BUDGET 2014 - 2015





* Tax slab on personal income remains unchanged
* Income tax exemption limit raised by Rs 50,000 to
Rs 2.5 lakh and for senior citizens to Rs 3 lakh
* Exemption limit for investment in financial
instruments under 80C raised to Rs 1.5 lakh from Rs
1 lakh.
* Investment limit in PPF raised to Rs 1.5 lakh from
Rs 1 lakh
* Deduction limit on interest on loan for self-occupied
house raised to Rs 2 lakh from Rs 1.5 lakh.
* Kisan Vikas Patra to be reintroduced, National
Savings Certificate with insurance cover to be
launched
* Long term capial gain tax for mutual funds doubled
to 20 pc; lock-in period increased to 3 years
* Mandatory wage ceiling of subscription to EPS
(Employee Pension Scheme) raised from Rs 6,500 to
Rs 15,000
* Minimum pension increased to Rs 1,000 per month
* LCD, LED TV become cheaper
* Cigarettes, pan masala, tobacco, aerated drinks
become costlier
Deduction limit on interest on loan for self-occupied
house raised to Rs 2 lakh from Rs 1.5 lakh
New projects
* 5 IIMs to be opened in HP, Punjab, Bihar, Odisha
and Rajasthan
* 5 more IITs in Jammu, Chattisgarh, Goa, Andhra
Pradesh and Kerala.
* 4 more AIIMS like institutions to come up in Andhra
Pradesh, West Bengal, Vidarbha in Maharashtra and
Poorvanchal in Uttar Pradesh
* Govt proposes to launch 'Digital India’ programme
to ensure broad band connectivity at village level
* Kisan TV for farmers, Arun Prabha TV for
northeast.
* National Rural Internet and Technology Mission for
services in villages and schools, training in IT skills
proposed
* Govt proposes Ultra Modern Super Critical Coal
Based Thermal Power Technology
* A project on the river Ganga called ‘Jal Marg Vikas’
for inland waterways between Allahabad and Haldia;
Rs 4,200 crore set aside for the purpose.
* EPFO to launch the “Uniform Account Number”
Service for contributing members.
* New programme “Neeranchal” to give impetus to
watershed development in the country with an initial
outlay of Rs. 2142 crores.
* Beti Bachao, Beti Padhao Yojana to generate
awareness and help in improving the efficiency of
delivery of welfare services meant for women.
* Free Drug Service and Free Diagnosis Service to
achieve “ Health For All”
* Two National Institutes of Ageing to be set up at
AIIMS, New Delhi and Madras Medical College,
Chennai.
5 more IITs in Jammu, Chattisgarh, Goa,
Andhra Pradesh and Kerala
Allocations
* Rs 100 crore to support about 600 new and existing
Community Radio Stations
* Swachh Bharat Abhiyan to cover every household
with sanitation facility by the year 2019
* Rs 100 crore for metro projects in Lucknow and
Ahmedabad
* Rs 2,037 crore set aside for Integrated Ganga
Conservation Mission called ‘Namami Gange’
* Rs 150 crore allocated for increasing safety of
women in large cities
* Rs. 7,060 crore for the project of developing 100
Smart Cities.
* Set aside Rs 11,200 crore for PSU banks
capitalisation
* Govt provides Rs 500 crore for rehabilitation of
displaced Kashmiri migrants
* 1000 crore provided for “Pradhan Mantri Krishi
Sinchayee Yojna” for assured irrigation.
* Rs. 50,548 crore under the SC Plan and Rs. 32,387
crore under TSP
Rs. 7,060 crore for the project of developing
100 Smart Cities
Economic initiatives
* Composite cap of foreign investment to be raised to
49 per cent in Defence and Insurance sectors.
* Requirement of the built up area and capital
conditions for FDI reduced to 20,000 square metres
and USD 5 million respectively for development of
smart cities.
* Manufacturing can sell its products through retail
including Ecommerce platforms.
* Requirement to infuse Rs.2,40,000 crore as equity
by 2018 in our banks to be in line with Basel-III
norms PSUs will invest through capital investment a
total sum of Rs. 2,47,941 crores.
* Rs 4,000 cr set aside to increase flow of cheaper
credit for affordable housing to the urban poor/EWS/
LIG segment.
* Govt in favour of consolidation of PSU banks
* Govt considering giving greater autonomy to PSU
banks while making them accountable
The numbers
* Government expects Rs 9.77 lakh crore revenue
crore from taxes
* Plan expenditure pegged at Rs 5.75 lakh crore and
non-plan at Rs 12.19 lakh crore.
* Fiscal deficit target retained at 4.1 pc of GDP for
current fiscal and 3.6 pc in FY 16
* Disinvestment target fixed at Rs 58,425 crore
* Gross borrowings pegged at Rs 6 lakh crore
* Contours of GST to be finalised this fiscal; Govt to
look into DTC proposal.