Proposed Amendments in TDS Compliance in Finance Bill 2016

The Finance Bill 2016 proposes a number of changes in order to rationalize the TDS compliance provisions and providing some relief to the taxpayers from withholding tax. Below we have summarized the list of changes below announced in this year’s Budget for easy reference. Changes in TDS threshold limits: The taxable limit on various payments has

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Tax slab for FY 2016-17

In the tax slab for FY 2016-17, i.e., Financial Year April 1 2016 to March 31 2016, there have not been any major changes. In this post, we will discuss the relative changes in the tax slab for 2016-17 for different entities. 1 . Individual, HUF, AOP, BOI, AJP: There are no changes in the basic exemption limit. It will applicable as follows. In

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Highlights of Union Budget for Fiscal Year 2016-17

 Honorable Finance Minister Mr. Arun Jaitley unveiled his third Union Budget for Fiscal Year 2016-17 today, forecasting the GDP growth by 7.6% with retaining Fiscal Deficit at 3.5% of GDP for the fiscal year. Citing that the CPI inflation has come down to 5.4% from 9% in the past 3 years, he said it is a huge relief to the public.There is no chang

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