Thursday, July 10, 2014

Highlights of General Budget 2014


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.

Conducive tax regime to Infrastructure Investment Trusts and Real Estate Investment Trusts to be set up in accordance with regulations of the Securities and Exchange Board of India
Government notified a minimum pension of Rs. 1000 per month to all subscriber members of EP Scheme. Initial provision of Rs.250 crore.
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?
Increase in mandatory wage ceiling of subscription to Rs. 15000. A provision of Rs. 250 crore in the current budget.
EPFO to launch the “Uniform Account Number” Service for contributing members .

Scheme for Assistance to Disabled Persons for purchase/fitting of Aids and Appliances (ADIP) extended to include contemporary aids and assistive devices.

National level institutes for Universal Inclusive Design , Mental Health Rehabilitation and a Centre for Disability Sports to be established.

Assistance to State Governments to establish fifteen new Braille Presses and modernize ten existing Braille Presses.

Government to print currency notes with Braille like signs for visibly challenged persons
Health and Family Welfare
‰ Free Drug Service and Free Diagnosis Service to achieve “ Health For All”

Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.

A national level research and referral Institute for higher dental studies to be set up.
‰ AIIMS like institutions in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP. A provision of ` 500 crores made.

12 new government medical colleges to be set up.
‰ States’ Drug Regulatory and Food Regulatory Systems to be strengthened by creating new drug testing laboratories and strengthening the 31 existing State laboratories.

15 Model Rural Health Research Centres to be set up for research on local health issues concerning rural population.

A national programme in Mission Mode to halt the deteriorating malnutrition situation in India to be put in place within six months.
School Education
Government would strive to provide toilets and drinking water in all the girls school in first phase. An amount of Rs.28635 crore is being funded for Sarv Shiksha Abhiyan(SSA) and Rs. 4966 crore for Rashtriya madhyamic Shiksha Abhiyan (RMSA).

A School Assessment Programme is being initiated at a cost of Rs.30 crore.
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Rs.500 crore provided for “Pandit Madan Mohan Malviya New Teachers Training Programme” to infuse new training tools and motivate teachers.
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Rs.100 crore provided for setting up virtual classrooms as Communication Linked Interface for Cultivating Knowledge (CLICK) and online courses.
Higher Education

Jai Prakash Narayan National Centre for Excellence in Humanities to be set up in MP.
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Rs. 500 crore provided for setting up 5 more IITs in the Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.

5 IIMs in the States of HP, Punjab, Bihar, Odisha and Rajasthan.

Simplification of norms to facilitate education loans for higher studies.
Information Technology

Pan India programme “Digital India” to with an outlay of Rs.500 crore to be launched.

Programme for promoting “Good Governance” to be launched .A sum of Rs. 100 crore provided
Small Savings

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 `.1.5 lakh p.a. from `.1 lakh at present.
‰ A further sum of ` 1000 crore to meet requirement for “One Rank One Pension”.
‰ Capital outlay for Defence increased by ` 5000 crore including a sum of ` 1000 crore for accelerating the development of the Railway system in the border areas.

Urgent steps would also be taken to streamline the procurement process to make it speedy and more efficient.

` 100 crore is provided for construction of a war memorial in the Princes Park, which will be supplemented by a War Museum. I am allocating a sum of ` 100 crore for this purpose.

` 100 crore is provided to set up a Technology Development Fund for Defence.

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