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Union Budget of FY 2014-15, new income tax slab, budget 2014-15 cheap and hike for things, tv computer laptop good news, modi sarkar first budget news, news and impact of budget 2014 on sensex and stock market, stock market impact of budget, budget reviews about bad or good news, about budget for the year 2014-15

Few day ago the finance minister Arun Jaitley said that he did not believe in mindless populism, and preferred fiscal prudence. His colleagues, including the Prime Minister Narendra Modi himself had been talking about giving us doses of bitter medicine, before “achche din” could be enjoyed.
income tax 2014-15
There was a stiff hike in railway fares, increase in diesel prices and increase in import duty of sugar.

Thankfully the FM did not raise any rates. In fact, for most taxpayers there is tax saving, since the minimum exemption slabs have been raised. So there will be more disposable income in your pocket. Home loan repayments now have higher tax deductions. Further, the tax-free contribution to investments like PPF has gone up.
In his first Budget, Finance Minister Arun Jaitley walked a fine line between prudence and promises. He insisted on the new government’s commitment to fiscal consolidation, saying the fiscal deficit for 2014- 15 would be the same 4.1 per cent of gross domestic product ( GDP) laid out by P Chidambaram in February’s interim budget. For this, he relied on tax revenue growing 17.7 per cent, in a drought year — though it grew only 11.8 per cent in last financial year. Meanwhile, he nevertheless found money for a laundry list of incentives and sops — in particular, for manufacturing companies, market participants, and taxpayers. Still, the BSE Sensex, which zoomed 475 points after the announcements, shed all its gains to close 72 points lower than its previous close.

Individual taxpayers got five big presents. Personal income- tax exemption limits were raised by ₹ 50,000; the income- tax deduction for interest on housing loans was increased by ₹ 50,000; the investment limit for the deduction under Section 80C of the Income- Tax Act was raised by ₹ 50,000; the annual ceiling in the public provident fund scheme was raised by ₹ 50,000; and the duty- free baggage allowance for Indians returning from abroad was raised from ₹ 35,000 to ₹ 45,000.

For those who were expecting a tough, non populist budget, the surprise couldn't have been more pleasant. In one shot, finance minister Arun Jaitley raised the income tax exemption limit by Rs 50,000 for all taxpayers below 80 years of age, allowed an extra Rs 50,000 for tax-saving investments like provident fund and insurance, and for good measure gave you a tax write-off on an extra Rs 50,000 for interest payments on home loans. PreBudget speculation was that he would do one or two of the above; he did a hat-trick. Taken together, the annual tax savings from these three changes could go up to nearly Rs 39,000 for those in the top income bracket. Even for those in the 10% tax slab, the savings are a not-insignificant Rs 15,665. Here's how you can maximize your gains: The basic exemption limit is to be increased from Rs 2 lakh to Rs 2.5 lakh and for senior citizens from Rs 2.5 lakh to Rs 3 lakh. The existing education cess of 3% and the surcharge of 10% for annual incomes of Rs 1 crore or more continue. The change in the exemption limit means exemption limit means that ir respective of whether you are in the 10%, 20% or 30% income tax slab, you save Rs 5,150 in taxes. If your income is a crore or more, you save Rs 5,665.
There's a catch, though.
For those aged 80 or more, the change in the exemption limit is irrelevant, since they are anyway eligible for a limit of Rs 5 lakh.

The maximum deduction under Section 80C, which covers investment options like provident fund, public provident fund (PPF), insurance policies and equity-linked savings schemes, is to increase from Rs 1 lakh to Rs 1.5 lakh. Since this means you can deduct an extra Rs 50,000 from your taxable income, the tax savings could go as high as Rs 16,995 depending on which tax slab you are in. Even at the lowest tax slab, this change will save you Rs 5,150 a year.
The icing on the cake is that all of the Rs 1.5 lakh can be invested in PPF , which has been giving tax-free returns of about 8.5-9%. That's equivalent to a return of over 12% from an instrument whose returns are taxed like fixed deposits, the other option much favoured by risk-averse middle class investors.

The maximum deduction for payment of interest on home loans for self-occupied property is to go up from Rs 1.5 lakh to Rs 2 lakh. As in the case of Sec 80C, this will allow you to knock off Rs 50,000 from your taxable income and hence result in cutting your tax liability by anywhere between Rs 5,150 and Rs 16,995.

A couple of caveats need to be kept in mind. First, you must acquire or construct the property for which the loan has been taken within three years from the end of the financial year in which it was taken. Second, this provision really helps only in the early years of the repayment of home loans, since that is when the interest component tends to be high.

