Professional Documents
Culture Documents
02 Jayesh Chandnani
12 Saylee Dhonde
22 Nivedita Banerjee
32 Anurag
Bhagchandani
42 Taher Ghadialy
Introduction
Income from Salary
income tax
Includes dividend received from any company other than a domestic
Both, Short term and Long term Capital Gains are charged at different
rates
Budget Highlights
Tax rate, surcharge and education cess
remain unchanged
Education cess to continue at 3%
Section 80C deduction limit raised from
technology techniques.
22,200 crore
Policy Proposals
Government to review the Direct Taxes Code (DTC) in its present
shape
Committing to provide a stable and predictable taxation regime
Resident tax payers enabled to obtain an advance ruling in
Salary
Basic exemption limit increased by INR
50,000 for Individuals taxpayers
This will help taxpayers to save:Salary (p.a)
Up to 5 lacs
8000/-
Up to 10 lacs
15,000/-
20,000/-
Salary Includes:
Wages
Annuity or Pension
Gratuity
House Property
Deduction limit for interest
Before Budget
2014Person Having
Income Upto 5 lacs
Gross Salary
500
Gross Salary
000
less deduction
U/S 80 + 80CCC
less deduction
1000
1500
U/S 80 + 80CCC
00
00
Taxable salary
40
Taxable salary
0000
Loss from HP
(due to interest
on loan taken
for
construction
350
000
1,5
0,00
0
Loss from HP
(due to interest
on loan taken
for construction
or renovation of
house)
2000
00
2,5
0,00
0
Net Taxable
income
1,50
,000
or renovation of
house)
Net Taxable
income
500
000
Other Sources
In Union Budget 2014, finance minister Arun Jaitley hikes tax
Capital Gains
Unlisted security and units (other than equity