Direct Taxes
- Corporate Tax of 25% extended to companies with turnover up to Rs 250 CR in financial year 2016-17
- No Changes in Income Tax Slab Rates
- Standard Deduction of Rs. 40,000 For Salaried Employees in Lieu of Transport & Medical Exp.
- Levy of 10% Long Term Capital Gain over Rs. 1,00,000 on Shares, MF’s.
- Mediclaim Insurance Deduction to Senior Citizen increased to Rs.50,000 from Rs.25,000.
- 100 % Tax Exemption to Farm Producer Companies with Turnover upto 100 Crore.
- Abolishment of Education Cess & HSE Cess of 3% and introduction of Health & Education Cess of 4%.
- Hike the exemption on the interest income of Bank & Post office Deposits for Senior Citizens from Rs 10,000 to Rs 50,000.
Indirect Taxes
- Increase in Customs Duty on vide range of Products like Fruit Juices , Mobile Phones , Chargers , Perfumes & Toiletries , Footwear , Furniture , Electronic Appliances , Cashew Nuts , Cranberry Juice , Automobiles , etc.
- Decrease in Custom Duty of Products like Medical Devices , Bricks , Siliceous fossil meals ,Solar tempered Glass , Cashew nuts, etc.
Other Major Highlights
- Women’s Contribution (New) to EPF to be reduced to 8% from 12% for First Three years.
- Govt to contribute 12% of wages of the new employees in EPF for all sectors for 3 years.
- Revised Fiscal Deficit estimate for 2017-18 is Rs 5.95 lakh crore at 3.5% of GDP.
- MSP of all kharif crops to be hiked to at least 1.5 times of their production cost.
