No Change in Personal Taxation Slab
High Income Individuals to pay enhanced surcharge of 15% in case income > 1.00 crore
Relief u/s 87A increased from 2000 to 5000
Deductions u/s 80GG increased from 24000 to 60000
Limit for 44AD increased from 1.00 Crore to 2.00 Crore
(Consequently limit u/s 44AB also increased to 2.00 for business and 50.00 lac for professionals)
Limit for 44AD (Professional) now applicable upto 50.00 lac with presumptive rate of income at 50%
Small Corporate Tax Payers to pay @ 29%
No Service tax on Services provided under DeenDyal Upadhyay Kaushal Yozna
100% Exemption from Profits earned from specified Housing Projects, subject to provisions of section 115JC
Tax on dividends in excess of 10.00 lac for Individuals / H.U.F.
Scope of TCS expanded
Vehicle costing more than 10.00 lac to pay 1% additional tax
Infra Cess on Vehicles levied
Excise Duty of 1% on jewellery without input credit tax
Excise duty on tobacco products increased
Another Voluntary Disclosure scheme launched to reduce litigation
Pending litigation also being rationalized
Section 271(1)(c) modified to levy of graded penalty
Section 14A amended
Waiver of Interest and penalty petitions to be decided in one year
11 New benches of Indirect Taxes Tribunals
TDS Provisions rationalized
NRI not be taxed at higher rate on production of specified documents
E-assessments in seven mega cities.
e-Sahyog to be expanded
Enhanced interest on delayed refunds arising out of Appeal effect at 9%. AO to be made responsible for additional interest.