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
|
Thursday 10 July 2014
Summary of India Finance Budget 2014 .
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