Arun Jaitley announced tax reforms in his speech . Major highlights include -Tax rebate for those under Rs.5lacs per year,tax rebate on rent from Rs.24000 to Rs.60000 pa.
Businesses with Rs.8 crore turnover to have 8% presumptive tax.100% tax deduction for new startups for first 3 years. Lower corp interest tax for firms lesser than Rs.5 crore. GAAR to be implemented by 2017.