tax firms in india

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Budget Highlights

• KLC Co. Chartered Accountants

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Expectations vs Actuals
Industry Expectations Budget Actuals
1 Basic Exemption Limit The most expected change in budget -2014 was increase in basic exemption limit from Rs. 2,00,000 to 3,00,000 Fixed at 2,50,000
2 Restoration of  Standard Deduction Its long pending demand by salaried person to restoration of standard deduction . Not restored
3 Exemption Limit of Allowance Limit Fixed for many  exempted allowances is on very lower side and has not been increased in comparison with the increase in the expenses No change
4 House Loan Interest deduction Limit House loan Interest deduction limit is presently fixed at 1,50,000 which has been fixed in 2000. After 2000 cost of House has increased many folds. Increased to 2,00,000
5 Deduction limits Increase in deduction Limit PPF ceiling extended to 1,50,000
6 Tax Exemption to Senior citizen Tax exemption Limit for senior citizens must be increased (60 years or more but below the age of 80 years) from Rs 2,50,000 to Rs 3,50,000 and for very senior citizens (80 years or more) from Rs 5 lakh to Rs 6 lakh. Fixed at 3,00,000
7 Increase In exemption limit for clubbing of Income of Minor Income of minors in the hands of parents/guardians is exempt to the extent of Rs 1500 for each minor. To meet the high cost of living and expenses on children the ICAI has suggested an increase in this amount. No change
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Ups and Downs
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Contact Us

• KLC Co.
• CHARTERED ACCOUNTANTS
• This document is confidential and meant for
  internal circulation only. The technical
  contents herein are solely meant for information
  and not professional advice. We do not take
  responsibility for accuracy or correctness of
  Business Decisions taken without seeking
  professional advice.

New Delhi Head Office 124, Pocket 2, Jasola, Opp. Sarita Vihar, New Delhi 110025 Uttar Pradesh Office II A-150, Vaishali,Ghaziabad, UP - 201010 Madhya Pradesh Office H-8, Gandhi Nagar, Gwalior, MP - 474001
p. 011-29944181/82 telefax. 011-41827942 e. mail_at_klcandco.com w. www.klcandco.com p. 011-29944181/82 telefax. 011-41827942 e. mail_at_klcandco.com w. www.klcandco.com p. 011-29944181/82 telefax. 011-41827942 e. mail_at_klcandco.com w. www.klcandco.com