Highlights of the Union Budget 2014 -15

Highlights of the Union Budget 2014-15 for the Common Man:

  • Personal Income tax exemption limit raised to Rs 2.5 lakh from Rs 2.0 lakh for the individuals aged below 60 years.
  • No tax will charged from senior citizens for income up to Rs 3 lakh.
  • Tax deduction limit for the investment in financial instruments under Section 80C rose to Rs 1.5 lakh from Rs 1 lakh.
  • PPF upper limit raised to Rs 1.5 lakh from previous Rs 1 lakh.
  • Deduction limit on interest on house loan raised to Rs 2 lakh.
  • LCDs, LED TVs, Solar Lamps to get cheaper
  • Readymade clothes, cosmetics, Cigarettes, pan masala, tobacco, aerated drinks to get costlier.