Highlights of Union Budget 2016-17
Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun Jaitley in Parliament on Monday:
* No change in personal Income Tax slabs
* 4-month Compliance Window for domestic black money holders; tax, interest on them at 45%
* Relief for tax payers who earn below Rs 5 lakh; ceiling of rebate u/s 87A raised to Rs 5,000 from Rs 2,000
* House rent deduction raised from Rs 20,000 to Rs 60,000
* One-time dispute resolution scheme for retro taxcases, penalty, interest waived
* High level committee headed by Revenue Secretary to oversee creation of fresh liability using retro tax law
* Corporate Tax for new manufacturing units fixed at 25%
* Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat
