– The limit of turnover under the presumptive taxation scheme revised from Rs 1 crore to Rs 2 crore for medium or small enterprises. So, anyone with a business of Rs 2 crore can presume that an income of 8% and would not require to maintain books, profit & loss statements or audits.Limit under section […]

Read More →

For individual tax payers the budget 2016 has proposed three major tax changes:   – Increase in surcharge from 12% to 15% on income tax payable by individuals with total income over Rs 1 crore. – Tax rebate for those with income up to Rs 5 lakh has been hiked by Rs 3000; and extended […]

Read More →

– In Budget 2016, Non-resident Indians (NRIs) without PAN will not be subjected to higher rate of TDS.   – Non-residents without PAN are currently subjected to a higher rate of ¬†TDS. Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall not be deducted at a […]

Read More →