1. If the consideration for sale / provision of service is received in cash exceeding Rs. 2 lakhs, then the seller will have to collect 1% TCS from the buyer and pay it to the government.
  2. 1% TCS will have to be deducted by the seller in case of sale of car whose value exceeds Rs. 10 lakhs.
  3. Deduction of TDS yearly limit for Contractor Section – 194C has been increased from Rs. 75,000/- to Rs. 100,000/-
  4. Deduction of TDS yearly limit for Insurance Commission Section – 194D has been decreased from Rs. 20,000/- to Rs. 15,000/-
  5. Deduction of TDS yearly limit for Commission or brokerage Section – 194H and Commission on Lottery tickets Section 194G has been revised to Rs. 15,000/-.
  6. Due date for filing TDS return has been extended by the government. Earlier it was 15th of next month from the end of each quarter, now it has been extended to 31st.
  7. Form 15G and Form 15H is submitted to bank for not deducting TDS if assessee has only Interest income. Now this provision is applicable to assessee having Rental income.
  8. Payment of advance tax for all taxpayers from this year has four installments. (i.e) June, September, December and March. This means that taxpayer will have to pay their first installment of advance tax before 15th June. 
  9. The taxpayers who voluntarily declare their undisclosed income in Income Tax Declaration Scheme will have to file application from 1st June till 30th September
  10. The scheme to settle the old disputes in income tax appeal namely, Direct Tax Dispute Resolution Scheme 2016 will be applicable from 1st June 2016.
  11. Krishi Kalyan Cess of 0.5% is made applicable from 1st June 2016. Now onward the rate of service tax will be 15%.
  12. The scheme to settle the old disputes in income tax appeal namely, Indirect Tax Dispute Resolution Scheme 2016 will be applicable from 1st June 2016.

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