1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of rebate available from existing limit of Rs.2,000 to […]
INDIRECT TAXES CENTRAL EXCISE Amendments made effective immediately The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne . Infrastructure cess is to be levied on motor vehicles under heading 8703 subject to certain […]
In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month. This section allows an individual a deduction in respect of house rent paid for his own residence. Such […]
In order to reduce the compliance burden, it is proposed to increase the threshold limit of total gross receipts, specified under section 44AB for getting accounts audited, from twenty five lakh rupees to fifty lakh rupees in the case of persons carrying on profession.
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.
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.
