45.  The Union Budget 2014 that Affects Professionals

This year the budget was not as amusing as it was speculated. The budget did not affect people to a large extent. It only gave and took in small extent making the demand and supply at equal level. The budget did not have much that could be cheered by the people of the nation yet the budget had some impact that would be felt in the coming year.

What is new for Professionals in Budget 2014-15: As far as professionals are concerned there was as such no provision that would directly affect any professional apart from tax professional who handles tax matters of various people, firms and companies. There was no direct relationship that could affect a particular profession in this year’s budget yet there is some provision that would impact any professional not at the professional level but at individual level. The budget did give some more tax deduction on interest for home loan for those who took the loan first time. The deduction of ` 1 lakh is available over and above  ` 1.5 lakh. The perquisite to avail this deduction is that the house loan must not exceed ` 25 lakh and the value of the property does not exceed ` 40 lakh.

Gold and Women relation grow more: On the professional front one could only relate the budget with women where the Finance Minister has proposed to set up India’s first women bank where most of the employees working in the bank would be women. In order to make this move see the light, P. Chidambaram has set aside an amount of ` 1000 crore that would be invested as initial capital. The main plus point of this bank is that it will lend particularly to women entrepreneurs and also employ women predominantly. For the professionals working in the gold field the news was good as the government left the import duty on gold unchanged thereby keeping the price of the gold unaffected.

Professionals must know these new provisions: Mobile phone manufacturing companies will have shell out more tax in the form of excise duty of 6% for the mobile phone carrying a price tag over and above ` 2000. The move will increase the price of mobile phone to a certain extent and hence mobile phones will get costlier. The government has reduced the Securities Transaction Tax (STT) on equity futures from 0.017 percent to 0.01 %. The budget has also imposed tax on commodities like silver, base metals and gold (considered as non- agricultural commodities). The budget has proposed to levy Commodities transaction tax @ 0.01% for every trade.

In this year’s budget the Finance Minister has also increased the prices of Sports Utility Vehicles (SUVs) by increasing the duty on manufacture from 27% to 30%. Mr. Chidambaram has also proposed an increase in import duty of luxury cars from the earlier 75% to now 100%. There were many other moves that were adopted by the Finance Minister but none of it had direct impact on any professional and his work directly.

So, you can say there is no too much impact on professionals in this budget although professionals relates to AAM Aadmi.
 
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