Tax Proposals…

1. 87A Tax rebate increase to Rs.5000 from Rs.2000
2. 80GG – Increased to Rs.60,000/- from Rs.24,000/-
3. Presumptive Taxation: Section 44AD: Turnover limit increased to Rs.2 Crores – For Professionals It is Rs.50Lakhs with income @ 50%
4. Corporate Taxation: The new manufacturing cos started on or after 01-03-2016 – 25% tax + Sc+Cess
5. Corporate Taxation: Having turnover less than 5 crores – 29%+SC+CESS
6. Startups – Started on or after 01-04-2016 – 3 years 100% deduction – MAT will be apply