Tag: budget 2016

TCS on Cash Sale: 11 Important Points to KNOW

Tax collected at source on cash sale ( TCS on cash sale) under section 206C is effective from 1st June, 2016. Here are the most important points related to TCS you should consider while doing sale or purchase transactions. Meaning of TCS on cash sale: ( Section 206C) TCS is covered under section 206C of income tax act,1961 TCS is short form of tax collection at source A sum equal to the statutory percentage of purchase price is collected by the seller/collector from buyer/lessee/payee.Every person,being seller,shall collect tax at source from the buyer of goods specified in section 206C...

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32 Income tax rules applicable for FY 2016-17

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, I have covered all the changes in short. Income tax rules applicable for FY 2016-17: No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. There is no change in income tax rate for fy 2016-17. Additional deduction of Rs.3000 is available u/s 87A. Now,  Section 87A will provide Rs.5000. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1...

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25 Service tax changes applicable from 1st April 2016

Service tax changes applicable from 1st April 2016 due to budget 2016 are summarized in this article.The article provides knowledge about change in exemptions, abatement, reverse charge mechanism and service tax rules from 1/4/2016. 25 Service tax changes applicable from 1st April 2016: Change in Exemptions from 1st april, 2016: Exemption to senior advocate in respect of service to advocate or to partnership of advocates and a person represented on an arbitral tribunal to an arbitral tribunal is being withdrawn from 1st April, 2016. Service tax should be charged in bill under forward charges and paid to government. Exemption...

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Union Budget 2016-17: Service tax Highlights

Union Budget 2016-17 has been declared and brought changes in service tax regime. Here  is the service tax highlights of union budget 2016 speech. Read and understand major changes in service tax brought by Budget 2016-17. Union Budget 2016-17 : Service tax highlights Service tax rate hike from 14.5% to 15%  due to “Krishi Kalyan Cess-0.5%” Levy: There is no direct change in service tax rate but With effect from 1st June, 2016, Krishi Kalyan Cess will be levied on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Input...

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