Nnincome tax amendments for ay 2016-17 pdf

Understanding these amendments is important for tax planning and tax saving point of view. Income tax deduction us 80ddb ay 201718cbdt new circular for the purpose of this section, in the case of an employee, dependant means individual, the spouse, children, parents, brothers and sisters of the employee or any of them, dependant wholly or mainly on. As per the finance act, 2016, incometax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 201617 i. Oct 16, 2015 income tax slab rates from ay 199293 to ay 201516 download income tax calculator for a. Finance act 2016 amendments in income tax laws a y 201718. Itr 1 sahaj this return form is to be used by an individual whose total income for the assessment year 201718 includes. Aug 21, 2018 income tax exemptions fy 201718 list chart. Important amendment in direct tax for ay 202021 fy 201920.

Income tax slabs for financial year 201516 or assessment year 201617. Budget 2016 has effected increase in threshold limit of tds deduction on. Finance act 2016 amendments in income tax laws applicable for assessment year 201718 on wards. Measures for promoting affordable housing and real estate sector d. Now i am giving you the tax slab and rates of the financial year 201617. Ca sandeep kanoi, income tax rate chart, income tax rates, rate chart, tax rate changes, tax rates.

Minimum alternative tax mat for domestic companies for domestic companies rates of income tax for f. The alternative minimum tax amt is a provision introduced in. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. The tax rates and tax slabs have been arranged depending on the profile and category of the taxpayer tax paying entity. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Paripatra2014 income tax paripatra income tax 202014.

Changes made in direct tax law by union budget 201718. Analysis of all amendments applicable to fy 201718 ay. Itr forms for ay 202021, download latest income tax return forms. Instructions for sahaj income tax return ay 201617 general. Rates of incometax, surcharge and additional surcharge. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Amendments in provisions of income tax relating to. These amendments will take effect retrospectively from 1stapril, 2016 and will, accordingly, apply in relation to the assessment year 2016 17 and subsequent years.

May 17, 20 the income tax 3rd amendment rules, 20 which have been issued vide notification no. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products. Cbdt notified new income tax return forms for a y 201617. Income tax amendment for fy 201718 adp india april 17. The provisions of finance bill, 2017 relating to direct taxes seek to amend the incometax act, 1961 the act and the finance act, 2016 a. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as. Apr 06, 2017 before jumping to know about the forms, let see the new changes in income tax return forms ay 201718 fy 2016 17. However, the surcharge shall be subject to marginal relief where income. The basic exemption limit has been increased from rs 2 lakh to rs.

But payment of stamp duty etc and possession of the house have. Amendment s to the finance bill, 2016 as passed by the lok sabha may 10, 2016 in brief on 5 may, 2016, the lok sabha lower house passed the finance bill, 2016 bill. Apr 01, 2020 income tax return itr forms for ay 202021 cbdt notified new itr 1, 2, 2a, 3, 4, itr 4s, 5 for ay 202021, download itr form 202021 in pdf format, itr forms in fillable format or excel format, download itr forms instruction for 202021. Income tax deduction us 80ddb ay 201718cbdt new circular for the purpose of this section, in the case of an employee, dependant means individual, the spouse, children, parents, brothers and sisters of the employee or any of them, dependant wholly or mainly on the employee for his support and maintenance. Amendment 2016 as passed by the lok sabha s to the. Income tax slabs for financial year 201516 or assessment. Very easy to compile large no of employee data above 100 with just copy and paste feature. However, an assessee who has claimed deduction under section 80ccg for the financial year 201617 or prior to it, has an unclaimed amount of investment carried forward, then he or she shall be. Income tax slabs for financial year 201516 or assessment year 2016 17. Following are the list of various deductions available for certain payments made by taxpayers who can claim such deductions while calculating hisher taxable income under the income tax act, 1961. The income tax slab is remain unchanged in this financial year. It is proposed to amend the incometax act so as to provide that any income by way of dividend in excess of rs. This incometax ready reckoner is based on the directtax laws as amended by the finance no. Income tax slab rates 201718 pdf download ay 201819.

