-No change in Income Tax slabs
-First time home buyer Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh
-Reduction of Rs 60,000 per annum for those who dont own house and pay rent
-Penalty to be 50% of tax in income under reporting cases, 200% in misreporting of facts
-National Pension scheme withdrawal of 40% of corpus at time of retirement tax exempt
-National Pension scheme withdrawal of 40% of corpus at time of retirement tax exempt
-FM announces 9 objectives for tax reforms
-Tax rebate for those earning less than 5 lahk per annum
-Under 5 lakh income rebate increased from 2000 to 5000
-Corporate Tax New manufacturing companies registered on/post March 01, 2016 option of tax 25% surcharge + cess
-Lower Corporate tax for small companies at 29% surcharge + cess
-National Pension scheme withdrawal of 40% of corpus at time of retirement tax exempt
--New grading system of imposing penalties - on the basis of under reporting or concealment of income
-Excise duty on Tobacco products increased by 10-15%
-Net impact of taxation proposals is an increase in Govt revenue by Rs 19,610 cr
-Scope of e-assessment to be expanded to 7 mega cities
-Income tax department will expand e-sahyog to assist small taxpayers
-Income tax dept. will expand e-sahyog to assist small taxpayers:
-Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019
