Finance Minister Arun
Jaitley presented the Union Budget 2014-15.
Direct
taxes:
FM proposes, no
changes in tax rate but increases personal income tax exemption to `.2.5
lakh
- Tax exemption increased to `.3 lakh for senior citizens.
- 80C exemption limit increased to `.1.5 lakh.
- EMI exemption for self-occupied property raised to `.2 lakh.
- No changes in corporate tax.
- Finance Minister has also provided an investment allowance at 15% for 3 years to manufacturing companies which invest more than `.25 crore in plant and machinery.
Net effect of direct
tax proposals is revenue loss of `.22,200 crores.
Indirect
taxes:
- Basic custom duty on LED panel below 19 inch made nil.
- Export duty on bauxite enhanced from 10% to 20%.
- Excise duty on footwear reduced from 12% to 6%.
- Reduction in excise duty for specified food package industry from 10% to 6%.
- Increased excised duty on tobacco products and aerated water products with added sugar.
Tax proposals on
indirect tax front would yield `.7,525 crores.
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