Union Budget 2014-15: Every taxpayer gains Rs 416 per month

     Last Updated: February 25, 2015  | 11:02 IST
Finance minister Arun Jaitley.
  • Every taxpayer gains Rs 416 per month or Rs 4,992 per year
  • Personal income tax limit for individuals aged below 60 years raised to Rs 2.5 lakh
  • Deduction limit under section 80 C raised to Rs 1.5 lakh
  • Excise duty on cigarettes raised in range of 11-72 per cent
  • Annual PPF ceiling hiked to Rs 1.5 lakh
  • Home loan interest exemption hiked to Rs 2 lakh
  • No tax for income up to Rs 3 lakh for senior citizens
  • LCDs, LED TVs to get cheaper
  • Service tax imposed on AC bus travel
  • Readymade clothes, cosmetics get dearer
  • Solar lamps to get cheaper
  • Additional excise duty of 5 per cent on aerated drinks
  • Excise duty on footwear reduced
  • No custom duty on CRT TV
  • Wage ceiling for EPFO hiked to Rs 15,000 cr
  • Tax saving of Rs 5,000 after PPF ceiling hike
  • Small savings instrument for girlchild
  • New sops for infra loans
  • Seven industrial smart cities to be set up
  • Rs 237 crore for cleaning of rivers
  • New cess on imported electronics goods
  • Budget 2014 will set the tone for India's development in the future, its all encompassing, says Ravi Shankar Prasad
  • Nothing new in Budget 2014, just repackaging and renaming of old UPA schemes, says Ghulam Nabi Azad, Congress
  • I dont think inflation will come down with this Budget, says Mayawati
  • Rs 2,000 cr for Ganga conservation project
  • New industrial clusters to be set up on golden quadrilateral
  • There are no welfare measures, relief only for corporates: Mallikarjun Kharge
  • Laundry list of Rs 100 cr proposals:Rahul Gandhi
  • Budget meets expectations on fiscal deficit:Moody's
  • One of the best Budgets introduced:LK Advani
  • Education cess for all taxpayers continues at 3 per cent
  • No steps in Budget to tame inflation: AAP founder Arvind Kejriwal
  • Tax proposed on the service provided by radio taxis
  • No sense of direction or measures to improve the situation of inflation:Shashi Tharoor
  • This is a perfect and practical Budget: Mukhtar Abbas Naqvi
  • 49% FDI in defence is a threat to national security: Former defence minister AK Antony
  • No changes in corporate tax rates
  • Sensex trading 426 points higher
  • I was expecting a much bolder Budget:Aroon Purie, chairman, India Today Group
  • This Budget will only benefit Ambanis, Adanis: NCP
  • Fiscal deficit seen at 3.6 percent of GDP in 2015/16
  • Economist Ashok Lahiri commends FM for sticking to UPA's fiscal deficit target
  • Economist Arvind Virmani says FM spelt out development priorities for the nation
  • Fertiliser minister Ananth Kumar says it is a revival Budget
  • Sensex rises 350 points, Nifty up 112 points
  • There is nothing new, they have merely continued our schemes:Sonia Gandhi
  • There is very little for social sector: Sonia Gandhi
  • The Budget does not quicken the pulse:Rahul Gandhi
  • It's a prosperous Budget: MJ Akbar
  • FM concludes speech;Sensex, Nifty trading in green
  • 10 year tax holidays for power  firms to continue
  • DTC to be implemented soon
  • Tax receipts seen at Rs 13 Lakh cr
  • Rs 200 crore for power reforms in Delhi
  • Rs 12 lakh crore for plan expenditure
  • Rs 1,000 cr for rail development in North East
  • Rs 500 cr for rehabilitation of Kashmiri migrants
  • Sensex trading 100 points lower, Nifty down 33 points
  • National sports academies for all sports
  • Rs 2.29 lakh crore for 2014-15 defence budget
  • Rs 1,000 crore for border area rail network
  • Govt to work out solution for stressed banks
  • Six new debt recovery tribunals to be set up
  • Uniform KYC norms for entire financial sector
  • ADR/GDR regime to be liberalised
  • Have to deepen currency markets:FM
  • PPP projects for development of gas pipelines
  • Rs 500 crore for solar projects
  • Ultra modern solar projects in Rajasthan, TN, Leh
  • New airports in tier 1 and tier 2 cities
  • Rs 8,500 cr for national highways, road network
  • 16 new port projects in pipeline
  • Panel to look into financial help for MSMEs
  • Rs 10,000 crore fund for MSMEs
  • Kisan TV to be launched this year
  • Rs 5,000 cr for scientific agri warehouses
  • Rs 8 lakh crore for agri credit in 2014-15
  • Sensex still trading lower by more than 200 points
  • New institute to study climate change
  • Proceedings begin after the break
  • House adjourned after FM calls for five-minute break
  • Metro in cities of population more than 20 lakh
  • Rs 4,000 cr allocated for affordable housing credit
  • Nifty down 80 points
  • Rs 100 cr for community radio stations
  • Sensex falls more than 250 points
  • FM proposes five more IITs, IIMs
  • Four new AIIMS to be set up
  • Rs 8,000 cr for rural housing scheme
  • Special SEZs for women in 100 districts
  • MNREGA to be made more productive
  • Rs 150 crore for safety of women on roads.
