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 in respect of rent paid u/s 80GG – limit enhanced to Rs.60,000 p.a.

Other changes applicable w.e.f. 01-Jun-2016:

· TDS rates for payments u/s 194G & 194H reduced to 5%
· TCS @ 1% is applicable on the sale of Motor Vehicle (value exceeds Rs.10 lakhs)
· New section 194LBC (Investment income from Securitisation Trust) is given in ‘Form 26Q’ and ‘Form 27Q’.