The Union Budget was released yesterday. Here are the highlights. * Tax slab on personal income remains unchanged
* Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh * Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh. * Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh * Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh. * Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched * Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years * Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000 * Minimum pension increased to Rs 1,000 per month
* LCD, LED TV become cheaper
* Cigarettes, pan masala, tobacco, aerated drinks become costlier. * 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan * 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala. * 4 more AIIMS like institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in Uttar Pradesh * Govt proposes to launch 'Digital India’ programme to ensure broad band connectivity at village level * Kisan TV for farmers, Arun Prabha TV for northeast.
* National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed * Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology * A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs 4,200 crore set aside for the purpose. * EPFO to launch the “Uniform Account Number” Service for contributing members. * New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores. * Beti Bachao, Beti Padhao Yojana to generate awareness and help in...
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