*  Separate threshold exemption limits for men and women done away with. Common threshold limit of Rs. 2,00,000. For resident senior citizens, threshold increased from Rs. 2,40,000 to Rs. 2,50,000.

*  HRA exemption restored.

*  Employer's contributions to NPS (not exceeding 10% of salary), to approved superannuation fund (no limit - limit of 1,00,000 done away with), to approved PF (not exceeding 12% of salary), interest credited to approved fund not to be included in salary.

*  Only actual rent from house property to be taxed. Present system of taxing notional value called 'annual value' proposed to be done away with.

*  Interest on loan taken to repay housing loan deductible in calculating income from house property. This is in line with judicial interpretations.

*  Rent received in arrears to be included in the year of receipt, whether person in owner of property or not, after allowing 20% deduction towards repairs & maintenance.

*  Consideration received from transfer of carbon credits to be taxed as business income.

*  Remission or cessation of any liability by way of loan/deposit/advance/credit to be taxed as business income.

*  Scientific Research and Development in house facility expenses - weighted deduction proposed to be increased from 150% to 200%.

*  Transfer of land of a sick industrial company made under a scheme sanctioned under section 18 of SICA where such company is being managed by worker's co-operative not to attract capital gains tax.

*  Reverse mortgage under notified scheme to continue to be exempt from capital gains tax.

*  Exemption for long-term capital gains from equity shares/units of equity oriented mutual funds retained. STT to be retained.

*  Short-term capital gains (where equity shares/units are held for 1 year or less) - deduction of 50% to be are allowed and balance 50% taxed. Likewise short-term capital loss to be scaled down by 50%.

*  Deduction for interest on housing loan/loan taken for repair or renovation of house property upto limit of Rs. 1,50,000 in respect of one house pro-perty not let out. No deduction for re-payment of principal under the Code.

*  Limit for tax audits for professionals increased from Rs. 15 lakhs to Rs. 25 lakhs. Limit for tax audit for business increased from Rs. 60 lakhs to Rs. 1 crore.

*  TDS of 10% on payments in respect of life policies which are not exempt from tax from code.

*  Amount received by employee from NPS trust is tax-free. Thus, NPS which is taxed on EET basis is proposed to be made EEE (Exempt-Exempt-Exempt) for employees.

*  MAT rate - Increased from 15% of book profits to 20%. MAT Credit carry forward period increased from 10 years to 15 years.

*  DDT on dividend of domestic company - 15%.

*  DDT on income distributed by mutual fund/life insurance to unitholder/policy holder - 5%

*  Wealth tax - threshold increased from Rs. 30,00,000 to Rs. 1 crore. Tax rate will be 1% of net wealth in excess of Rs. 1 crore.