What are the highlights of India's Union Budget 2016-17 presented on 29-Feb-16?

Some updates I captured from the speech. This answer will be updated as I gather more.
Regulatory  reforms
  • Bankruptcy and insolvency code to be introduced as a bill in 2017.
  • RBI Act 1934 to be amended to provide statutory basis for monetary policy framework. Committee-based approach suggested which will add transparency to the monetary policy decisions.
  • Limited period compliance window to be set up to declare undisclosed income. No scrutiny will be initiated for such disclosures.
  • Financial data management centre to be set up.
  • New derivative products will be issued by SEBI.
  • Amendment will be proposed to SARFRESI Act.
  • Central legislation will be introduced to deal with fraudulent schemes.
  • SEBI to set up more tribunals.

  • Banking Board Bureau to be operationalized during this year.
  • Debt recovery tribunals to be strengthened for speedier dispute resolution.
  • To undertake massive rollout of ATMs over next 3 years.
  • Insurance firms owned by Government will be listed on stock exchanges.
  • Bill to amend Companies Act, 2013 will be introduce to do away with long procedure of  registration and introduce registration in 1
  • Initiatives to introduce targeted delivery of subsidies through Aadhaar, social security platform for use of Aadhaar; DBT on a pilot basis for fertilizers.
  • Suggestion to introduce comprehensive framework for SEBI CIS Regulation.
  • Indian Patent box - 10% tax rate on income from specified patent exploitation. Special Patent regime to be set up.
  • Limited period compliance window for domestic taxpayers to declare past transgressions at total 45% tax (including interest & penalty).
  • POEM deferred by 1 year.
  • Entire scheme of penalty revisited. Different penalty rate for different classes of mis-demeanors. Minimum penalty rate brought down to 50%.
  • Retro panel committee to be headed by Revenue Secy.
  • To set up committee to review FRBM Act.
Tax reforms:
  • Ceiling of tax rebate at Rs 5,000 for income less than Rs5 lakh.
  • Relief to people living in rented houses as the deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
  • Presumptive taxation schemes to increase turnover limit to Rs 2 crore for MSME category.
  • Presumptive taxation scheme is extended to all professionals with gross receipts up to Rs 50 lakh.
  • Corporate tax rate reduction should be calibrated with benefits of phasing out exemptions.
  • Corporate tax rate forestablishment with turnover less than Rs5 crore lowered to 29% of surcharge plus cess
  • Make in India--100% deduction of profits for start-ups; MAT will apply
  • No deferral of GAAR, to kick in from April 2017.
  • To reduce customs duty on refrigerated containers.
  • Exemption for braille paper.
  • Exemption of service tax for NPS, EPFO to employees.
  • 100% deduction on profits for flats up to 30 sq.m in metro cities from 2016-19; MAT will apply.
  • More deduction allowed for first-time home buyers on housing loans for up to Rs 50 lakh
  • Infrastructure cess on luxury cars costing more than Rs10 lakh.
  • KrishiKalyan Cess up to 0.5% will be levied on all taxable services to be given to agriculture development from 01.06.2016.
  • Revive clean energy cess on coal to be renamed as Clean Environment Cess and cess would be increased.
  • Rates to be reduced under various FEMA laws
  • Dividend Distribution Tax to be increased by 10 %.
  • Deduction of 5% of the income from debts are allowed to banking and non banking Companies.
  • Proposes to rationalise TDS provisions for smaller taxpayers.
  • Sunset date for SEZ tax incentives – 2020.
  • In addition to DDT, 10% dividend tax in hands of recipient on dividend income above Rs.  10 lacs.
  • Long term capital gains on shares - holding period for unlisted companies to be reduced from 3 yrs to 2 yrs.
  • Presumptive taxation scheme turnover limit increased to Rs. 2cr.
  • Justice Easwar committee report to abolish 13% cesses levied by various ministries.
  • CENVAT Credit Rules to be amended.
Reducing litigation:
  • A new dispute resolution scheme to be introduced and taxpayer can settle case by paying disputed tax and interest.
  • One time scheme for casespursuant to retro panel - Drop litigation, drop arbitration. Pay tax arrears, Interest & penalty to be waived.
Use of technology:
  • To expand scope of e-assessment for taxpayers in 7 big cities.
There were a slew of changes proposed in agriculture, irrigation, civil aviation, power sector, natural gas, nuclear power, job creation, make in India, rural economy.
This answer comprehensively (to the best of my listening and jotting down skills!) covered the Tax and regulatory reforms.
I will be updating once I get hold of the Finance Bill 2016.