While it would seem that you will have to start paying tax the moment your income crosses Rs 2 lakh, in fact, it is theoretically possible to pay zero tax right up to an income of Rs 9.30 lakh. A very senior citizen (defined as someone above 80 years) doesn't pay any tax till Rs 5 lakh. If he or she were to take a home loan (that may seem improbable but can be done against collateral) for say Rs 90 lakh, there would be a tax saving on interest payment of up to Rs 2 lakh. Throw in the Rs 1.5 lakh exemption limit under Sec 80C, deduction of Rs 20,000 on medical insurance premium, and another Rs 60,000 on specified medical expenses and you get a neat tax-free sum that's over four times the apparent exemption limit. For those aged between 60 and 80, the corresponding figure would be Rs 7.10 lakh and for those aged below 60, it would be Rs 6.40 lakh (as the medical expenses limit is lower at Rs 40,000). Admittedly, some of these examples may seem a little stretched but they do serve to illustrate how misleading the official exemption limit is. 

Income tax new Slabs are as: Financial Year 2014-15

India Income tax slabs 2014-2015 for General tax payers and Women.
Income Tax Slab (In Rs)  Tax
0 to 2,50,000  Nil
2,50,001 to 5,00,000  10%
5,00,001 to 10,00,000  20%
Above 10,00,000  30%
 Income Tax for Senior Citizens for the FY 2014-2015

India Income tax slabs 2014-2015 for Senior citizens (Aged 60 years but less than 80 years)
Income Tax Slab (In Rs)  Tax
0 to 3,00,000  Nil
3,00,001 to 5,00,000  10%
5,00,001 to 10,00,000  20%
Above 10,00,000  30%
New Income Tax for Very Senior Citizens

India Income tax slabs 2014-2014 for very senior citizens (Aged 80 and above)
Income Tax Slab (In Rs)  Tax
0 to 5,00,000  Nil
5,00,001 to 10,00,000  20%
Above 10,00,000  30%


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What Blockchain and Bitcoin Mean for the Protection Business You may have heard the expressions "blockchain" or "Bitcoin" utilized as a part of tech hovers in the course of recent years. These ideas, alongside intense utilize cases, are changing how we consider money, exchanges and contracts.

Simultaneously, they're likewise changing how we consider the protection business. These progressions will affect protection bearers and operators, and how protection is purchased and sold. That implies understanding blockchain and Bitcoin is essential in case you're hoping to win in the cutting edge protection industry. This post has you secured. It gives meanings of blockchain and Bitcoin, at that point separates why this data is critical to protection industry experts. 


In their book Blockchain Upheaval, Wear and Alex Tapscott clarify that blockchain is "the brilliantly straightforward, progressive convention that enables exchanges to be at the same time mysterious and secure by keeping up a sealed open record of significant worth." The blockchain is intended to store exchange records ("obstructs") in numerous spots, connected to each other (henceforth the "chain" some portion of the name) and straightforward to any client who wishes to see them. Critically, this record can't be changed, so anybody can see a typical and exact rundown of authentic exchanges. Bitcoin is a kind of computerized money that utilization's blockchain innovation. It's not by any means the only one that utilization blockchain, yet is one of the more prevalent alternatives available. Despite the fact that bitcoin is the most famous cryptographic money upheld by blockchain innovation, other advanced monetary forms, for example, ether and litecoin—utilize blockchain innovation too. All bitcoin exchanges are recorded in a decentralized open record that can't be adjusted. In principle, this is something worth being thankful for on the grounds that it makes trust among all gatherings of the exchange and gives an unmistakable trail of procurement that avoids fake exchanges. This is one manner by which blockchain can possibly change exchanges. However, remember that blockchain does not need to be money related. 

Ramifications OF BLOCKCHAIN AND BITCOIN FOR THE Protection Business Blockchain applications like cryptocurency, shrewd contracts and decentralized models for protection will change how protection is appropriated. What's more, when you change how protection is disseminated, you significantly modify how existing players profit and test business as usual. Insurance agencies could utilize the blockchain to make a disseminated record that cultivates straightforwardness, successfully tracks cases and exchange history, and gives perceivability into the authenticity of a claim. Brilliant contracts based on the blockchain can balance deceitful claims by recording exchange history on people in general system, which would dismiss different cases for a similar occasion. This could spare the business billions and open up gigantic chances to make huge measures of significant worth for buyers. Cryptocurriencies can make trust amongst safety net providers and their clients could make trust. For example, INGUARD was the principal insurance agency to acknowledge bitcoin installments. We did this since it was the correct activity for our well informed clients—a state of mind very rare in the protection business today. Consider: 40% of protection premiums turn over every year—and 66% of buyers would purchase protection on the web in the event that they could. 

What's more, and, after its all said and done, they're scarcely happy with back up plan sites. Shoppers don't confide in their safety net providers to put their best advantages on the most fundamental level or execute in a reasonable, break even with way. Bitcoin and blockchain innovation, as we would see it, are devices that can possibly carefully ensure customers, as well as reestablish assume that their needs are being met. Innovation appropriation in the protection business ought to dependably make more an incentive for shoppers. It should expel contact from the purchasing procedure and empower a superior client encounter. What's more, its adequacy ought to be estimated by consumer loyalty, not the amount PR or advertising duplicate another framework creates. That doesn't generally happen. In any case, with the focal points blockchain innovation gives, that could begin to change. Also, that will be advance in reality.