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 »
Changes under Service TAXA. Enabling provision for levy of “KrishiKalyan Cess” (w.e.f 01.06.2016):• An enabling provision is being made to empower the Central Government to impose a Krishi Kalyan Cess on any or all the taxable services at a rate of 0.5% on the value of any… Read More »
Budget Personal tax PointsPoposal (P): Increase the rate of surcharge on income exceeding Rs 1 crore to 15% from 12%. Impact (I): This will raise the maximum marginal rate of tax to 35.54% from 34.61% on the ‘super-rich’. P: Increase limit for tax rebate to Rs 5,000 from Rs 2,000 for resident individuals with a… Read More »
Union Budget Relief for middle class Individual; No changes have been made to existing income tax slabs. Benefit to Individual; Deduction for rent paid will be raised to Rs 60,000 u/s 80gg to benefit those living in rented houses ( subject to condition that, the Individual has not been in receipt of any House Rent… Read More »
SECTION Nature of Tranasaction INCREASE IN EXEMPTION LIMIT Amendment in TDS Rates Exsiting Current w.e.f. 01.06.2016 Exsiting Current w.e.f. 01.06.2016 192A Payment of Accmulated PF to employee 30000 50000 10% 10% 194BB Winning from Horse Race 5000 10000 30% 30% 194C Aggregate Contractual Payment 75000 100000 1% /2% 1% /2% 194D Insurance Commission 20000 15000… Read More »
INTRODUCTION Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a ‘bright spot’ amidst a slowing global economy by IMF. Robust growth achieved despite very unfavourable global conditionsand two consecutive years shortfall in monsoon by 13% Foreign exchange reserves touched highest ever level of about 350billion US dollars. Despite increased devolution to States… Read More »
Budget Highlights 2016 (Tax Related)50 Key Tax Related points of Union Budget 2016-17 1. Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto 5 lakhs. 2. Increase the limit of deduction of rent paid under section 80GG from `24000 per annum to… Read More »
Updates of Union Budget – 2016-1760 key Highlights of Union Budget 2016-171. The govt is implementing unified agricultural market scheme for farmers to accessmarkets easily with e-platform 2. Identified 9 pillars for having a transforming impact on the economy and Life ofpeople1) Agri / Farm and welfare2) Rural Focus3) Social Healthcare4) Education and Job creation5)… Read More »