- No tax till Rs 5 lakh income for tax payers Individuals with gross income up to 6.5 lakh rupees if they make investments in provident funds and prescribed equities.
- Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class.
- TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.
- TDS threshold on Interest income in post offices raised to Rs 40,000 from Rs 10,000 currently. Banks made tax free.
- Capital gains tax exemptions under Section 54 to be available to Rs 2 crore. Capital gains exemption to be available on 2 house properties.
- Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore.
- Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
- Group of Ministers to suggest ways to reduce GST for house buyers.