Union budget 2013-14 income tax pdf

The fm has announced a number of tax measures to assuage investor. This was the first budget of narendra modi led nda government. Union budget 201920 budget highlights 6 personal tax no change in tax slabs or rates for individual taxpayers. The stt rates are proposed to be reduced as under effective from 1 st june 20.

Use individual tax return instructions 2014 to fill in this tax return. However, this would be partly offset by higher income tax and service tax collections, which are expected to exceed the be for 2012 by rs. Income tax 2014 changes made in income tax provisions in the union budget 2014 which would affect salaried class income tax structure and provisions relating to central government employees and pensioners for the year 2014 assessment year 201415. Here are the new income tax slabs, rates budget 2019 income tax slab rates changes expectations. The revised expenditure target is rs 14,30,825 crore or 96 per cent of budget estimate for this fiscal. The union budget of india for 20142015 was presented by finance minister, arun jaitley on 10 july 2014,11 am. Presentation of the union budget 201718 budget 201718 not only subsumed the railway budget but was also advanced to 1 february to enable ministries to operationalise all activities from commencement of the fy on 1 april. This is clearly an indication of the governments effort on levying more tax on the superrich. Decoding taxes budget deals with issues of macro imbalance, provides the corrective on fiscal deficits which everyone wanted. Tax return for individuals 2014 australian taxation. Samiha garg hemant behl prateek bajaj nisha kalra puneet pal singh 2.

While making his maiden budget speech in parliament on july 10, the union finance minister shri arun jaitley said that india has a strong urge to grow and free itself from the curse of poverty. Besides the budget has many expenditure proposals without balancing it with income. The union budget for 2014 has forecast a fiscal deficit. No revision in tax slabs, tax credit of rs 2000 for income upto rs 5 lakh. Prior to the union budget 2017, it was on the taxable income up to inr 5 lakh and the benefit was of rs. Further the tax relief is increased only in respect of housing loan interest in cases of loans during the period 2014 and that too for fresh loans only. Speech of honourable finance minister presenting the union. Additional interest deduction for firsttime home buyers and on electronic vehicles.

Finance minister, nirmala sitharaman announced that there is a proposal to raise the surcharge for incomes above rs. It also contains estimates for the next fiscal year. The government presents it on the first day of february so that it could be materialised before the beginning of new financial year in april. Summary of union budget 2014 complete tax solution. Tax slab on personal income remains unchanged income tax exemption limit raised by. Goyal also said standard deduction would be raised from rs 40,000 to rs 50,000. The union budget of india for 202014 was presented by finance minister, p. Personal income tax collections are estimated to rise by 20% in 2014, similar to the 21% growth in 2012 re. Find union budgets, state budgets, rbi data and municipal budgets across years. Tax cut for middle class, relief for small farmers. The previous article on union budget 2014 was published in the reserve bank of india bulletin, june 20. Budget deals with issues of macro imbalance, provides the.

It contains the government of indias revenue and expenditure for the end of a particular fiscal year, which runs from april 1 to march 31 it comprises the revenue budget and the capital budget. Budget speech 2014, budget highlights 2014, budget 2014, india budget 2014, budget speech, new india budget, india. This will help in increasing savings of individuals. Simplified and new income tax regime as an option to theoldregimethe old regime. The following are the major highlights of the union budget 2014 presented by the honble finance minister mr. The union budget 2020 was presented on 1 feb 2020 by the modi government with the purpose of boosting investments.

