Union Budget 2016 Highlights.
1. ₹ 35984 crores allotted for agriculture sector.
2. ₹ 17000 crores for irrigation projects.
3. Two new Organic farming scheme for 5 lakh acres.
4. ₹ 19000 crores for Gram Sadak Yojana
5. ₹ 9 Lakh Crores Agriculture Credit Target.
6. ₹ 38500 crores for MANREGA, highest ever.
7. ₹ 2.87 Lakh crores to be spent on Villages in total.
8. ₹ 9000 crores for Swach Bharat Mission.
9. ₹ 97000 Crores for Roads.
10. Total Outlay on Roads and railway ₹ 2.18 Lk Crores.
11. ₹ 2.21 Lakh Crores on Infra Projects.
12. NHAI to raise ₹ 15000 crores via NHAI Bonds.
13. More benches for SEBI Appellate tribunal.
14. Registration of Company in One Day for Start-ups.
15. ₹ 25000 crores for Banks rehabilitation.
16. 100% FDI for food processing.
17. Non planned expenditure of ₹ 14.28 Lk Crores.
18. Planned expenditure increased by 15.3% .
19. Relief Section 87A ₹ 2000 to ₹ 5000
20. Relief Sec 80GG ₹ 24000 to ₹ 60000
21. Section 44AD limits ₹ 1 crores to ₹ 2 crores. ₹ 50 Lakh for professional
22. Accelerated depreciation limited to 40%
23. New manufacturing companies will pay tax @ 25%.
24. LTCG on unlisted securities limited to 2 years.
25. 100% tax deduction for companies building houses upto 30 sq. mtrs.
26. Additional interest deduction for first house.
27. No service tax for building houses upto 60 sq mtrs.
28. 10% dividend tax for recipient over ₹ 10 lakh per annum.
29. TCS on purchase of asset over ₹ 2 Lakh in case and luxury cars.
30. VDS Scheme @ 30% + surcharge, Ist June to 30th September 2016.
31. Dispute resolution for appeal pending before Commissioner(Appeals).
32. Penalty for concealment of Income from 100-300% to 50-200%.
33. Rationalisation of TDS provisions.
34. 11 new benches for Income Tax Appellate tribunal.
35. No face to face scrutiny.

Tax reforms introduce reduced corporate rate for new manufacturers and expanded presumptive limits, altering capital gains and deduction rules. Budget 2016 announces large sectoral allocations for roads, rural development, agriculture and infrastructure financing, administrative reforms for start ups and appellate capacity, and detailed tax measures including a 25% corporate rate for new manufacturers, increased presumptive taxation limits, limits on accelerated depreciation, long term capital gains treatment for unlisted securities, housing related deductions and modified penalty, TDS/TCS and dispute resolution provisions.