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Interim Budget 2014 – One Rank One Pension Accepted – No Change in Income Tax – Moratorium on Interest on Educational Loan taken up to 31st March 2009
No Change in Direct Tax.
Interim Budget 2014 sought to bring no change in the Direct Tax Structure. Hence Personal Income Tax structure affecting Salaried Class will remain same as it existed in the financial year 2013-14 (Assessment Year 2014-15)
One Rank One Pension
This interim budget would be welcome by Armed Forces and especially by Defence Pensioners as Mr.Chidambaram has announced that One Rank One Pension will be implemented with effect from 2014-15. He also said that Grant of One Rank One Pension would benefit more than 25 lakh Armed Forces Pensioners
Interest on Educational Loan taken before 31st March 2009
The other announcement by Finance Minister that would be much welcome by common people includung Salaried Class Employees will be the moratorium on interest on educational loans taken by Students in Banks before March 31, 2009. This announcement has to be studied in depth once orders relating to this waiver is issued by Government. Presently, Students below creamy layer are granted waiver of interest on educational loan taken after March 2009. Finance Minister has also announced that moratorium on educational load would l benefit over 9 lakh borrowers.
Source : Budget Speech by FM