Here are all the key highlights from Interim Budget


                                                    Tax announcements:

* No tax till Rs 5 lakh income for individuals tax payers.

* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class.

* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.

* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.

* Interest income up to Rs 40,000 in post offices and banks made tax free.

* Capital gains tax exemptions under Section 54 to be available to Rs 2 crore. Capital gains exemption to be available on 2 house properties.

* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.

* Income Tax returns to be processed within 24 hours and returns will be paid immediately .

* Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials.

* Group of Ministers to suggest ways to reduce GST for house buyers.

* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.

* Gratuity limit increased for workers.



CA Naresh Shah