As the 2014 Budget is out; often you are faced with questions related to budget in the selection process of Business Schools, Finance Job Interviews. The below are the 10 things you might like to keep on your finger tips.
2014 Budget Highlights – Personal Finance
- Income tax exemption limit raised from Rs 2 lakhs at present to Rs 2.5 lakhs
- For Senior Citizens Income tax exemption limit raised from Rs 2.5 lakhs to Rs 3.0 lakhs
- Section 80C investment limit raised from Rs 1 lakh to Rs 1.5 lakh for tax benefits
- Tax exemption on interest component on housing loan raised from Rs 1.5 lakhs to Rs 2 lakhs
- Annual Public Provident Fund PPF ceiling to be enhanced from Rs 1 lakh to to Rs 1.5 lakhs
- A special small saving scheme will be introduced encourage savings towards education & marriage of girl child
- Kisan Vikas Patra to be reintroduced for planned and unplanned savings under small savings schemes
- EPFO to launch unified account scheme to ensure Provident Fund portability
- Cheaper Housing Loan & Tax Incentive for LIG – Low Income Groups. Allocated Rs. 4000 for same.
- Insurance sector FDI to be hiked to 49%, from 26% leading to increase in Insurance penetration.