  • Assistance to disabled to be hiked.
  • Currency notes with braille to be printed.
  • One year pension for all senior citizens.
  • Rs 6,000 crore for welfare of senior citizens.
  • Every household to be under sanitation drive.
  • PM irrigation scheme to be set up.
  • National Skill Development Mission soon.
  • 100 smart cities to be set up.
  • E-visa facilities at nine airports soon.
  • FDI limit in defence manufacturing raised to 49 per cent from 26 per cent.
  • FDI in manufacturing via automatic route:FM.
  • Big FDI sops for housing sector:FM.
  • India needs a job creation booster:FM.
  • Tax regime will encourage investors, says FM.
  • Will ensure stable, predictable tax regime:FM.
  • It's time to implement GST, says Jaitley.
  • Subsidies have to be more targeted, says FM.
  • Target of 4.1 per cent fiscal deficit daunting:FM.
  • Need to introduce fiscal prudence, says FM.
  • Country looking at higher growth:FM.
  • Looking at 7-8 per cent growth in 3-4 years, says FM.
  • Country can't suffer unemployment:FM
  • Expect low levels of inflation in future:FM.
  • Arun Jaitley to present Union Budget shortly.
  • Sensex trading 66 points higher ahead of Budget.
  • FM may announce tax benefits for senior citizens.
  • PPP model to fund infra is expected.
  • Tax sops, infra status for housing sector expected.
  • Price stabilisation fund expected to be announced to tackle inflation.
  • Cabinet approves Union Budget.
  • Arun Jaitley reaches Parliament.
  • Sensex trading flat ahead of Union Budget 2014-15.
  • Basic tax exemption limit of Rs two lakh is likely to be extended by Rs 1 lakh, giving relief to salaried taxpayers.
  • The FM is likely to extend the amount of deduction under section 80 C to Rs 2 lakh.
  • The economy grew 4.7 per cent in 2013-14, slower than an official estimate of 4.9 per cent and higher than 4.5 per cent growth a year earlier.
  • Jaitley's Budget is likely to address structural issues of an economy which has seen growth below 5 per cent for the second consecutive year.
  • A Reuters poll of economists has predicted the government would set a new fiscal deficit target of 4.4 per cent.
  • The Economic Survey's tone increases speculation that Jaitley, will give a higher, more realistic fiscal deficit target for this fiscal year than the 4.1 per cent of gross domestic product the previous government set.
  • Recently Jaitley said the acceptable level of fiscal deficit is 3 per cent and it should be controlled through economic expansion and tax buoyancy, not slashing expenditure.
  • The FM will announce fiscal deficit target for 2014-15 in his Budget.
  • The FM may announce a timetable for the introduction of a Direct Taxes Code (DTC) to widen the income tax net, boost revenues and reignite India's savings and investment rate.
  • Jaitley is also expected to cash in on soaring stock markets and sell government stakes in major public companies to raise funds and bridge the gap between revenues and expenditure.
  • Jaitley is likely to cut subsidies on fuel and petroleum products to reduce India's $40 billion subsidy bill - a key reason for the wide fiscal deficit.
  • The government is likely to cut gold import duty from a record 10 per cent in today's Budget.
  • The Economic Survey tabled by Jaitley in Parliament on Wednesday calls for fiscal discipline, rationalising subsidies and reforming the legal and taxation system. The FM's Budget may make provisions for taking these steps to spur economic growth.
  • The FM may announce scrapping of the provision of retrospective taxing of corporate mergers and acquisitions to restore confidence of domestic and foreign investors.
  • The FM may outline the roadmap for rollout of Good and Services Tax.
  • For boosting investment, Jaitley is expected to announce tax incentives for industry.
  • His Budget is likely to contain tax sops for the salaried, dumping of the controversial retrospective tax and steps to revive investment and manufacturing for growth.
  • Jaitley will aim to balance populism and economic pragmatism when he presents India's 84th Union Budget in Parliament today.
  • A patrician figure who would not be out of place in London's High Court, Jaitley is the son of a successful lawyer.
  • Jaitley has set out his stall as an advocate of fiscal prudence and growth-friendly policies. He has called for faster approvals for infrastructure projects and criticised arbitrary tax rulings under the previous government for stifling investment.
  • This is Jaitley's first stint as Finance Minister. He had served as Trade Minister and Law Minister more than a decade ago under the National Democratic Alliance government led by the BJP.
  • Jaitley, 61, is a leader of the Bharatiya Janata Party and a member of the Rajya Sabha since 2000.He has held several ministerial posts since 1999.
  • Finance and defence minister Arun Jaitley will present his maiden Budget in Parliament today.
Youtube
  • Print

  • COMMENT
A    A   A
close