Wednesday, March 2, 2016
Budget 2016 - Income Tax Provisions Change: CHANGES IN TAX DEDUCTION AT SOURCE
Budget 2016 - Income Tax Provisions Change: CHANGES IN TAX DEDUCTION AT SOURCE: CHANGES IN TAX DEDUCTION AT SOURCE Revision in respect of Threshold Lim...
CHANGES IN TAX DEDUCTION AT SOURCE
CHANGES IN TAX DEDUCTION AT SOURCE
Revision in respect of Threshold Limit:-
|
SECTION
|
HEAD
|
PRESENT LIMIT
|
PROPOSED LIMIT
|
|
192A
|
Payment of accumulated balance due to
an employee
|
30,000
|
50,000
|
|
194BB
|
Winnings from Other
Game
|
5,000
|
10,000
|
|
194C
|
Payments to
Contractors/Sub-contractors
|
75,000
|
1,00,000
|
|
194LA
|
Payment of Compensation on
acquisition of certain Immovable
Property
|
2,00,000
|
2,50,000
|
|
194D
|
Insurance
commission
|
20,000
|
15,000
|
|
194G
|
Commission on
sale of lottery tickets
|
1,000
|
15,000
|
|
194H
|
Commission or
brokerage
|
5,000
|
15,000
|
|
|
|
|
|
Revision in respect of change of Percentage Rate:-
|
SECTION
|
HEAD
|
PRESENT TDS RATE
|
PROPOSED TDS RATE
|
|
194DA
|
Payment in respect of Life Insurance
Policy
|
2%
|
1%
|
|
194EE
|
Payments in
respect of NSS Deposits
|
20%
|
10%
|
|
194G
|
Commission on
sale of lottery tickets
|
10%
|
5%
|
|
194H
|
Commission or
brokerage
|
10%
|
5%
|
|
194D
|
Insurance
commission
|
10%
|
5%
|
ABOVE AMENDMENT SHALL BE EFFECTIVE FROM 1ST JUNE
2016.
Tuesday, March 1, 2016
Budget 2016 Highlights ( Changes in Individual Taxes)
Budget 2016 has been presented by honorable Finance Minister on 29th Feb 2016. Budget Highlights of Present budgets are given Below:-
1. In the Finance Budget 2016, No income tax rebate is given to the individual earning total income above Rs. 5,00,000. However, tax benefit of Rs. 3,000 (Excluding Cess) is given by way of increasing Limit of 87A from Rs. 2000 to 5000.
2. In view to more tax the HNI Taxpayers, Surcharge has been increased from 12% to 15%. Presently surcharge is applicable to taxpayer who are having total income of Rs. 1 Crore or more.
3. In view of the home of each Individual, it is proposed to give a tax benefit of Rs. 50,000 to each individual who have bought the house upto Rs. 50 Lacs and having loan of Rs. 35 Lacs.
4. It is proposed to extend the time of 3 year to 5 year in case of Allowance of Pre construction Interest.
5. It is also proposed to extend the limit of 80GG of Rent expenditure from Rs, 24000 to 60,000
CA Neeraj Bansal
+91-9718046555
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