Budget- 2014 and income tax

Key Highlights –

Tax exemption limit for senior citizens changed from Rs.2.5 lakh to Rs.3 lakh
 
No change in tax rate.
 
For senior citizens Exemption limit raised to Rs 3 lakh
 
Raises 80C investment cap to Rs 1.5 lakh
 
No changes made in corporate or other direct taxes.
 
Companies to get 15 percent investment allowance for fresh investments above Rs 25 crore.
 
Rate of tax up from 10 percent to 20 percent for long-term gains.
 
FM  raises PPF/ 80C exemption limit  ceiling to Rs 1.5 lakh
 
Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh 
 
Education cess to continue at 3 per cent