Need A Financial Product Forums Union Budget 2014-15 – What’s in for individual employees

This topic contains 1 reply, has 1 voice, and was last updated by  SP Intellect 2 years, 5 months ago.

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  • #45504

    SP Intellect
    Keymaster

    The Budget session of Parliament will start from July 7 with presentation of the Union Budget 2014-15 on July 10. The Budget session will run from July 7 to August 14. The Rail Budget will be presented on July 8 followed by the Economic Survey on July 9. The vote-on-account budget approved by the previous Parliament ends on July 31 and a new budget has to be in place before that date.

    So we will see what’s in their for an individual employees. Look for updates here…

    #45615

    SP Intellect
    Keymaster

    Personal Income-tax exemption limit raised by Rs. 50,000/- that is, from Rs 2 lakh to Rs2.5 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.

    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.

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