India Budget 2014-15 Highlights

Finance Minister Arun Jaitley has presented the Budget 2014-15 on 10th July 2014. So every person had his or her own expectation from budget 2014-15. The page is exclusively for all the highlights related to budget 2014-15 like news, highlights, updates and more. You can bookmark this page to get instant updates on budget.

Budget 2014 Highlights: 

Taxation Highlights: 

  • Tax rates will be the same: No changes in income tax rates
  • Tax exemption limit increased up to Rs. 2.5 Lakh
  • Tax exemption limit increased up to Rs. 3 lakh for Senior Citizens
  • No change in surcharge
  • Education cess 3% remain the same
  • Deduction under section 80C increased by 50000: Now it is 1.5 Lakh
  • Hosing load rebate increased to Rs.2 lakh for self occupied houses 

Service Tax 

  • Minor changes in service tax rates: Sale of advertisement space online under negative list
  • Newspaper will be remain exempted

3 COMMENTS

  1. SERVICE TAX ON COURIER’S SERVICES: Service tax should be calculated on receipt of payment of the service provider bill duly charged service tax ( Receipt basis) and accordingly it should be deposited by service provider as earlier they were doing,Now it is charged on bills and same amount is being deposited by service provider even the payment is not received /deducted by the clients due to services or damaged of goods in the transit.Some times clients do not pay the bills amount even after 6 months,they shut their offices. Courier industries is facing a lot of financial problems due to change of government policy and they also shut their business day by day.If any body wants to clarify it, it’s most welcome. My E-mail ID: [email protected]

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