh to Rs 2.5 lakh  * Limit under Section 80C raised to Rs 1.5 lakh from Rs 1 lakh  * Limit for PPF raised to Rs 1.5 lakh from Rs 1 lakh  * Deduction limit for interest on loans for self-occupied homes raised to Rs 2 lakh from Rs 1.5 lakh  Check Full Coverage
Individuals

* Income tax exemption limit up from Rs 2 lakh to Rs 2.5 lakh

* Limit under Section 80C raised to Rs 1.5 lakh from Rs 1 lakh

* Limit for PPF raised to Rs 1.5 lakh from Rs 1 lakh

* Deduction limit for interest on loans for self-occupied homes raised to Rs 2 lakh from Rs 1.5 lakh
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Corporates
* Foreign investment cap in defence & insurance hiked to 49%
* 15% allowance to manufacturers investing over Rs 25 crore annually in new plant, machinery
* Ten-year tax holidays for gencos, discoms & transmission cos that commence operations by March 31, 2017
Corporates

* Foreign investment cap in defence & insurance hiked to 49%

* 15% allowance to manufacturers investing over Rs 25 crore annually in new plant, machinery

* Ten-year tax holidays for gencos, discoms & transmission cos that commence operations by March 31, 2017

Social Sector
* Five more IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala
* Four AIIMS-like institutions in Andhra Pradesh, West Bengal, Maharashtra and UP
* Five IIMs in Himachal Pradesh, Punjab, Bihar, Odisha & Maharashtra, R500 crore allocation
Social Sector

* Five more IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala

* Four AIIMS-like institutions in Andhra Pradesh, West Bengal, Maharashtra and UP

* Five IIMs in Himachal Pradesh, Punjab, Bihar, Odisha & Maharashtra, R500 crore allocation

Infrastructure
* Rs 37, 880 crore for road projects 
* Pass-through tax status for REITs, infra investment trusts
* Minimum regulatory pre-emption for bank long-term bonds
* Rs 7,060 crore allocation for Smart Cities 
* Additional 15,000 km of gas pipeline through PPP
Infrastructure

* Rs 37, 880 crore for road projects

* Pass-through tax status for REITs, infra investment trusts

* Minimum regulatory pre-emption for bank long-term bonds

* Rs 7,060 crore allocation for Smart Cities

* Additional 15,000 km of gas pipeline through PPP

Markets
* Long-term capital gains tax on MF unit transfers hiked to 20%
* ADR, GDR regime liberalised
* Tax clarity for fund managers of foreign investors
* International settlement of Indian debt securities
* Flat 5% withholding tax for FIIs investing in corporate bonds
Markets

* Long-term capital gains tax on MF unit transfers hiked to 20%

* ADR, GDR regime liberalised

* Tax clarity for fund managers of foreign investors

* International settlement of Indian debt securities

* Flat 5% withholding tax for FIIs investing in corporate bonds

State of the state
* Fiscal deficit at 4.1% of GDP, target of 3% by FY17
* Expenditure management commission set up
* Plan expenditure Rs 5.75 lakh crore, up 27% over FY14
* Rs 22,200 crore direct tax revenues forgone 
* PSU capex seen at Rs 2.48 lakh cr
State of the state

* Fiscal deficit at 4.1% of GDP, target of 3% by FY17

* Expenditure management commission set up

* Plan expenditure Rs 5.75 lakh crore, up 27% over FY14

* Rs 22,200 crore direct tax revenues forgone

* PSU capex seen at Rs 2.48 lakh cr

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