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
VAT on Service Tax- a myth or reality The Indirect Tax structure in India is composed of a group of tax laws and regulations. It is levied upon different activities including manufacturing, sale, trading, services and imports. Wide range of Indirect taxes consisting of Service Tax, Value Added Tax, Excise Duty and Custom Duty is […]
Promotion of Payments through cards and digital means The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of steps for promotion of payments through cards and digital means. The move aims at reducing cash transactions. Several short term (to be implemented within one year) and medium term […]
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 […]