Highlights Of Union Budget 2013 & 2014
2013 – Highlights
1. Educational Cess remained unchange at 3%.
2. Sport Utility Vehicles to have an increased excise duty. This makes it 30 per cent from the current 27 per cent.
3. All A/C restaurants included in Service tax.
4. While the income tax slabs and rates remain unchanged, an additional rebate of Rs 2000 will be available for people with income less than Rs 5 lakhs. And for people with income above 1 crore will attract 10% tax surcharge.
5. Bill related to direct Taxes Code (DTC) is planned to be introduced during the current session of Parliament.
6. Cigarettes also to be costly by 18% due to increase in excise duty.
7. Income limit for Rajiv Gandhi Equity Savings Scheme raised to Rs 12 lakhs.
8.Hundred per cent tax deduction will be eligible for donations made to National Children’s Fund.
9. Agriculturist borrowing crop loans from private sector will obtain it at a subsidised rate.
10. Direct Benefit Transfer (DBT) Scheme will be extended across the country.
11. Duty free time limits raised to Rs 50000 for men and Rs 1 lakh for women.
2014 – Highlights
1. Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.
2. Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh
3. Income Tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh.
4. Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012.
5. Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.