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Highlights of the Union Budget 2014-15

Last updated on: July 10, 2014 17:56 IST

Image: Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
Photographs: Courtesy, PIB

Following are the highlights of the Union Budget 2014-15 presented by Finance Minister Arun Jaitley in Parliament on Thursday:

Highlights of the Budget

* 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.

 * Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15

Image: IIT Delhi
Photographs: Simplyme.ananth/Wikimedia Commons.

 * Fiscal deficit target retained at 4.1 pc of GDP for current fiscal and 3.6 pc in FY 16

 * Rs 150 crore allocated for increasing safety of women in large cities

 * LCD, LED TV become cheaper

 * Cigarettes, pan masala, tobacco, aerated drinks become costlier

 * 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 AP, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP 

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15


Photographs: Reuters

 * Govt proposes to launch Digital India' programme to ensure broad band connectivity at village level

 * National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed

* Rs 100 cr scheme to support about 600 new and existing Community Radio Stations

 * Rs 100 cr for metro projects in Lucknow and Ahmedabad

 * Govt expects Rs 9.77 lakh crore revenue crore from taxes

 * Govt's plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore.

 * Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called 'Namami Gange'. 

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15


Photographs: Reuters

* Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched

 * FDI limit to be hiked at 49 pc in defence, insurance

 * 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.

 * 'Pandit Madan Mohan Malviya New Teachers Training Programme' launched with initial sum of Rs 500 crore

 * Govt provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants

 * Set aside Rs 11,200 crore for PSU banks capitalisation

 * Govt in favour of consolidation of PSU banks

 * Govt considering giving greater autonomy to PSU banks while making them accountable 

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15


Photographs: Reuters

* Rs 7,060 crore for setting up 100 Smart Cities

 * 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.

 * Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology

 * Expenditure management commission to be setup; will look into food and fertilizer subsides

 * Impasse in coal sector will be resolved; coal will be provided to power plants already commissioned or to be commissioned by March 2015 

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15


Photographs: Reuters

* Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years

 * Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

 * EPFO to launch the 'Uniform Account Number' service to facilitate portability of Provident Fund accounts

 * 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

* War memorial to be set up along with a war museum; Rs 100 crore set aside for this

 * Income from foreign portfolio investors to be treated as capital gains

 * Investment allowance to manufacturing companies, to incentivise small entrepreneurs 

Please click here for the Complete Coverage of Budget 2014 -15

Highlights of the Union Budget 2014-15


Photographs: Reuters

* Rs 100 crore for development of organic farming

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

 * Clean Energy cess increased from Rs. 50/ tonne to Rs 100/tonne

 * Excise duty on footwear reduced from 12 pc to 6 pc

 * Net effect of direct tax proposals is revenue loss of Rs 22,200 cr

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

 * Free baggage allowance increased from Rs 35,000 to Rs 45,000

 * PSUs to invest to over Rs 2.47 lakh crore this fiscal. 

Please click here for the Complete Coverage of Budget 2014 -15

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