The Interim Budget for the year 2014 has been presented by the H’ble FM in the Loksabha today.<\/p>\n
Tax Highlights of the budget are presented below:-<\/p>\n
(I) Income Tax<\/strong><\/span> – No Change [For Income Tax Ready Reckoner please send a request mail to info@ritulpatwa.com]<\/strong><\/em><\/span><\/p>\n (II) Service Tax<\/strong><\/span> – No change in Tax Rate i.e. 12%<\/p>\n Following 2 services have been exempted from Service Tax:-<\/p>\n a) Warehousing & Storage of Rice under ‘agriculture produce’<\/p>\n b) Service provided by Cord Blood Bank under ‘healthcare services’<\/p>\n (III) Central Excise<\/strong><\/span> – No change in the basic rate of excise.<\/span><\/p>\n Reduction in the Rate of Central Excise on following items:-<\/span><\/p>\n a) Capital Goods & Consumer Non-Durables – Reduced from 12% to 8%<\/p>\n b) Small Cars, Two Wheelers & Commercial Vehical – Reduced from 12% to 8%<\/p>\n c) SUVs – Reduced from 30% to 24%<\/p>\n d) Large & Mid Segment Cars – Reduced from 27\/24% to 24\/20%<\/p>\n e) Mobile Handsets – Reduced to 6% (with CENVAT) or 1% without CENVAT<\/p>\n f) Non Edible grade Industrial Oils – Reduced to 7.5%<\/p>\n (IV) Customs<\/strong><\/span> – No change except In following 2 cases:-<\/p>\n a) Imported Road Construction Machinery – Exemption from CVD withdrawn<\/p>\n b) Capital Goods imported by Bank Note Paper Mill India Private Limited – 5%<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The Interim Budget for the year 2014 has been presented by the H’ble FM in the Loksabha today. Tax Highlights of the budget are presented below:- (I) Income Tax – No Change [For Income Tax Ready Reckoner please send a request mail to info@ritulpatwa.com] (II) Service Tax – No change in Tax Rate i.e. 12% …<\/p>\n