Impact of Budget on Individual Taxpayers

Direct Tax Proposals Finance Minister, Mr. Arun Jaitley, did not propose any change in the income tax slab rates. However, various changes have been proposed in the income tax provisions which impact the taxable income of an individual. All relevant proposals made for an Individual are as under: – Rate of surcharge is proposed to … Read more

TDS Provisions as per Budget 2016

Finance Bill proposes rationalization of TDS rates and threshold limits (w.e.f 1st June, 2016) TDS Provisions as per Budget 2016 / TDS Rate chart as per Budget 2016 / TDS Rates 2016-17 Sr. No. Section Provision Existing Provision Proposed amendment 1 192A Payment of accumulated balance from provident fund account No TDS if payment does … Read more

Date wise Applicability of Service Tax Provision of Finance Bill, 2016

Changes Applicable from – 01.03.20161. Restoration of exemption on services provided to the Government, a localauthority or a governmental authority. 2. Restoration of exemption on services to an airport and port. 3. Withdrawal of exemption on services to monorail or metro, in respect ofcontracts entered into on or before 01.03.2016 4. Exemption to services by … Read more

Important Changes in Service Tax Proposed by Budget 2016-27

A. Changes in Finance Act, 19941. Amendments in the Negative List (Section 66D)– Entry No. (l) – covering specified educational services is proposed to be omitted. Consequently, the definition of “approved vocational education course” [Section 65B (11)] is also proposed to be omitted. [To be effective from the date of enactment of Finance Bill, 2016] Entry … Read more

Key Notes of Union Budget 2016

RELIEF TO SMALL TAX PAYERS1. Raise the ceiling of tax rebate under section 87A from Rs.2000 to Rs.5000 to lessen tax burden on individuals with total income upto Rs.5 laks.2. Increase the limit of deduction of rent paid under section 80GG from Rs.24000 per annum to Rs.60000, to provide relief to those who live in … Read more