Hello
Further to the information provided above, you can also get more details on the Budget changes for tax year 2016-17 Payroll India from the sticky thread so created.
http://scn.sap.com/thread/3874043 ===========> Budget Changes 2016-17
Click "Receive e-mail notifications", so that you will get updates as an when any further information gets posted on this thread.
The above sticky thread also gives you information on some issues you may face while applying the changes and the solutions.
Do let us know incase you have further queries
Thanks and Kind Regards
Ramana