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
- 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
All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice.