Civil and defence aircraft - Proposal to exempt basic customs duty on components and parts required for the manufacture of civilian, training and other aircraft.
To weed out long continuing custom duty exemption, proposal to remove certain exemptions on items which are manufactured in India to or where the imports are negligible.
Set off for forward minimum alternate tax credit is proposed to be given to companies only in the new regime, in order for them to shift to new regime. Set of using available mat credit is propose to be allowed to an extent of one fourth of the tax liability.
Proposal to raise STT on futures raised to 0.05% from 0.02%.
Raise STT on options premium and exercise of options to be raised to 0.15% from the present rate of 0.1% and 0.125%.
TCS rates for alcoholic liquor, scrap and minerals will be rationalized to 2%.
Proposal to provide exemption from minimum alternate tax to all non residents who pay tax on presumptive basis.
Proposal to provide tax holiday till 2047 to any foreign company that provides cloud services to consumers globally by using data centre services in India. It will need to provide services to Indian customers through in Indian reseller entity.
Proposal to allow inter cooperative society dividend income as deduction under the new tax regime to the extent it is further distributed to its members.
Remaining prosecutions will be graded commensurate with the quantum of offence. They will entail only simple imprisonment with maximum imprisonment reduced to 2 years and power to courts to convert even those into fines.
Proposal to rationalize prosecution framework under Income Tax Act. Minor offences will attract fine only.
Some serious offences, non production of books of account and documents and requirement of TDS payment where payment is made in kind are being discriminalized