- No changes were made to income tax slabs. Surcharge was increased from 12% to 15% for income over Rs. 1 crore. - Withdrawal of up to 40% of the corpus from National Pension System (NPS) is now tax-free. - Individuals must pay advance tax installments starting from June 15th, previously the first installment was due in September. - Service tax is increasing to 15% with the introduction of a 0.5% Krishi Kalyan Cess. Tax-free bonds of Rs. 31,300 crores will be raised in FY 2016-17.