1. I.T. slabs remain unchanged.
2. Rebate under section 87 A increased from Rs. 2000/- to 5000/- in respect of all peoe having total in one less than 5 lacs.
3. Benefit under section 80GG limit extended from 24000/- to 60000/- p.a for people not having their own house nor receiving any HRA.
4. Additional exemption for Rs. 50000 for interest on housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakhs
5. Surcharge increased from 12% to 15% for person having income more than 1cr other than company.
6. 40% of withdrawal at the time of retirement under NPS to be tax exempt.
7. 40% tax exempt withdrawal also to come in in respect PPF contribution made after 01/04/16.
8. Threshold for Business income up to 2 cr to get benefit of 8% presumptive taxation under 44AD
9. Presumptive taxation in case of professionals – upto Rs. 50 lakhs of Gross receipts, presumption of profit will be 50% under Section 44AD
10. Small Corporate Tax Payers to pay @ 29%
11. Tax holiday for startups for 3 of 5 years of setting up the company
12. 1% service charge on purchase of luxury cars over Rs. 10 lakhs and in cash purchase of goods over Rs. 2 lakhs.
13. 45% of undisclosed to be paid under Amnesty scheme for income tax. Applicable between 1st June to 30th Sept 2016 tax to be paid within 2 months
14. 100% Exemption from Profits earned from specified Housing Projects, subject to provisions of section 115JC
15. Health protection scheme to provide insurance up to ₹1 lakh per family. Additional ₹30000 for senior citizens. 3,000 stores to be opened for generic drugs.
16. The govt will pay EPF contribution of 8.33% for all new employees for 1st three years for salary up to ₹15000 per month.
17. Service tax exempt on
affordable constructions up to 60 sq. mts under any scheme of public private partnership other
18. No Service tax on Services provided under DeenDyal Upadhyay Kaushal Yozna.
19. 0.5% of all taxable services call krishi kalyan cess w.e.f. 01st June ITC available with cenvat benefit.
20. Rule of CCR for proportionate disallowance for exempt sercices to be amended to make apportionment easier.
21. Cases in appeal for penalty under DT & IDT can be settled by paying 25% of the penalty amount.
22. 4% high capacity tax for SUVs.
23. 10% extra tax in the hands of the recipient on dividend recipients earning Rs. 10 lakh per annum,
24. Infra cess of 1% on small cars & 2.5% on diesel cars
25. Excise duty on tobacco increased by 10-15 per cent.
26. Excise Duty of 1% on jewellary without input credit tax
27. 100% FDI in the marketing of food products produced & manufactured in India; Model shops & establishment bill to be Introduced. Budget 2016.
28. Govt to incentivise gas production, deep sea gas exploration.
29. 11 New benches of CESTAT to be setup
30. NRI not be taxed at higher rate on production of specified documents.
31. TDS Provisons rationalised
32. Pending litigation also being rationalised
33. Section 271(1)(c) modified to levy of graded penalty
34. Section 14A amended
35. Waiver of Interest and penalty petitions to be decided in one year
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