Key highlights of union budget fy16 government extends commitment to fiscal consolidation and lowers fiscal deficit target to 3. It contains the government of indias revenue and expenditure for the end of a particular fiscal year, which runs from april 1 to march 31, but this time it is presented earlier on 1 feb 2017 the union budget comprises the revenue budget and the capital budget, but now railway budget is. In 2014, the budget estimate is rs 16,65,297 crore. All income tax returns to be processed within 24 hours. Dividend distribution tax removed and classical system of dividend taxation adopted. Income tax slabs ay 201011 fy 200910 income tax slabs ay 201112 fy 201011 income tax slabs ay 2012 fy 201112 income tax slabs ay 2014 fy 2012 income tax slabs ay 201415 fy 2014. Latest budget news reports, views, budget videos, budget analysis, budget 20. India budget analysis a change in direction deloitte. We are a comprehensive and userfriendly open data portal facilitating free, easy and timely access to relevant data on government budgets in india. The march 21, 20 federal budget included a surprise for the credit union system. No change in peak rate of customs 10%, central excise 12% and service tax rates 12%. Indias 82nd signals decisive shift to highvalue agriculture tax credit of rs 2,000 for persons with income up to rs 5 lakh.

It is proposed to extend this benefit for financial year 2014 also. Medium term fiscal policy cum fiscal policy strategy statement. No case to revise either the slabs or the rates of personal income tax. The finance bill, 20 seeks to prescribe the rates of income tax on income liable to tax for the assessment year 2014. Chidambaram on 28 february 20, 11 am salient features of the budget. Out of 76 lakh individual assessees declaring income more than rs 5 lakh, 56 lakh are salaried. Making indias budgets open, usable and easy to comprehend. Union excise duty 1,944 1,720 1,976 224 15% service tax. Many tax experts have suggested the government raise the section 80c limit under the income tax act in budget 201819. The new government has unveiled the union budget 201415 with a.

Union budget 201415 india, indian union budget 201415. The union budget 20142015 aims to cater all groups of the society with a motto, sab ka saath sab ka vikas. The finance bill, 20 seeks to prescribe the rates of incometax on income liable to tax for the assessment year 2014. As directed by the government of india and in pursuance of the budget announcement made by the finance minister relating to the interest subvention scheme 2014, interest subvention of 2 % p. On sale of unit of an equity oriented fund to the mutual fund redemption at fund counters from 0. The nonplan expenditure is estimated at rs 11,09,975 crore. The total expenditure in the union budget 2014 is pegged at rs. The budget 201718 has been marked by historic economic policy developments. Synopsis of union budget 20 has been covered in the following ten categories. Faced with huge fiscal deficit, india had no choice but to rationalise expenditure. Aiming at 78 per cent gross domestic product gdp growth in 34 years. Finance minister p chidambarams union budget 2014 did not change income tax slabs, but contained proposals like surcharge on the superrich and a womens only bank. The following are the union budget 201415 highlights.

Rate of growth of advance tax in personal it is 34. A detailed analysis of the union budget 201415 follows, with particular focus on. February 28, 20 the proposals made in the finance bill 20 bill are as follows. Income tax 2014 changes in budget affecting salaried. India budget 2020 with the latest news on income tax, economic survey, sector impact, and tax details for 202021. Section 115bbd provides for concessional rate of tax at 15% on dividend income of by indian companies from foreign companies in which they hold atleast 26% equity stake, upto financial year 2012. Montek singh ahluwalia deputy chairman, planning commission the idea is to work on deepening financial markets, broadening them to reach every indian. Fm gives marginal relief to salaried class the finance minister has proposed to raise personal income tax exemption limit from rs 2 lakh to rs 2. Rates of incometax fy 2014 ay 201415 as per finance act, 20 as per the finance act, 20, incometax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 2014 i. The union budget is the financial annual report of india as a country. The aim of budget 2014 aptly addresses the need of the hour i.

Since the 1970s, credit unions in canada have been eligible for the preferential income tax rate available to small business corporations that are canadiancontrolled. There is no change in the income tax slabs for the common citizen but union budget has introduced savings from home loans and more tax on the super rich. Central government tax system is estimated by the union ministry of finance to be a. Arun jaitley in his budget speech in july 2014 proposed to increase personal income tax exemption limit by rs 50,000 i.

Union budget 2014 of india highlights live rail pdf. Budget 2014, live update on indian union budget 20. Wealth taxthis is a tax levied on the specified assets of certain persons including individuals and companies. We are sharing with you important changes in indirect taxes union budget 20. Complete coverage on union budget 202014, budget 20 highlights, indian railway budget.