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Highlights of the Union Budget 2014-15

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

Highlights of the Union Budget 2014-15

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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

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

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Highlights of the Union Budget 2014-15

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 * 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 

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

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Highlights of the Union Budget 2014-15

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 * 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'. 

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Photographs: Reuters

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Highlights of the Union Budget 2014-15

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* 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 

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Photographs: Reuters

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Highlights of the Union Budget 2014-15

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* 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 

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Photographs: Reuters

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Highlights of the Union Budget 2014-15

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* 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 

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Photographs: Reuters

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Highlights of the Union Budget 2014-15

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* 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. 

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Photographs: Reuters

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