INDIVIDUALS
1No tax to be deducted under Section 194A from bank interest up to Rs. 30,000 in case of senior citizens
2Cess on income is increased to 4%
3LTCG applicable on listed shares, partial exemption will be allowed
4Deduction under Section 80D for Medical insurance premium is proposed to be increased to Rs. 50,000
5No change has been proposed in personal Income Tax slab rates
641% more return have been filed by entities under presumptive tax scheme: FM
CORPORATES
1LTCG applicable on listed shares, partial exemption will be allowed
2Benefit of reduced corporate tax rate of 25% is extended to all those companies whose turnover is 250 crore or less in the financial 2016-17
3Govt proposed to extend the deductions under Section 80JJA to footwear and leather industry
4Govt. proposes to amend RBI Act
GST
1Now MSMEs having GSTIN will avail easy loan facility
2Custom duty on mobile phones increased to 20% from 15%
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