Budget 2016 --Points

No Change in Personal Taxation Slab

Window for declaration of domestic black money by paying 30%tax and 15% surcharge

Relief u/s 87A increased from 2000 to 5000

Tax on dividends in excess of 10.00 lac for Individuals/HUF

High Income Individuals to pay enhanced surcharge of 15% in case income > 1.00 crore

Deductions u/s 80GG for rent paid 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)

Newly introduced Limit for 44AD (Professional) now applicable upto 50.00 lac with presumptive rate of income at 50%

Small Corporate Tax Payers to pay @ 29% with conditikns

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

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 jewellary without input credit tax

Excise duty on tobacco products increased

Another Voluntary Disclosure scheme launched to reduce litigation

Pending litigation also being rationalised

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 Provisons rationalised

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 addittional interest.