Highlights of Union Budget 2014-15 for Individuals

Published in Income Tax, News.

Update: Highlights of Union Budget 2015-16

For individuals

  • 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.