Highlights of Union Budget 2016

12:40 Propose to rationalise norms for tax deducted at source: FM
12:40 Dividend Tax rate of 10% for individuals/HUF if dividend in excess of 10 lk/annum: FM
12:38 Propose to abolish 14 different cesses levied by ministers: FM 
12:36 Skill development reforms to boost MII: FM
12:35 To lower penalty to 50% of tax in case of under-reporting of income: FM
12:33 Propose 1-time Scheme w.r.t Dispute Resolution Provided Case Withdrawn: FM
12:32 STT increase in options: FM
12:32 Tax of 10% in the hands of dividend recipients above 10 lk: FM

12:31 Propose New Dispute Resolution Scheme: FM
12:31 Offering limited period compliance window for undisclosed income: FM
12:30 Voluntary disclosure of income for blackmoney: FM 
12:30 To raise excise duty on most tobacco products by 10-15%: FM
12:29 Clean energy cess for coal Rs 400/ tonne: FM
12:29 To levy 1% infra cess on small gasoline cars: FM

12:27 Increase limit for rent paid: FM
12:27 Deduction amount under 80GG increased from 24,000 pa to 60,000 pa: FM
12:26 Deduction to rent payers under 80 GG increased from Rs 24k cr to 60k cr: FM
12:26 Benefits of research will be 150% by 1st April 2017 and 100% by 1st April 2020: FM 
12:25 Lower corporate tax rates from co with Rev under Rs 5cr to 29% + surcharge + cess: FM
12:25 First home buyers an additional deduction of interest of 50,000 provided value of house does not exceed Rs 50 lakh: FM