Under the existing provisions of clause (34) of section 10 of the Act, dividend which suffer dividend distribution tax (DDT) under section 115-O is exempt in the hands of the shareholder. Under section 115-O dividends are taxed only at the rate of fifteen percent at the time of distribution in the hands of company declaring dividends.
The existing provisions of section 44AD provide for a presumptive taxation scheme for an eligible business. Where in case of an eligible assessee engaged in eligible business having total turnover or gross receipts not exceeding rupees one crore, a sum equal to eight per cent.
The existing scheme of taxation provides for a simplified presumptive taxation scheme for certain eligible persons engaged in certain eligible business only and not for persons earning professional income. In order to rationalize the presumptive taxation scheme and to reduce the compliance burden of the small tax payers having income from profession and to facilitate the ease of doing business, it is proposed to provide for presumptive taxation regime for professionals.
CA Srikant Agarwal Please find attached the Excel file containing Income Tax calculator as modified by Finance Bill 2016 presented on 29th February 2016. The above Income Tax calculator contains the rate of tax for last 20 financial year (i.e Financial year 1997-98 to 2016-17) and income tax calculator for last 10 years (i.e Financial […]
There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it would be 10% of salary.
The Finance Minister very clearly seems to have focused on empowering the ‘Make In India’ initiative by removing customs and excise duty exemptions on a variety of goods. The thrust seems to be more on electronics, hardware and the infrastructure industry where duty exemption has been provided to imported parts and components for manufacture of chargers/adapters, speakers
INTRODUCTION OF KRISHI KALYAN CESS W.E.F. 01.06.2016- There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services at the rate of 0.50 percent on the value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
At present, in cases other than fraud, suppression etc cases the Service Tax Authorities can issue Show Cause Notice (SCN) within 18 months from the relevant date for non/short payment of Service Tax. Now, vide amendment to section 73 of the Finance Act, 1994 (Act) it is being proposed to increase the limitation period from […]
Finance Minister Arun Jaitley has brought some sort of relief for the real estate/construction industry which is already struggling due to sluggish demand and economic slowdown. Excise duty exemption, which was earlier limited to Concrete Mix (CM) only, now being extended to Ready Mix Concrete (RMC) manufactured at construction site for construction work.
It is proposed that there will be no change in the rate of tax for Individuals, HUFs, AOPs, BOIs, Artificial Juridical Person, Firms, Cooperative Societies and Local Authorities in the FY 2016-17. In case of domestic company, the rate of Income-tax shall be 29% of the total income if the total turnover or gross receipts of the company in the previous year 2014-15 does not exceed Rs. 5 Crore and in all other cases the rate of Income- tax shall be 30% of the total income.
