1. Tax rates under new Tax regime of 115 BAC
• No change has been proposed in the tax rates under the existing tax regime
• The proposed threshold limit for the alternative tax regime u/s 115BAC increased to INR 3 Lakhs. Thereafter, the next slab rate will apply for every additional INR 3 lakhs of income. On income over INR 15 lakhs , the highest slab rate of 30 per cent will continue to apply.
• Standard deduction of INR 52.5 thousands to salaried individuals with an income of INR 15.5 lakhs and above. Deduction from family pension upto INR 15 thousands is now allowable under new regime.
• For assessee's opting the new tax regime, the threshold limit of total income for the Section 87A rebate is increased from INR 5 lakhs to 7 lakhs.
• The maximum surcharge rate will be reduced from 37 per cent to 25 per cent in the new tax regime.
• Section 115BAC shall apply to AOP, BOI and Artificial Juridical Persons (AJP)

2. Capital Gains
• Deduction under sections 54 and 54F available for reinvestment in a residential house to be limited to INR 10 crores.

3. 43B to include payables to MSMEs
• Any sum payable to MSMEs beyond the time limit specified in section 15 of the MSMED Act shall be allowed only on actual payment.

4. Threshold limit for 44AD & 44ADA
• Section 44AD and section 44ADA threshold amounts increased to INR 3 crores and 75 lakhs, under the presumptive taxation scheme for businesses and professionals respectively.
• In circumstances when at least 95 percent of receipts and payments are made using non-cash methods, the increased threshold limit will be in effect.