- Farmer Producing Companies with turover less than Rs.100 crore – 100% tax deduction
- Real Estate – Difference between fair/guideline value and actual consideration, no addition
- MSME – 25% corporate tax rate for Companies having less than Rs.250 crore for Financial Year 2016-17
- No change in personal income tax
- Salary Tax Payers: A standard deduction of Rs.40000/- in lieu of transportation and medical allowance. Benefit pensioners also
- Senior Citizens: Interest income on Fixsed Deposit and Post Office deposits exemptions up-to Rs.50000/-. Relief of TDS on deposits
- Medical Insurance – 80D icreased to Rs.50000/- for Senior Citizens
- Deduction for specified medical ailments increased to Rs,100000/-
- Long Term Capital Gains: Proposed to tax LTCG from listed securities exceeding Rs.100000/- without indexation
- Tax on distributed Income of Mututal Funds
- Health & Education Cess: 4% Health and Education Cess
Karthik & Sunil 