You may compute net taxable income using following sheet before using income tax calculator for a y 201617. With the help of quick excel income tax calculator for fy 201516 ay 201617 you can easily compute tax liability for an individual. Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds rs. We have updated the tds rate chart considering the amendments made by finance act, 2015. While passing the bill, however, 47 different amendments in respect of direct tax provisions in the bill as tabled originally were moved by the finance minister, arun jaitley, and all these. Rates of income tax in respect of income liable to tax for the assessment year 201718. Amortisation of spectrum fee for purchase of spectrum. Surcharge and education cess see note income tax slab rates 201718 pdf download. Additional deduction under section 80ccd an additional deduction in respect of any amount paid, of upto fifty thousand rupees for contributions made by any individual assesses under the national pension scheme. The incometax 3rd amendment rules, 20 which have been issued vide notification no. Government notifies new income tax return forms for ay 201617 april 5, 2016 in brief the central board of direct taxes has notified incometax return forms applicable for the financial year 201516 assessment year ay 201617. Income tax amendment for fy 201718 adp india april 17 newsletter.

Income tax rates for fy 201819 ay 201920 as per the rules and regulations of the income tax department, the filing of income tax return and sharing your income details with the department is mandatory. Latest income tax exemptions fy 201718 ay 201819 tax. Government notifies new income tax return forms for ay 201617. Provisions relating to direct taxes income tax department. Click here to save tax with hdfc lifes various online insurance products. Tax slab for financial year 2014 tax slab for financial year 201415 tax slab for financial year 201617 to learn more about the income tax slabs ay 1819, click here. This article provide quick excel income tax calculator for fy 201516 ay 2016 17 for individual resident whose age is below than 60 years i. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. The rates of tax during the financial year 201617 are as follows. Major amendments for individuals, companies and changes in tds slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.

It is deductible from income tax before calculating education cess. Instructions for sahaj income tax return ay 201617. Changes made in direct tax law by union budget 201718 a. Current income tax rates for fy 201920 ay 202021 sag. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617. Amendments proposed under the incometax act, 1961 hereafter referred. Here is quick guide of tax bracket for individuals depending on the income. The provisions of income tax law, as amended by the finance act, 2019 and finance no. Income tax calculator download easy salary tax calculator ay 201718 in excel format.

As the indas is required to be adopted by certain companies for financial year 2016 17 mandatorily, these amendments take effect from 1st april, 2017 and will, accordingly, apply from assessment year 201718 and subsequent assessment years. This amendment will take effect retrospectively from 01. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Cbdt notified the itr or income tax return forms ay 201718 fy 201617. Quick excel income tax calculator for fy 201516 ay 201617. Budget 2015new tax slabs and rates for fy 201516 ay. Analysis of all amendments applicable to fy 201718 ay 201819. There are a few important changes made in budget 2017. Individuals below 60 yrs income tax slab rate ay 201819 fy 201718 income tax slab income tax rate. You should take account of this income tax slab rate.

Other amendments under the finance bill, 2015 interest us 234b. Income tax rates fy 201617 ay 201718 finmin orders. It is proposed to insert a new section 35aba in the act to provide for tax treatment of spectrum fee. Amendment 2016 as passed by the lok sabha s to the finance bill. This initiative will benefit more than two crore tax payers who will be eligible to file their return of income in this simplified form.

Instructions for sahaj income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. As the indas is required to be adopted by certain companies for financial year 201617 mandatorily, these amendments take effect from 1st april, 2017 and will. Many of you already know the budget implications on your finance. Change in limits for maintenance of books of accounts section 44aa. Major direct tax proposals additional resource mobilisation rationalization of taxation of income by way of dividend. In exercise of the powers conferred by section 295 of the incometax act, 1961 43 of 1961, the central board of direct taxes hereby makes the following rules further to amend the incometax rules, 1962, namely. The income tax rate for those earning between rs 2. Nov 04, 2016 finance act 2016 amendments in income tax laws applicable for assessment year 201718 on wards. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. Nonresident individualhuf net income range income tax rates health and education cess up to rs. New inserted omitted and deleted substituted amended bill 2016 17 in the income tax ordinance, 2001 xlix of 2001, the following further amendments shall be made, namely. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. These tax rates are applicable on the income earned during 1 april 201631 march 2017. Income tax slab 201718 ay 201819 budget 2017 from fy 201718, those with annual income between rs 50 lakh to rs 1 crore will be levied a surcharge of 10 per cent.

