Key Features of Budget 2014-2015
Personal Income-tax exemption limit raised by Rs. 50,000/- that is, from Rs. 2 lakh to Rs.2.5 lakh in the case of individual taxpayers, below the age of 60 years.
Exemption limit raised from Rs.2.5 lakh to Rs.3 lakh in the case of senior citizens.
No change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc.
The education cess to continue at 3 percent.
Investment limit under section 80C of the Income-tax Act raised from Rs.1 lakh to Rs. 1.5 lakh.
Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs.2 lakh.
A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens?
Government notified a minimum pension of Rs.1000 per month to all subscriber members of EP Scheme. Initial provision of ` 250 crore.
Increase in mandatory wage ceiling of subscription to Rs.15000. A provision of Rs.250 crore in the current budget.
Kissan Vikas Patra (KVP) to be reintroduced.
A special small savings instrument to cater to the requirements of educating and marriage of the Girl Child to be introduced.
A National Savings Certificate with insurance cover to provide additional benefits for the small saver.
In the PPF Scheme, annual ceiling will be enhanced to Rs.1.5 lakh p.a. from Rs.1 lakh at present.