This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.
| -Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores | |
| -FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs | |
| -Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores | |
| -One page ITR form to be introduced for taxpayers with taxable income of up to 5 lakhs except business income: FM | |
| -FM proposes to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18 | |
| -Govt. proposes carry forward of MAT Credit for a period of 15 years instead of 10 years | |
| -Capital Gains: Holding period for immovable property is reduced to 2 years | |
| -More than 90% of FDI are proposed under automatic route |
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