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BUDGET 2016-2017 Special

Latest Updates -
-The latest income tax slabs for 2016-2017 can be found here - Income tax slabs 2016-17.

-The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here
Free Income Tax calculator for calculating tax for 2016-17.

BUDGET 2014-2015 Highlights

Union budget 2014-2015 was presented by Minister of Finance Arun Jaitley. The highlights of the budget.

  • The planned expenditure for current fiscal year - Rs 5,75,000 crore.
  • Income tax exemption limit is raised to Rs 2.50 lakh (from existing Rs 2 lakh). And the same limit for senior citizens increased to Rs. 3 lakh (from existing Rs 2.5 lakh )
  • Increase in annual PPF ceiling to Rs 1.5 lakh (existing Rs 1 lakh)
  • 16 new airport projects to be awarded this year
  • 1200 for clean energy projects of which Rs 500 crore allocated for solar power development projects
  • 49 per cent FDI in insurance allowed through FIPB route
  • FDI in Defence sector increased to 49% (from existing 26%)
  • Five new IIT and IIM to created with an allocation of Rs 500 crores.

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