Budget 2014 India Highlights
- News
Some Extra TagsNEW DELHI: minister of
finance Arun Jaitley's maiden budget has lived up to BJP's promise of first
appearance ache din — a minimum of for the common Joes and Jyotsnas. The
essential exemption limit for standard taxpayers has been raised from Rs a pair
of large integer to Rs a pair of.5 lakh. For senior voters, the limit for
financial gain on that they do not need to pay tax has been raised from Rs a
pair of.5 large integer to Rs three large integer. There’s no modification
within the Rs five large integer tax exemption for terribly senior voters
higher than eighty. The budget has additionally increased the annual deduction
offered underneath Section 80C from Rs one large integer to Rs one.5 lakh. This
was a long-pending demand of taxpayers.
The Rs one large integer
limit was set nearly a decade agene and quickly gets exhausted attributable to
the multiplicity of investments enclosed beneath Section 80C, a provision that
permits investors to cut back their liabilities. The projected changes will
cause massive tax savings for lower-middle-class taxpayers. Those earning over
Rs ten large integers a year stand to avoid wasting up to Rs twenty annually in
tax. Relief for Smallest Taxpayers Raising the fundamental exemption limit by
Rs fifty can end in a tax saving of Rs five, 000. An Rs 50,000 increase within
the investment limit beneath Section 80C can facilitate save another Rs fifteen,
000. However, the potential tax savings area unit lowers for those within the
lower tax brackets.