Live Updates - Union Budget 2014 - 15
Posted on: 10/Jul/2014 11:57:24 AM
Finance Minister of India Mr. Arun Jaitley started to present the Budget of India 2014-15. Updates of Union Budget listed below...
- There is no change in Taxes.
- 7-8% of Economic Growth Rate aims to be achieved in next 3-4 years.
- Provide Investment Friendly Taxation System.
- Proposed to strengthen the Authority of Advance ruling in tax.
- We need to boost up for new Jobs.
- FDI in Defence ups to 26 - 49% with Indian Management and Control.
- Measures to be taken encourage the development of smart cities.
- e-Visa`s to be introduced in 9 Airports.
- Proposed Rs.7060 Crores to develop 100 Smart Cities.
- For Employments, Skill India Programme can be done to develop Training and Support in Jobs.
- For Irrigation, New project named Pradhan Mantri Krishi Sichayin Yojana to be introduced.
- Providing 24/7 Power Supply to all houses in India.
- Sanitation Facility to all over India will be achieved in 2019.
- For Rural Electrification Programme, named Deen Dayal Upadhay Rs.500 Crores to be needed.
- For Employee`s Pension Scheme, Rs. 50 Crores is set to aside. Rs. 1,000 Pension per Person under EP Scheme.
- Employees Provident Fund Organisation will launch a Unified Account Scheme for Portability of Provident Fund Accounts.
- Special Schemes to be announced for Disabled Persons.
- For Women Safety, Beti Padhao, Beti Badhao Yojana Scheme will be introduced and Rs. 100 Crores will be set to this Scheme.
- For National Rural Drinking Water, Rs. 3600 Crores is to set for this project.
- 4 New AIIMS Hospitals to be opened.
- 5 New IIT`s and IIM`s will be opened.
- Broadband Connectivity to all Villages, Rs. 500 Crores for Digital India Programme.
- Madan Mohan Malviya Scheme for Teacher Training.
- Lok Nayak Scheme for Higher Education.
- FTII Pune, SRFTI Kolkatta will be given the status of Institute of National Importance.
- Development in Metro Rail in PPP Mode. Rs.100 Crores is set for Ahmedabad and Lucknow Metro Rail.
- Govt. provides finance for 5 lakh farmers through NABARD.
- Industrial Smart Cities is set in 7 Important Cities.
- Kisan Television Scheme, Rs. 100 Crores is set to provide real time information on various farming and agriculture issues.
- 6 Textile Clusters is to be set.
- India is one of the largest PPP Market in the world.
- To Promote Handloom works, Trade Facilitation Centres will be set.
- Slum Development is included in Corporate Social Responsibility Activities.
- Rs.200 Crores is allocated for 6 Textile Clusters in Rae Bareily, Lucknow, Surat and Bhagalpur.
- Rs. 11,000 Crores is allocated to set 16 New Ports.
- Through PPP Mode Tier II and Tier III Cities will get New Airports.
- "Jal Marg Vikas" project is going to be done in River Ganga. Rs. 4,200 Crores is set over River Ganga connecting Allahabad and Haldia of distance 1620 Kms.
- Coal Sector Impasse will be resolved.
- New and Renewable energy deserves High Priority.
- Ultra Modern Power Projects to be done in Rajathan, Tamilnadu, Ladakh with Rs. 500 Crores.
- For Complete Gas Grid, 15000 Kms of Additional Pipelines to develop through PPP Modes.
- Ultra Modern Solar Power Plants is to be set.
- 2.29 Lakh Crores is allocated to develop Defence Sector.
- Annual PPF ceiling to be raised to 1.5 Lakhs, from 1 Lakh.
- World Class Convention facilities to be developed through PPP Mode.
- Biotech Clusters is to set up in Bangalore and Faridabad.
- Rs. 100 Crores is to set the Sports University in Manipur.
- For Training the Sport-persons to participate in upcoming Asian Games Rs.100 Crores is allocated.
- For Himalayan Studies, National Centre is to be set.
- Rs. 200 Crores for Power Reforms and Rs. 500 Crores for Water reforms in Delhi.
- No Changes in Tax rate for Individuals.
- Personal Tax Limit is exceeded by Rs. 50,000 for people below 60 years.
- Tax Exemption Limit is increased slightly for small and marginal, senior tax payers from 2 Lakhs to 2.5 Lakhs.
- Investment Limit under 80C is raised from 1 Lakh to 1.5 Lakh.
- Govt provide allowance of 15% for 3 Years to Manufacturing Company which invest more than 25 crores.
- Income tax department is expected to function not only as an enforcement dept but also as a facilitator.
- 60 more `Ayakar Sewa Kendras` to be set up.
- Personal Computers and Electronic Goods Price is get cheaper.
- Soaps and Oil Products become cheaper.
- Footwear Excise Duty reduced to 12% to 6%.
- Basic Custom Duty for LED and LCD Panel 19 inch made nil.
- Excise Duty for Some specified food package industry will be reduced 6% from 10%.
- Excise Duty is raised for Tobacco products and Aerated water products with added sugar.
- To broaden the tax base, negative list of service tax is reviewed.
- Clean energy cess increased from Rs.50 / Tonne to Rs.100 / Tonne.
- Indian Custom Single Window project to be taken up for Facilitating Project.
- Tax proposals on indirect tax front would yield Rs.7,525 Crores.
