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
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