The Union Budget, 2014 presented by the Finance Minister today is promising on building consumer’s confidence, investor’s confidence & overall confidence and taken several steps to improve fiscal situation and boost growth of Indian economy to 7-8% in coming years. The Roadmap made for fiscal consolidation in the next 3 years is inspiring on reduced […]
CA Sandeep Kanoi During Election Campaign Finance Minister Arun Jaitley has advocated increase in Person Income Tax exemption Limit to Rs. 5 Lakh and given high hopes to Middle class especially Salaried person in respect of Increase in Income Tax exemption Limit but after becoming Finance Minister Mr. Jaitley realised the Budget Constraint and was […]
CA Sandeep Kanoi To increase household savings for the common man, the Budget 2014 presented by Finance Minister Arun Jaitley on 10th July 2014 hiked the PPF (Public Provident Fund) to 1.5 lakh per annum from existing Rs. 1 Lakh Per Annum. Investment in PPF qualifies for deduction under section 80C and Similarly investment limit […]
Government has raised Home/ Housing Interest Exemption amount under section 24 from Rs. 1.50 Lakh to Rs. 2 Lakh WEF Assessment Year 2015-16 in respect of Loan Taken for Purchase of Self Occupied House Property.
In order to encourage household savings, it is proposed to raise the limit of deduction allowed under section 80C from the existing Rs. 1 lakh to Rs.1 .5 lakh. In view of the same, consequential amendments are proposed in sections 80CCE and 80CCD of the Act.
The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has raised the personal income-tax exemption limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizens. However there is no change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc. The budget proposes to continue education cess at 3 percent.
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Excise duty on machinery for the preparation of meat, poultry, fruits, nuts or vegetables, and on presses, crushers and similar machinery used in the manufacture of wine, cider, fruit juices or similar beverages and on packaging machinery is being reduced from 10% to 6%.
Service tax leviable currently on sale of space or time for advertisements in broadcast media, namely radio or television, has been extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media, however, would remain excluded from service tax. Print media is being defined in service tax law for the purpose. This change will come into effect from a date to be notified later, after the Finance (No.2) Bill, 2014 receives the assent of the President.
A comprehensive guide to income tax return filing for non-audit and non-corporate individuals. Learn about the process and important concepts.
Entry 82 of the Union List of Schedule VII of the Constitution of India empowers central government to levy tax on all income other than agricultural income. The government of India imposes an income tax on taxable income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. […]
