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


Indirect Tax Highlights

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1

Indian Custom Single Window Project to be taken up for facilitating trade: FM

2

Clean energy cess increased from Rs 50/tonne to Rs 100/tonne.

3

Tax proposals on indirect tax front would yield Rs 7,525 crore.

4

Aim to broaden tax base, negative list for service tax has been reviewed

5

Excise duty raised on tobacco products and aerated water products with added sugar.

6

FM announces reduction in excise duty for specified food package industry from 10% to 6%.

7

Excise duty on footwear reduced from 12% to 6%.

8

Soaps and oil products to become cheaper.

9

Basic custom duty on LED panel below 19 inch made nil

10

Personal computers, electronic goods to be cheaper. Jaitely announces proposals to make CRT TVs cheaper

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