-Corporate Tax Rate reduced to 25% for over next four years
-Exemptions For Individual Tax Players To Continue
-Yoga to be included as Charitable Purpose
-To Enact New Law For Black Money
-Concealment of income will attract 10 yrs of rigorous imprisonment
-Stringent penalties and jail for Black Money holders and evaders
-Benami property transaction bill to tackle black money transaction in real estate soon
-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
-To Allow Tax Pass-through For Alternative Investment Funds
-To Tighten Reporting Of Cash Transactions
-To Have Benami Transaction Prohibition Bill For Domestic Black Money
-Quoting PAN a must for all purchases above One Lakh
-100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]
-Proposes to rationalise capital gains tax regime for real estate investment trusts
-To defer GAAR by 2 years
-Tax pass through to be allowed in alternative investment funds to boost small firms, startups
-Propose To Rationalise Capital Gains Regime For REITs/InvITs
-TO reduce Custom Duty on 22 items
-Rental Income from REITS to have pass through facility
-Income Tax On Royalty Fees For Technical Reduced To 10%
-To abolish Wealth Tax;
2% Addl. Surcharge on Super Rich.
-Reduced taxes on Technical Services to 10% from 25%
-Tax reduce for foot wear above 1k per pair
-Service Tax increased to 14%
-80D Health insurance 15000 to 25000. For senior citizens 30000
-80DDB increased to 80000
-Wealth Tax abolished
-Tax on royalty income decrease from 25% to 10%
-Transport Allowance exemption increased to 1600 pm
-Domestic Transfer Pricing limit increased from 5crores to 20 crores
