INDIA BUDGET 2014-15 at a glance Click here

 DIRECT TAXES PROPOSALS

 Personal Income-tax exemption limit raised by ` 50,000/- that is, from ` 2 lakh to `

2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit  raised from ` 2.5 lakh to ` 3 lakh in the case of senior citizens.

No change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc.

The education cess to continue at 3 percent.

Investment limit under section 80C of the Income-tax Act raised from ` 1 lakh to ` 1.5 lakh.

Deduction limit on account of interest on loan in respect of self occupied house property raised from  1.5 lakh to  2 lakh.