Finance Act Changes – Financial year 2016-17

Changes in financial act 2016-17 Salary table of Form 24-Q4 of FY 16-17 has been updated incorporating the required changes as per the Finance Act, 2016 such as; · Surcharge rate enhanced from 12% to 15% · Rebate u/s 87A limit enhanced from 2000 to 5000 · Deduction in respect of Interest on loan for residential house property u/s 80EE – Rs.50,000 p.a. · Deduction…

TDS Rate Chart for FY 2016-17

S.No. Sec.  Nature of Payment Above basic exemption limit Rate Percentage HUF/IND Others if No.PAN 1 192  Salaries  — Income tax slab rates N.A. 30% 2 194A  Interest Payment            5,000 10% 20% 3 194 C  Contracts & Sub-Contracts(Ex: Labour Charges, Advertisements, Freight Charges,  Works-Contract, etc.)  Rs. 30,000/- per transaction Rs.1,00,000/- per client PA 1% 2% 20% 4 194 H  Commission & Brokerage         15,000…

Income Declaration Scheme 2016

CBDT Circular No 16/2016, Dated: May 20, 2016 [F.No.370142/8/2016-TPL] Introduction The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016. The Scheme provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and…

12 Major Changes in Tax rates from 1st June 2016

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. 1% TCS will have to be deducted by the seller in case of sale of car whose value exceeds Rs. 10 lakhs. Deduction of TDS yearly limit for Contractor Section…