Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley on Thursday:
* Tax proposals on indirect tax front would yield Rs 7,525 crore.
* Indian Custom Single Window Project to be taken up for facilitating trade.
* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.
* Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%
* Government announces reduction in excise duty for specified food package industry from 10% to 6%.
* Excise duty on footwear reduced from 12% to 6%
* Government announces measures to encourage manufacture of LCD/LED panels of TVs.
* Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.
* Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.
* Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh.
* Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.
read more http://timesofindia.indiatimes.com/budget-2014/union-budget-2014/Highlights-of-Union-Budget-2014/articleshow/38115864.cms
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