"February, 2016" Archive - Page 3

100% Tax benefit to affordable housing project Builder / Developers

Budget 2016:– With a view to incentivise affordable housing sector as a part of larger objective of ‘Housing for All’, it is proposed to amend the Income-tax Act so as to provide for hundred per cent deduction of the profits of an assessee developing and building affordable housing projects if the housing project is appr...

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Posted Under: Income Tax | ,

S. 80EE Additional Deduction of Rs. 50000 on Home Loan Interest

Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. ...

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Posted Under: Income Tax | ,

Budget 2016 – A Snap View

No Budget can satisfy all expectations, much less aspirations. It would be judged on whether the preferred options and the balancing act are credible and compelling. The current state of the nation is of despondency and what is required is pushing the development agenda for India with increased vigor. There is a pressing need for [&hellip...

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Posted Under: Income Tax |

Income Tax Slabs for FY 2016-17 / AY 2017-18

Income Tax Slab 2017-18: Income Tax Slabs / Rate Chart for Assessment Year 2017-18 / F.Y. 2016-17 for Individual HUF AOP BOI Partnership Firms LLP Companies...

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Krishi Kalyan Cess- Service Tax Rate to be 15% from 01.06.2016

#Budget 2016 Krishi Kalyan Cess is proposed to be levied with effect from 1st June, 2016 on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Credit of Krishi Kalyan Cess paid on input services shall be allowed to be used for payment of the proposed Cess on the service provided by a service provide...

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Posted Under: Income Tax | ,

Tax on 60% of EPF/ NPS Contribution wef 01.04.2016

In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balan...

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Posted Under: Income Tax | ,

Section 87A Rebate Limit Raised to Rs. 5000

#Budget 2016- Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an individual […...

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Posted Under: Income Tax | ,

Deduction Limit U/s. 80GG for Rent raised to Rs. 5000 Per Month

#Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodatio...

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Posted Under: Income Tax | ,

Highlights of Income Tax Provisions in Budget 2016

CA Bikash Bogi INDIVIDUALS / HUF / AOP / BOI No change in income tax rates, no increase in tax exemption Limit. First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house should not be more than Rs. 50 lakh. Surcharge on income […]...

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Budget 2016: Exhaustive analysis of Service Tax changes

D.O.F. No.334/8/2016-TRU (29/02/2016)

F. No. 334/8/2016-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Amitabh Kumar Joint Secretary (Tax Research Unit) Tel: 011-23093027; Fax: 011-23093037 E-mail: amitabh.kumar@nic.in D.O.F. No.334/8/2016-TRU   New Delhi, dated February29th, 2016   Dear Madam/Sir, Subject: Union Budget 2016 –...

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