Section 80c limit for ay 201819,80d,80e, section 24b loss. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. If you get the possession in fy 2016 17 then yes you can claim tax benefits for ay 201718 or fy 2016 17. For special tax rates applicable to special incomes like long term capital gains, winnings from lottery, etc. Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19. Income tax slabs for fy 201718 ay 201819 and fy 201617 ay 201718 given below are the rates at which income is taxed in india for income earned in different slabs, and through various heads of income. Income tax deduction us 80ddb ay 201718cbdt new circular. Government notifies new income tax return forms for ay. Except this change, all other income tax slab rates have been kept unchanged by the finance minister for the financial year 201718 assessment year 20182019. Income tax deduction sections 80c to 80u for fy 201819 and 201920.

Lets go through some important amendments in the incometax provisions for financial year 201718. Every year central board of direct taxes issues circular on income tax deduction from salaries under section 192 of the income tax act, 1961. Ca intermediate amendments for june 2020 exams icai aubsp. Income tax return forms ay 201718 fy 201617 which form. Income tax is levied on different sources of incomes like. Therefore, i thought to update the tax slab rates for fy 201516 ay 201617 considering the budget 2015.

New inserted omitted and deleted substituted amended bill 201617 in the income tax ordinance, 2001 xlix of 2001, the following further amendments shall be made, namely. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Kindly let me know the tax slab for ay 201617 and 201718. The amount of rebate is 100 per cent of income tax or rs. Amendments 2016 april 5, 2016 25 comments how to make your income tax efiling account more.

Equalisation levy section 10 under section 10, a new clause 50 has been inserted that provides for exemption of income from specified services chargeable to equalization levy wherein specified service shall have mean as given in section 161i of chapter viii of the finance act, 2016. List of income tax deductions for individuals 201920 aubsp. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. As per the budget 2015 fm speech i, therefore, propose to reduce the rate of corporate tax from 30% to 25% over the next 4 years. Amendments made in income tax act rates of income tax for assessment year 2016 17 1. The provisions for filing of income tax depending upon the status of. Assessment year for which this return form is applicable. Itr forms for ay 202021, download latest income tax. In fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Download income tax slab for ay 2016 17 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 2016 17. Where an application for settlement of the case is filed and income disclosed by assesse is accepted by setcom the assesse would be liable to pay interest at 1% for every month for the period from the first day of april of ay and ending with the date of making such application.

Apr 01, 2016 in exercise of the powers conferred by section 295 of the income tax act, 1961 43 of 1961, the central board of direct taxes hereby makes the following rules further to amend the income tax rules, 1962, namely. Income tax law paper4a amendments applicability of the finance act, assessment year etc. Tdstcs rates chart for financial year 2016 17 assessment year 201718 vide finance act 2016 i. Apr 19, 2018 there are a few important changes made in budget 2017. Jan 24, 2019 itr form for ay 201920, ay 201819 and ay 201718. Download latest itr forms for fy 201920 or ay 202021.

Article explains budget 2019 changes related to no tax on taxable income up to rs 5 lakh, standard deduction us 16ia, income tax slab rate for ay 202021 for individuals, tax slab rate for domestic company, tax rates for foreign company, income tax slab for cooperative society, notional rent on second self occupied house property exempt from tax us 23 and changes in tds. The provisions of finance bill, 2016 relating to direct taxes seeks to amend the. The normal tax rates applicable to a resident individual will depend on the age of the individual. Amendments income tax return for ay 2014 simple tax india. You may compute net taxable income using following sheet before using income tax calculator for a y 2016 17. Normal rates of income tax a i in the case of every individual other than those covered in part ii or iii below or hindu undivided family or aopboi other than a cooperative society or any other. For becoming law, this bill now has to get passed by the rajya sabha upper house and thereafter obtain the. However, in case of a nonresident individual the tax rates will be same irrespective of his age.