Budget 2016 – Major changes in Direct Tax Law 1. Rates of income-tax- Surcharge @12% if Income exceeds 1 Crore with marginal relief. 2. Dividend Tax- any income by way of dividend in excess of Rs.10 lakh shall be chargeable to tax in the case of an individual, Hindu undivided family (HUF) or a firm […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Budget 2016 – Highlights of Income Tax Provisions 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. […]
Budget 2016 First time home buyer – Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh Reduction of Rs 60,000 per annum for those who don’t own house and pay rent Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
DTAA with Maldives to stop double taxation on International air transport income Agreement between India and Maldives for avoidance of double taxation of income from International air transport The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval forsigning of an Agreement between India and Maldives for the avoidance of […]
Software developer cannot be compared with service provider Transfer Pricing: Companies in software development services not comparable with those in development of software products and services Brief of the Case ITAT Bangalore held in the case of GXS India Technology Center Pvt. Ltd. vs. ITO that a company which is engaged in development of software […]