Simplifying Taxation in India
Direct Tax Proposals Finance Minister, Mr. Arun Jaitley, did not propose any change in the income tax slab rates. However, various changes have been proposed in the income tax provisions which impact the taxable income of an individual. All relevant proposals made for an Individual are as under: – Rate of surcharge is proposed to … Read more
Finance Bill proposes rationalization of TDS rates and threshold limits (w.e.f 1st June, 2016) TDS Provisions as per Budget 2016 / TDS Rate chart as per Budget 2016 / TDS Rates 2016-17 Sr. No. Section Provision Existing Provision Proposed amendment 1 192A Payment of accumulated balance from provident fund account No TDS if payment does … Read more
Changes Applicable from – 01.03.20161. Restoration of exemption on services provided to the Government, a localauthority or a governmental authority. 2. Restoration of exemption on services to an airport and port. 3. Withdrawal of exemption on services to monorail or metro, in respect ofcontracts entered into on or before 01.03.2016 4. Exemption to services by … Read more
1 No Change in Tax Slab for Individual 2 40% of the amount payable from NATIONAL PENSION SCHEME (NPS) at a time of its closure will be exempt from tax & Tax will belevied on balance 60% accumulated balance on NPS.Simillary 60% of accumulated interest of EPF contibuted on & after 01.04.2016 will be taxable … Read more
Contents:Page No. – Quick key features of the budget excluding tax proposals 2-3 – Service Tax Proposals 4-8 – Excise and Customs Duty Proposals 9-11 – Direct Tax Proposals 12-44 – Disclaimer and contact details 45 Rating of Union Budget 2016: The author and his team rates this Union Budget as 7.5 out of 10 … Read more
A. Changes in Finance Act, 19941. Amendments in the Negative List (Section 66D)– Entry No. (l) – covering specified educational services is proposed to be omitted. Consequently, the definition of “approved vocational education course” [Section 65B (11)] is also proposed to be omitted. [To be effective from the date of enactment of Finance Bill, 2016] Entry … Read more
ContentsABOUT THE BOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . … Read more
RELIEF TO SMALL TAX PAYERS1. Raise the ceiling of tax rebate under section 87A from Rs.2000 to Rs.5000 to lessen tax burden on individuals with total income upto Rs.5 laks.2. Increase the limit of deduction of rent paid under section 80GG from Rs.24000 per annum to Rs.60000, to provide relief to those who live in … Read more
Income Tax Slab Rates for AY 2017-18, FY 2016-17 Income Tax Slab Rates for Assessment Year 2017-18 Income Tax Slab Rates for Financial Year 2016-17 No Change in Income Tax Slab The income tax slab for individuals, females, senior citizen remains same in the FY 2016-17. There is no change. The basic exemption remain … Read more
1. There has been no change in the income tax slabs. 2. For people with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs.3. Additional exemption … Read more