Hello,
Surfacely whole India has responded overwhelmingly to new budget. Medias are full of headlines like "prospective budget", "achhe din", "Gujrat Model", "FDI" etc etc ..... There are a lot expectations in implementation side as promised in the budget.
What do you think about the budget? Are good days coming or not? In this article we will concentrate on tax implication.
Here are some major amendments/ changes in Tax regime as per 2014 budget.
Our team has done best to incorporate all the points as far as possible.
Budget 2014 : Some Major Highlights
New Slab Rate
1) For Individuals HUF and Body of Individuals
Up to 2,50,000 - Nil
2,50,001 - 5,00,000 - 10%
50,00,001-10,00,000 - 20%
10,00,000 and above - 30%
2) For Senior Citizens
Up to 3,00,00 -Nil
3,00,001 - 5,00,000 - 10%
5,00,001- 10,00,000 -20%
Above 10,00,000 -30%
3) Senior Citizen age over 80 years
5,00,000 - Nil
5,00,001 - 10,00,000 - 20%
10,00,001 and above - 30%
