UNION BUDGET 2014 Highlights

• FDI in Defence sector raised to 49 per cent
• 49 per cent FDI in insurance through FIPB route.
• Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks
• Govt proposes to provide finance to 5 lakh landless farmers through NABARD
• E-visa to be introduced at 9 airports in the country
• Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities
• Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018
• EPFO will launch a unified account scheme for portability of Provident Fund accounts
• Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones
• Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month
• 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration
• Govt proposes to add 12 more medical government colleges, 5 new IIMs and 5 new IITs proposed to be set up
• ‘Kisan’ TV channel to be launched by DD for Community radio stations proposed
• Metro rail services to be launched in Lucknow and Ahmedabad
• Personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh. 
• Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh
• Use of piped cooking gas to be promoted on mission mode
• CRT TVs exempted from customs duty to help poor
• Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent
• Govt agrees in principle on consolidation of PSU banks
• PPF investment limit increased to Rs 1.5 lakh from current Rs 1 lakh
• Income tax exemption limit for senior citizens raised from Rs 2.5 lakh to Rs 3 lakh
• Exemption on payment of income tax on interest paid on loans for self occupied houses raised to Rs 2 lakh from Rs 1.5 lakh
• 10-year tax holiday to be extended to companies that start power generation by March 31, 2017
• Concensional rate of 15 per cent on dividends to continue
• Income Tax Department is expected to function not only for  enforcement but also as a facilitator, New Aykar Sewa Kendras to be opened
• Excise duty on cetrain solar equipment exempted
• Additional excise duty of 5 per cent levived on aerated waters with added sugar
• Clean energy cess increased from Rs. 50 per tonne to Rs. 100 per tonne.
• Government announces pruning of negative and exemption list of service tax to widen tax base 
• Government exempts loading/unloading and transportation of cotton from service tax 
• Proposals for Capital Markets - Introduction of uniform KYC norms
• Income From Portfolio Invst To Be Capital Gains
• To Hike Tax Rate To 20% For Transfer For MF Units
• To Increase Cap Gains Tax Cut-Off For Eq MFs To 36 Months
• To Rationalise Customs Duty On All Grades Of Coal To 2.5%
• Hikes Excise Duty On Gutka To 70% From 60%
• To Hike Excise Duty On Cigarettes In Range Of 11-72%