Income tax amendments for ay 2016-17 pdf

Today we are providing ca ipcc tax amendments applicable for nov 2016. The updated chart of tax deduction at source for fy 2016 17 or ay 201718 is as under. 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. Instructions for sahaj income tax return ay 201617. Cbdt notification reg filing of tds forms 15g15h us 197a of incometax act. Income tax manual part 1 the income tax ordinance, 1984 xxxvi of 1984 as amended up to july, 2014 i contents sections page long title 1 preamble 1 chapter 1 preliminay 1. The surcharge will be applicable if the income exceeds rs. Income tax rates for financial year 201617 taxmann.

Download form 3cb audit report under section 44ab of the incometax act, 1961, download form no. Tds rules major amendments cbdt notification 30 2016 dated 2904 2016 click here. The amount of rebate is 100 per cent of incometax or rs. Tdstcs rates chart fy 201617 ay 201718 budget 201617 revised.

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. Cbdt circular on condonation of delay in filing forms 9a. Is presumptive taxation applicable for fy 201516 ay 2016. 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.

Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. However, belated returns filed for previous financial years cannot be revised because the income tax law for this was changed from fy 201617. Assessment year for which this return form is applicable. Itr 4 sugam for ay 202021, itr 4 form in pdf format for fy 201920. Income tax slab rates 201718 pdf download ay 201819. They can efile forms other than itss on behalf of their customers. Yes, itr for fy 201617 and onward filed under section 94, which is applicable for belated tax returns, can be revised. Consequential amendments to section 12aa of the incometax act have also been made. Y 201617, the same would be taxable in the ay 201718 under section 25a, irrespective of the fact that mr. Analysis of all amendments applicable to fy 201718 ay 201819. Tax amendments applicable for assessment year prometrics. Forms who can file download link 1 itr1 for individuals having income from salaries, one house property, other. 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 societies, firms local authorities and llps.

Proposed phase out measures amendment to amend the new appendix ia read with rule 5 of income tax rules, 1962 to provide that highest rate of depreciation under the income tax act shall be restricted to 40% w. Extension of date for filing of income tax returns and tax audit reports to 31st october 2015. Mar 31, 2016 income tax department has notified the itr forms for ay 2016 17 e forms are yet to be notified s. Itr forms for ay 201617 notified by income tax department. Income tax slab rates for fy 201617 ay 201718 budget. 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. Amendments in the tax rate for financial year 201718. Income tax slab rates for financial year 201516 assessment. Section 234f fee penalty for delay in filing incometax return.

In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year. Filing return of fy 201718 ay 201819 and tax planning for fy 201819 ay 201920 relief under section 891 for arrears of salary. Sep 19, 2015 fast track quick revision income tax for ay 2016 17 by cs k. Finance act, 2017 has brought a change in the tax rate from 250000 to 500000. Penalties applicable under incometax act as amended by finance act, 2019 how to opt assisted filing. The finance act, 2015 amended section 11 and section of the act with effect from 01. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year 20162017. Government notifies new income tax return forms for ay.

Buy fast track quick revision income tax for ay 201617. Budget 201617 key highlightsincometax, service tax download. Surcharge and education cess see note income tax slab rates 201718 pdf download. Read tds changes made by budget 2016 17 click here. The said change will be effective from 1st june, 2016. The law and procedure of taxation of charitable trusts. Amendments in provisions of income tax relating to. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. List of income tax deductions for individuals 201920 aubsp. New features in efiling new users charted accountant are the new users added in the new efiling application. March 1 to 15, 2016 u taxmanns corporate professionals today u vol.

It is deductible from income tax before calculating education cess. These rules may be called the incometax third amendment rules, 2018. Subordination and control of income tax authorities. Tds rules major amendments cbdt notification 302016 dated 29042016 click here. Changes made in direct tax law by union budget 201718 a. The tax slab for fy 201617 for cooperative societies, firms local authorities and llps will continue at the same rate as the previous. It is deductible from incometax before calculating education cess. Save tax with hdfc lifes various online insurance products. Below are the income tax slab rates for fy 201617 or ay 2017 18. In the financial bill of 2015, it was proposed that corporate tax rate will be reduced to 25% over a period of four financial years. Amendments made in income tax act rates of income tax for assessment year 2016 17 1. 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.

Fast track quick revision income tax for ay 201617 by cs k. Aug 14, 2019 1 if you get the possession in fy 201617 then yes you can claim tax benefits for ay 201718 or fy 201617. Instructions for sahaj income tax return ay 201617 general. Revised exemption limit, new deductions, rebates as per finance bill 2016. Agrawal fast track quick revision income tax is first book of its kind ever published in india. Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the income tax act, 1961 which results the gross total income gti. Surcharge if ntti 1 crore but not exceeding 10 crore. Amendments in provisions of income tax relating to salaries.

Nonresident individualhuf net income range incometax rates health and education cess up to. Mar 05, 2016 income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. Even before the finance act 2016 was introduced, presumptive taxation scheme existed under sections 44ad and 44ae of the income tax act, 1961 to give relief to small tax payers from the maintenance of books of accounts and audit of acc. Thus for domestic companies tax slab for fy 2016 17 will be. But from financial year 201718, the setoff of losses from house property, whether self occupied or let out, in a year is restricted to rs. Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the incometax act, 1961 which results the gross total income gti. In the previous post, we have given ca ipcc tax study material for nov 2016 and ipcc tax question papers of previous exams i. 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. Changes made in direct tax law by union budget 201718. Click here to save tax with hdfc lifes various online insurance products. Fast track quick revision income tax for ay 201617 by cs.

Further the arrears of rent was also received in the p. 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. Apr 19, 2018 till financial year 2016 17, for let out property, the entire loss from the said property could be adjusted against other income without any limit. 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. Rates of income tax in respect of income liable to tax for the assessment year 201718. Amendments made in income tax act rates of income tax for assessment year 201617 1. The reduction in tax rate to 25% has not been immediately applied, it shall become applicable over the next four years. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. 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. Amendments made in incometax act rates of incometax for assessment year 201617 1. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. The updated chart of tax deduction at source for fy 201617 or ay 201718 is as under.

Government notifies new income tax return forms for ay 201617. Taxpayer can efile income tax return against the defective notice issued to them us 99 for ay 2012. Aug 14, 2019 indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. Understanding income tax return forms fy 1718 ay 1819. Income above 250000 upto 500000 will be taxable at the rate 5% which was earlier 10%. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. Nonresident individualhuf net income range income tax rates health and education cess up to rs. Service tax rate chart for fy 201617 and ay 20172018 upto 1st june 2016 service tax rate increased from 14. Minimum alternative tax mat for domestic companies for domestic companies rates of income tax for f. Every year central board of direct taxes issues circular on income tax deduction from salaries under section 192 of the income tax act, 1961. Income upto 2,50,000 is covered under basic exemption limit.

For individuals, hufs and firms other than llp being a resident having total income upto rs. Tdstcs rates chart fy 201617 ay 201718 budget 201617. Minimum alternate tax mat the rate of mat remains to be 18. Y 2016 17, the same would be taxable in the ay 201718 under section 25a, irrespective of the fact that mr. Cbdt circular reg clarification on delay in filing of form no. Income tax manual part 1 national board of revenue. Below are the income tax slab rates for fy 2016 17 or ay 2017 18. Income tax is a huge law containing numerous provisions. Apr 22, 2017 every year central board of direct taxes issues circular on income tax deduction from salaries under section 192 of the income tax act, 1961.