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

Income Tax Rates for Financial Year 2016-17

Income Tax Rates for Financial Year 2016-17 OR Income Tax Rates for Assessment Year 2017-18 Sr. No. Particulars Tax Rates 1 Individual – Male and Female :- NIL Taxable Income upto Rs. 2,50,000 Taxcable income Rs 2,50,000 to Rs 5,00,000 10% Taxcable Income Rs 5,00,000 to Rs 10,00,000 20% Taxable Income above Rs 10,00,000/- 30% … 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

Key Features of Kanataka State Budget 2016

Chief Minister Siddaramaiah on Friday the 18th March 2016 presented Karnataka Budget 2016-17 in which major focus have been laid on water resources and agriculture sectors.Following are the key features of Karnataka Budget 2016-17 presented by CM Siddaramaiah in state assembly:- 1. A budgetary allocation of Rs 4344 Crore has been made for Agricultural department … Read more

Income Tax 6th Amendment Rules, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification New Delhi, the 17th March, 2016 S.O. 1146 (E).- In exercise of the powers conferred by section 2, read with section 295 of the Income-tax … Read more

FAQs on New Pension System (NPS)

Frequently asked Questions (FAQs) 1. What is NPS?New Pension System is a voluntary contribution of funds for a sustained period of time (till the age of 60years) to enable him to draw pension after he attains 60 years of age. The Scheme has been introduced by the Government of India and monitored by the Pension … Read more

Article of Foreign Direct Investment

What is Foreign Direct Investment (‘FDI’) ? ‘FDI’ means investment by non‐resident entity/person resident outside India in the capital of an Indian company under Schedule 1 of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. FDI can be done by a non resident entity, non‐resident person, Foreign … Read more

Summary of Rule 6 of the Cenvat Credit Rules, 2014

Summary of Rule 6 of the Cenvat Credit Rules, 2014 AmendmentsRule 6 of CCR, 2004 (As amended by FA, 2016)• This rule does not apply. CENVAT credit can be claimed normally Case 1 – If Manufacturer/ Service Provider only produces/ provides taxable goods/ services. • This Rule applies. Effectively, no CENVAT credit can be claimed … Read more

Economical Value Added Income

ECONOMIC VALUE ADDED (EVA)1. Delta Ltd.’s current financial year’s income statement reports its net income as Rs. 15, 00,000. The marginal Tax Rate is 40% and its interest expense for the year was Rs. 15, 00,000. The company has Rs. 1, 00, 00,000 of invested capital, of which 60% is debt. In addition, Delta Ltd … Read more