1- FM proposes FDI raised to 49% from 26% in insurance through FIPB route.
2- Life micro-insurance schemes for the poor, approved by IRDA, where sum assured does not exceed Rupees Fifty Thousand to be exempted from service tax.
3- From 1st October 2014, your insurer will deduct tax at source of 2 per cent from maturity proceeds of a life insurance policy if the premium paid is more than 10 per cent of the sum assured. No deduction to be made if the aggregate sum paid in a financial year is less than Rs. 1 lacs.
4- PPF investment limit increased to Rs 150,000 from current Rs. 100,000
5- No change in income tax rate; personal income tax exemption limit raised from Rs. 200,000 to Rs. 250,000.
6- Maximum deduction from taxable income under 80C has been increased from Rs. 100,000 to Rs. 150,000. No change for Investment in New Pension Scheme (NPS) it is still upto Rs. 1,00,000.
7- Income Tax Sec 80CCD is extended for employees in the private sector, joining the New Pension Scheme (NPS) for deduction of amount so paid not exceeding 10% of salary.
8– FM announced the revival of Varishtha Pension Bima Yojana.