Taxation
India finance Taxation Highlights: 2014
Direct Tax Highlights
1 | Income tax department is expected to function not only as an enforcement dept but also as a facilitator |
2 | Net effect of direct tax proposals is revenue loss of Rs 22,200 crore |
3 | 60 more 'Ayakar Sewa Kendras' to be set up. |
4 | Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley |
5 | Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh |
6 | Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh. |
7 | Personal income tax limit increased by Rs 50,000 for people below 60 years. |
8 | No changes in tax rates for individuals. |
9 | FM raises PPF ceiling to Rs 1.5 lakh |
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