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*    Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax slabs unchanged

*    10% surcharge on people earning between Rs 50 lakh-1 cr

*    15% surcharge on annual income above Rs 1 cr to continue

*    Cash transactions above Rs 3 lakh to banned

*    Corporate tax for SMEs with turnover up to Rs 50 cr cut to 25%; 96% companies to benefit

*    Customs duty of LNG halved to 2.5%

*    Fiscal deficit pegged at 3.2% next year, 3% in FY’19

*    Political parties barred from accepting cash dotion beyond Rs 2,000 per individual

*    They can receive dotions via cheques, electronic mode; electoral bonds to be issued by RBI

* Aadhaar-based health cards for senior citizens; a scheme for them to ensure 8% guaranteed returns

* FIPB to be abolished; further FDI policy liberalisation

* Government to have time-bound procedure for CPSE listing

* Railway PSUs — IRCTC, IRFC, IRCON to be listed

* Payment Regulatory Board to be set up within RBI to regulate digital payments

* Negotiable instruments Act to be amended to deal with cheque bounce cases

* Legislative changes to confiscate of assets of economic offenders who flee country

* Service charges on e-tickets booked via IRCTC waived

* Capital expenditure of Railway fixed at Rs 1.31 lakh cr

* Rail safety fund of Rs 1 lakh cr over 5 years, unmanned level crossing to be elimited by 2020

* Budget based on 3 agenda — Transform, Energise, Clean India (TECIndia).

* 2 new schemes — Referral Bonus for individuals, Cash Back for merchants — under BHIM app soon

* Aadhaar ebled payment system for merchants shortly

* Bill on curtailing mece of illicit deposit schemes in offing

* FRBM Committee recommends 3% fiscal deficit for 3 years

* Rs 10,000 cr to be provided to banks for recapitalisation

* Trade Infrastructure for Export Scheme (TIES) to be launched next fiscal

* Simple 1 page form to be filled by individuals having taxable income of Rs 5 lakh

* Excise duty on cigars, cheroots hiked to 12.5% or Rs 4006 per thousand

* Excise duty on pan masala hiked to 9% from 6%; on raw tobacco raised to 8.3% from 4%

* Parts used for manufacture of LED lights to attract basic customs duty of 5% and CVD of 6%

* Solar tempered glass used for manufacture of solar cells/panels exempted from customs duty

* Customs duty on printed circuit board for manufacture of mobile phones hiked to 2% from nil

* Threshold for audit of businesses opting for presumptive income doubled to Rs 2 cr

* Under presumptive taxation for professiols up to Rs 50 lakh advance tax can be paid in one instalment

* Scope of domestic transfer pricing restricted to entities availing profit linked deduction

* Presumptive tax would be 6% for SMEs with Rs 2 crore turnover opting for digital payment, 8% for others

* MAT credit will be allowed to be carried forward for 15 years, as against 10 years at present

* Lending target under Mudra Yoja set at Rs 2.44 lakh cr

* Computer Emergency Response Team for Fincial Sector to be established

* Extensive reach out programme for GST to be launched on April 1

* India a bright spot in world economic landscape, to be engine of global growth

* Demonetisation bold, decisive measure; to help GDP growth, taxes mop up to rise

* Effect of demonetisation not to spill over to next year

* GST, demonetisation ‘tectonic changes’ for economy

About the author

Ankur Kalita