Rs. 5.97 lakh crore allocation for infrastructure
Ten prominent sites to be developed as Iconic tourist destinations
NITI Aayog to initiate a national programme on Artificial Intelligence(AI)
Centres of excellence to be set up on robotics, AI, Internet of things etc
Disinvestment crossed target of Rs 72,500 crore to reach Rs 1,00,000 crore
Comprehensive Gold Policy on the anvil to develop yellow metal as an asset class
100 percent deduction proposed to companies registered as Farmer Producer Companies with an annual turnover upto Rs. 100 crore on profit derived from such activities, for five years from 2018-19.
Deduction of 30 percent on emoluments paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.
No adjustment in respect of transactions in immovable property where Circle Rate value does not exceed 5 percent of consideration.
Proposal to extend reduced rate of 25 percent currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17, to benefit micro, small and medium enterprises.
Standard Deduction of Rs. 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses. 2.5 crore salaried employees and pensioners to benefit.
Relief to Senior Citizens proposed:-
Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000.
TDS not required to be deducted under section 194A. Benefit also available for interest from all fixed deposit schemes and recurring deposit schemes.
Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.
Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020. Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.