Summary of India Finance Budget 2014 .

SN	Section	Amendment Made	Impact
1	Rate of Personal tax	Limit increased by Rs. 50,000/-. Now tax rate for Individual below 60 yrs age is 0-2.5 Lakh – Nil 2.5 – 5 Lakh – 10% 5 – 10 Lakh – 20% Above 10 Lakh – 30%	Positive
2	80C	Investment deduction Limit increased to Rs. 1.5 Lakhs	Positive
3	24	Interest on self occupied home loan increased to 2 Lakh	Positive
4	115-O	Dividend Distribution Tax – increased to 17.65% from 15% w.e.f 1.10. 2014	Negative
5	112	Long term capital gain on Debt oriented M Fund increased to 20%	Negative
6	32AC	Additional depreciation @ 15% on new P&M exceeds Rs. 25 Crore	Positive
7	80-IA	Extension of tax holiday to power sector	Positive
8	35AD	Deduction in respect of capital expenditure on specified business	Positive
9	194LC	Concessional rate on tax@ 5% on overseas borrowings without PAN	Positive
10	115BBD	Tax @ 15% on foreign dividend income	Positive
11	2(14)	Investment made by FII in India is Capital asset	Negative
12	51	Advance for transfer of capital asset is taxable	Negative
13	10(10D)	TDS @ 2% on payment  received from insurance companies	Negative
14	37(1)	No Allow ability of CSR Expenses	Negative
15	40(a)(i)	Disallowance restricted to 30%	Positive
16	48	Definition of Cost Inflation index linked to Inflation	Positive