- Income tax rates unchanged; sops for small, marginal assesses-
The Budget for 2014-15 today left income tax rates unchanged but provided sops to small and marginal assesses by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5lakh while promising not to bring tax changes with retrospective effect.
- New initiatives to boost investments in technology sector-
The Union Budget for 2014-15 includes a host of provisions likely to help the technology sector and drive further investments through several initiatives that require technological intervention.
Finance Minister Arun Jaitley on Thursday proposed to set aside Rs 500 crore under the “national rural internet and technology mission”, intended to promote local manufacturing of hardware and software products, with a special focus on “supporting software products startups“.The technology sector can also look forward to the opportunities created by the development of smart cities initiative announced by the minister, who set aside Rs 7,060 crore to develop 100 smart cities in the country.
Another Rs 100 crore have been allocated to set up a Technology Development Fund aimed at providing resources to public and private sector companies “to support research and development of defence systems”.
- FY15 customs duty mop-up seen at Rs 2.02 lk cr
FY15 excise duty mop-up seen at Rs 2.07 lk cr
FY15 service tax mop-up seen at Rs 2.16 lk cr
Sets FY15 net market borrowing at Rs 4.61 lk cr. Sets FY15 revenue gap at Rs 3.78 lk cr
Arun Jaitley unveils schemes for women’s safety-
Noting that women safety was a matter of concern, Finance Minister Arun Jaitley Thursday unveiled schemes to ensure their security in public transport and in large cities.
He announced an outlay of Rs.50 crore to be spent by the ministry of road transport and highways on a scheme on “Safety for Women on Public Road Transport”.
He said Rs 150 crore will be spent by home ministry to increase the safety of women in large cities.
- Arun Jaitley raises PPF ceiling to Rs 1.5 lakh