Provided below are some of the main highlights of budget 2014-15 more from business point of view. We will update it during the budget day and provide detailed analysis later.

  • E Payment Gateways for all government payments
  • Focus on SEZ
  • Definition of MSME to be revised to increase the capital limit
  • Liberalization of AGR GDR regime
  • Introduction of universal KYC norms
  • One Dmat Account
  • New Accounting Standards for Companies for FY 2015-16 voluntarily and from next year mandatory
  • Niche Banking introduced

Direct Taxes

  • Increase Tax exemption limit by 50,000 for all individual and Huf Tax Payers
  • 80C Limit increased from 100000 to 150000
  • Interest deduction for self occupied house property increased from 1,50,000 to 2,00,000
  • Simplification of Transfer Pricing Provisions
  • DDT removed
  • 30% disallowed expenses where TDS not paid