Union Budget 2014 highlights

Union Budget 2014 highlights

Good news:

Exemption limit for those aged above 60 but below 80 also increased from Rs 2.5 lakh to Rs 3 lakh
Customs duty on inputs for durables like PCs, TVs and LED lights reduced
Free baggage allowance increased from Rs 35,000 to Rs 45,000
Deduction for investment in New Pension Scheme available to all private sector employees
Annual limit for PPF investment up from Rs 1L to Rs 1.5L
5 IITs, 5 IIMs, 4 AIIMS, 12 medical colleges, 2 agriculture units to be set up

Bitter news:

Lock-in for long term capital gains tax on sale of listed non-equity MFs raised to 3 years, tax rate up from 10% to 20%
Prices of fizzy drinks, flavored water, juices & energy drinks to increase by 5%
Excise duty on cigarettes, cigars, cheroots and cigarillos increased by 11%-72%
Radio taxis brought under service tax net
Cut & polished diamonds, colored gemstones to attract 2% customs duty
10% surcharge continues for individuals with income over Rs 1 crore

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