1. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 2. Income tax surcharge for having income Rs. more than 1 crore increased to 15% (previously 12%) 3. Deduction u/s 80GG for RENT payment increased upto Rs. 5,000/- per month (previously Rs.2,000/-)
Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of retail sale price (RSP) of Rs.1000 and above when they bear or are sold under a brand name. Chapter 6309 and 6310 contains Rags etc.
The proposed rationalization in abatements shall come into effect from the 1st day of April, 2016. In cases where the tour operator is providing services solely of arranging or booking accommodation for any person in relation to a tour, abatement of 90% is available with specified conditions.
Our Finance Minister, Shri Arun Jaitely had provided for a scheme in name of The Indirect Tax Dispute Resolution Scheme, 2016 in the Finance Bill, 2016, presented before the house of people on 29/02/2016, for bringing down the disputes/litigation pending before Commissioner (Appeals).
Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. The second proviso to the […]
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 approved […]
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
#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 provider.
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 balance attributable to such contributions on withdrawal shall be exempt from tax.
#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 […]
