Budget 2016-Amendment in TDS Rates & Threshold limit Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. […]
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 for Direct taxes 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 […]
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 […]
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