1. Corporate Tax rates to be reduced from 30% to 25% over the next four years. This will be done in phases.
2. Exemption to be reduced for corporates in phases with the reduction in corporate tax rate.
3. Concealment of income and assets related to foreign assets to be criminal act and will be subject to imprisonment & penalty @300%.
4. Imprisonment of 10 years for hiding black money information.
5. Quoting of PAN is mandatory for any transaction exceeding INR 1 lac.
6. Imprisonment on hiding foreign bank account.
7. GAAR to be deferred for 2 years and to be implemented only prospectively.
8. Income tax on royalty fees @ 10% 
9. Custom duty rates to be reduced on import of certain products (22 products) to promote Make in India. 
10.  Wealth Tax demolished. As a replacement, 2% special surcharge on Super Rich having income of INR 1 crore and above.
11. Online registration of Service Tax and Customs to be done in 2 days.
12. Service tax rate increased from 12.36% to 14% (consolidated).
13. Central Excise Rate to be 12.50%
14. 100% exemption on donation to Swachh Barat Kosh  u/s 80G.
15. Deduction increased to INR 25,000 on heath insurance premium. For Senior Citizen, this amount is INR 30,000.
16. Additional deduction on contribution to Pension Fund eligible to deduction u/s 80C maximum upto INR 50,000.
17. Interest on maturity of Sukanya Samriddhi exempted from Tax.
18. Transport allowance exemption increased from INR 800 to INR 1600.
19. Basic exemption limit not increased for individuals. 
20. Next year more emphasis to be given on GST. 
21. Domestic Transfer limit increased from 5 crores to 20 crores. 
22. Swachh Bharat cess of 2% may be additional tax burden.

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