++ Penalty provision in indirect taxes are being rationalized to encourage compliance and early dispute resolution.
++ Central excise/ Service tax assessees to be allowed to use digitally signed invoices and maintain record electronically.
++ Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over Rs 1 crore annually.
++ Provision of indirect transfers in the Income-tax Act suitably cleaned up.
++ Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.
++ Domestic transfer pricing threshold limit increased from Rs 5 crore to Rs 20 crore.
++ MAT rationalized for FIIs and members of an AOP.
++ Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.
++ Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.
++ Specific rates of central excise duty in case of certain other commodities revised.
++ Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed.
++ Excise duty on footwear with leather uppers and having retail price of more than Rs 1000 per pair reduced to 6 %.
++ Online central excise and service tax registration to be done in two working days.
++ Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.
++ Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.
++ Donation made to National Fund for Control to Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.
++ Seized cash can be adjusted towards assesses tax liability.