Haasan was awarded the Padma Bhushan and Balan received the Padma Shri, India's third and fourth-highest civilian awards respectively.
© Rex Features / Swani Gulshan
The actress, who also won the National Award for her performance in Kahaani, had earlier said she was thrilled to receive the prestigious honour.
Balan, who last year represented India at Cannes as a member of the prestigious jury alongside Steven Spielberg and Ang Lee, was recognised for her contribution to the arts.
Balan has said she feels she receives for her work.
Other recipients of the Padma Shri included Bengali actress Sabitri Chatterjee, sand artist Sudarshan Patnaik and designer Wendell Rodricks.
The President also presented two Padma Vibhushan, 12 Padma Bhushan and 53 Padma Shri awards at the Rashtrapati Bhawan.
The Padma Shri is the fourth-highest civilian honour. Previous recipients include Aamir Khan, Amitabh Bachchan, Shah Rukh Khan and Madhuri Dixit.
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