Dividend taxation reform: high-value dividend income taxed at a fixed rate to align equity between taxpayers. Rationalisation imposes tax on dividend income exceeding Rs. 10 lakh for resident individuals, HUFs and firms at ten percent on a gross basis from assessment year 2017-18; increases securities transaction tax on unexercised options to 0.05 per cent from 1 June 2016; and introduces a six percent equalisation levy on specified digital services received by non-residents without PE in India, with a de minimis threshold, administrative procedures, enforcement measures, rule making power for the Central Government, exemption under section 10 to avoid double taxation, and denial of expense deduction where levy is not withheld and deposited.