live budget 2014 live

India Budget 2014 Live.

·         Introduction of GST – No date announced.

·         Retrospective Legislation –  No action by AO as required to be verify by CBDT.

·         Advance Ruling – Non – Resident – Now to resident tax payer also- defined threshold.

·         Settlement Commission  - once in a life time

·         FDI -   25% to 49% in select sector

·         Insurance Sector – 26% to 49%.

·         49% FDI in defiance

·         Smart City – FDI  - 20K Sq Ft from 50K Sq Ft. & other changes

·         Manufacturing sector -  E commerce sale without any additional approval.

·         Bank Shares – Sale of Shares  to India.

·         PSU – More capital expenditure

·         Smart Cities – 100 Nos – 760 Cr.

·         E- Visa – Tourism – 9 Airports

·         Real Estate investment – Necessary incentives – pass through tax exemption.

·         KVP -  unbanked savings.

·         Skilled India – for youth

·         PM Krishi Yojna – 1000 Cr.

·         Clear India – Sanitation –

·         Power –

·         Senior Citizen – 60 years or above

·         EPF – Rs. 15K from Rs. 6500

·         Subsidy to disable people for the aids.

·         EPFO will launch a unified account scheme for portability of Provident Fund accounts

·         No cut in NREGA allocation

·         To print currency notes with Braille effects

·         Number of Rural & agriculture announcement for benefit of Farmers.

·         Definition of MSME to be revised for high capital ceiling

·         Steps to revive SEZ

·         'Govt to provide finance to 5 lakh landless farmers'  

·         One Demat account for all kind of securities.

·         New Accounting Standards voluntarily from 2015 & mandatory from 2016.

·         NSC  - Small Saver for girl Child

·         PPF – Amount increased to 1.5 L from 1 Lakhs

·         Unused money lying in postal schemes to be utilised

·         Six Debt recovery Tribunal will be set up.

·         To change tax laws governing FIIs, whose managers based abroad. Proposes extending 5% withholding tax to all bonds 

·         Number of Sports Announcements.

·         Number of Announcement for North East.

Tax Proposal

·         No Change in Tax Rates.

·         Personal income tax exemption till 2.5 Lakhs. – less than 60 years.

·         Senior Citizen – 3 Lakhs

·         No Change in cess.

·         80 C now become 1.5 Lakhs.

·         Self- Occupied interest to Rs. 2 lakhs. 

·         Infrastructure & Real estate trust

·         Investment allowance @15% > 25 Crore. – till 3 years.

·         Investment linked allowance extended to two sector.

·         10 Year new holiday for Power sector.

·         FII  - Big investor – Portfolio  - Capital gain –

·         Foreign Dividend – 15%  continue.

·         APA – ………………………..

·         TP – range determination concept

·         Use of Multiple year data.

·         M Fund – Capital gain – 20% from 10% . ( 12 M to 36 Month)

·         DDT – Under review.

·         Direct Tax Code.   

·         No Benefit for IT Sector.

Indirect  Tax

·         Custom – basic custom duty reduced for some oil  & Others.

·         Baggage Rule  - Rs. 40K.

·         Excise -  Number of Relief.

·         Service Tax.  – Negative list – Advertisement changes

                   Exemption – withdrawn

                        Some Exemption – Tour operator.

-       Social Sector – loading & unloading of cotton

-       Life insurance  upto 50K

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