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Impact of Union Budget on Individuals for Financial Year 2014-15 presented on 10th July 2014

Honorable Finance Minister Mr. Arun Jaitely presented his first Union Budget on 10th July. In his first budget he has tried to bring out some tax relief to individual taxpayers. He has increased tax exemption limit for individuals from 2 Lacs to 2.5 Lacs and for senior citizens (people above the agae of 60 Years) to Rs. 3.0 Lacs.

Further he has also increased Deduction limit under section 80C from Rs. 1 Lac to 1.5 Lac to promote savings. With increased deduction limit for Section 80C, limit of yearly deposit to PPF account is also increased to Rs. 1.5 Lacs against existing limit of Rs. 1 Lac. 

Another welcome increase is limit of interest loss in case of self occupied property from existing Rs. 1.5 Lac to Rs. 2.0 Lac. Now for self occupied property  a loss on account of interest on home loan can be claimed upte Rs. 2 lacs.

We at TDS Master have come up with a calculator for finding out the impact of this union budget on your tax liability. Download this excel file to find out your expected tax savings due to Union Budget 2014.

Expected tax savings due to Union Budget 2014

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