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Tax Infrastructure and agriculture cess to be levied. Excise duty raised from 10 to 15 per cent on tobacco products other than beedis 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs. Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties Excise 1 per cent imposed on articles of jewellery, excluding silver. 0.5 per cent Krishi Kalyan Cess to be levied on all services. Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models. Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.

Highlights of the Railway Budget:   * No hike in passenger fares, freight rates   * Rs 8.5 lakh crore to be spent in 5 years for modernisation of rail infrastructure   * To invest Rs 1.21 lakh crore in 2016-17.   * 3 new super-fast trains -- Humsafar Express, Tejas, Uday   * Aastha circuit trains to connect important pilgrim centres   * Super-fast unreserved train Antyodaya Express   * Deen Dayalu unreserved coaches with water, mobile charging points   * 50% more lower berth quota for senior citizens   * By 2020 reserved accommodation on trains on demand   * 400 stations to have wifi, 100 in next fiscal

New Delhi:  Days ahead of the Union budget, Moody’s Investors Service on Tuesday said India’s fiscal metrics will remain weaker than its peers in the near term even if finance minister Arun Jaitley was to stick to fiscal consolidation roadmap. Jaitley, in his Budget 2016-17 on Monday, will reveal if the credit-positive five-year trend of narrowing budget deficits—from 6.5% of GDP in fiscal 2010 to 4.1% in fiscal 2015—will continue. He will also say if the government was on track to reduce deficits to 3.9% and 3.5% of GDP this fiscal year and the next, respectively. Moody’s said the importance of the upcoming budget lies in its message on the government’s fiscal consolidation plans. The government’s fiscal deficit has reduced over the last five years, and this has supported the stabilization of government debt ratios. Without fiscal consolidation going forward, India’s government finances will continue to compare poorly to peers.