You may find normal highlights thru internet, however if you are interested in understanding the basic changes in the Tax Law, read the Memorandum Explaining the Changes in Tax laws…attached.mem1..
For others, basic need to know changes.
No change in Tax Rates.
Basic Exemption limit increased to Rs. 2,50,000/- for Senior Citizens : Rs. 3,00,000/-
You can now invest into PPF upto Rs. 1,50,000/- per year.
Basic Limit under 80-C increased to Rs.1,50,000/-
Interest on Housing Loan allowability increased to Rs. 2,00,000/-
Taxation on Debt Mutual Fund Changed. Now, it will be long term only if the period of holding is 36 months, as against 12 months previously. (Major impact on investment decision in debt fund)
Kisan Vikas Patra would be reintroduced.
For Senior Citizens : 1 Year (14th August-2014 to 14th August 2015) reintroduction of Senior Citizen Bima Yojana.
Inflation Index for Capital Gain discontinued, new mode of computation formulated.
Transaction on Commodity Derivative is not a Speculative Transaction.
Forfeiture of Advance received on cancellation of any property transaction would be taxed as other Income. (Major Tax Planning avenue, gone)
Now investment of Capital Gain on sale of House (s-54) and on investment of capital gain on sale of any other asset (S-54-F), the benefits are restricted upto only 1 house. (By far most far reaching amendment for every one)
Investment into 54EC Bond restricted to Rs. 50 lacs, can’t spread it over two years, as was allowed in the past.
Disallowance on expenditure for non deduction of TDS restricted to 30%.
There are lot of other small changes, please refer the Finance Bill.