Arun Jaitley while announcing the Budget 2016 has introduced a Krishi Kalyan Cess which would be levied @ 0.5% on the value of all taxable services and would be levied @ 0.5% of the total value of service. This would be levied @0.5% and would be levied over and the above the Service Tax and […]

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The government today lowered the corporate tax for new manufacturing units at 25 per cent with a view to promote industrial activity and generate jobs. With regard to small units having a turnover of Rs 5 crore, the corporate tax rate has been reduced from 30 per cent to 29 per cent, Finance Minister Arun […]

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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 […]

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– 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 […]

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