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…

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…