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Highlights / Annotations / Catch Notes For 2016

Home Highlights Year 2016

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Showing 151 to 200 of 252 Records

March 2, 2016 Act Rules Bill

Section 194H Amendment: TDS Rate on Commission/Brokerage Reduced to 5%, Threshold Increased to Rs. 15,000.
March 2, 2016 Act Rules Bill

Section 194G Amendment: TDS Rate on Lottery Income Reduced from 10% to 5%, Threshold Increased to Rs. 15,000.
March 2, 2016 Act Rules Bill

Amendment to Section 194EE: TDS Rate for National Savings Scheme Deposits Reduced from 20% to 10.
March 2, 2016 Act Rules Bill

Tax Amendment: Section 194DA Reduces TDS on Life Insurance Payouts Over Rs. 100,000 from 2% to 1.
March 2, 2016 Act Rules Bill

Section 194D Amendment: TDS Threshold for Insurance Commissions Reduced from Rs. 20,000 to Rs. 15,000 Per Financial Year.
March 2, 2016 Act Rules Bill

Section 194C Amendment: TDS Threshold Increased to Rs. 1 Lakh from Rs. 75,000 for Payments in a Financial Year.
March 2, 2016 Act Rules Bill

TDS Threshold for Horse Race Winnings Raised to Rs. 10,000 u/s 194BB, Doubling Previous Limit of Rs. 5,000.
March 2, 2016 Act Rules Bill

Income Tax Amendment: Section 192A Raises Deduction Threshold from Rs. 30,000 to Rs. 50,000 for Employee Balances.
March 2, 2016 Act Rules Bill

Section 153A Assessment Timeframe Reduced from Two Years to 21 Months for Relevant Assessment Years.
March 2, 2016 Act Rules Bill

Section 153A Assessment Time Limit Revised: Now 21 Months for Individuals Referenced in Section 153C.
March 2, 2016 Act Rules Bill

Section 153 Amended: Time for Assessment, Reassessment, and Recomputation Cut to 9 Months from Notice Date.
March 2, 2016 Act Rules Bill

New Rule Cuts Time for Fresh Tax Assessments from One Year to Nine Months; Aims to Expedite Process.
March 2, 2016 Act Rules Bill

New Section Replaces 153: Sets 12-Month Time Limit for Partner Assessments Following Firm's Assessment u/s 147.
March 2, 2016 Act Rules Bill

Legislative Change Reduces Tax Assessment Period from Two Years to 21 Months u/s 153 Amendments.
March 2, 2016 Act Rules Bill

Section 147 Amended: Reopening Tax Assessments for Undisclosed Income or Excessive Claims Detected by Tax Authorities.
March 2, 2016 Act Rules Bill

Amendment to Section 143: Tax Authorities Can Request Documents for Scrutiny Assessment Starting April 1, 2016.
March 2, 2016 Act Rules Bill

Section 143 Amended: Tax Returns Must Undergo Prima Facie Adjustments Before Scrutiny Assessment for Enhanced Accuracy and Compliance.
March 2, 2016 Act Rules Bill

Section 143 Amended: Broader Prima Facie Adjustments Now Include Loss Disallowances, Audit Report Expenditures, and Certain Deductions.
March 1, 2016 Act Rules Bill

Amendment to Section 139: Tax Returns Not Defective if Self-Assessment Tax Unpaid by Filing Date.
March 1, 2016 Act Rules Bill

Section 139 Amendment: File Belated Tax Returns for Previous Years Before Assessment Year Ends or Assessment Completion.
March 1, 2016 Act Rules Bill

Income Tax Authorities Gain More Power to Collect and Process Information Under Amended Section 133C.
March 1, 2016 Act Rules Bill

Amendment to Section 124 Limits Jurisdiction Challenge of Assessing Officers in Search or Requisition Cases.
March 1, 2016 Act Rules Bill

Section 119 Amended to Include Section 270A: Board Gains Authority Over Penalty Directions Under Income-tax Act.
March 1, 2016 Act Rules Bill

Section 115UA: Distributed Income From Business Trusts Excluded From Unit Holder's Total Income.
March 1, 2016 Act Rules Bill

Chapter XII-EB Imposes Tax on Accreted Income for Trusts Registered u/s 12AA at Maximum Marginal Rate.
March 1, 2016 Act Rules Bill

New Section 115TCA Introduces Tax on Income from Securitisation Trusts, Aligns Taxation with Direct Investments for Investors.
March 1, 2016 Act Rules Bill

Amendment to Section 115TC: Securitisation Trusts Now Assessee in Default for Compliance and Tax Treatment Clarity.
March 1, 2016 Act Rules Bill

Amendment to Section 115TA: No tax on income distributed by securitisation trusts to investors from June 1, 2016.
March 1, 2016 Act Rules Bill

Amendment to Section 115QA: "Distributed Income" in Share Buy-Backs Now Clearly Defined for Tax Purposes. Calculation Method Pending.
March 1, 2016 Act Rules Bill

Section 115-O Amended: Tax Exemption for IFSC Companies on Dividends in Convertible Foreign Exchange from 2017 Onwards.
March 1, 2016 Act Rules Bill

Section 115-O Amended: No Tax on Dividends from Specified Domestic Companies to Business Trusts from Current Income.
March 1, 2016 Act Rules Bill

New Chapter XII-BC: Foreign Companies Deemed Indian Residents Face Income Tax Act Rules with Specific Exceptions and Conditions.
March 1, 2016 Act Rules Bill

MAT Rate for Companies in International Financial Services Centres Set at 9% per Section 115JB Amendment.
March 1, 2016 Act Rules Bill

Section 115JB Amendment: No Minimum Alternate Tax for Foreign Firms Without Permanent Establishment in India from April 2001.
March 1, 2016 Act Rules Bill

Tax Code Update: Section 115JB Amended to Include Royalty Expenditures in Book Profit Calculations u/s 115BBF.
March 1, 2016 Act Rules Bill

New Tax Provision: Section 115BBF Imposes 10% Tax Rate on Royalties from Patents Developed and Registered in India.
March 1, 2016 Act Rules Bill

Amendment to Section 115BBE: No Deductions or Loss Set-Off for Income u/ss 68-69D to Enhance Tax Compliance.
March 1, 2016 Act Rules Bill

Section 115 BBDA: New 10% Tax on Dividend Income Over 10 Lakh for Individuals, HUFs, and Firms in India.
March 1, 2016 Act Rules Bill

Domestic manufacturers can choose a 25% tax rate under new Section 115BA, starting from April 1, 2017.
March 1, 2016 Act Rules Bill

Long-term capital gains tax set at 10% for transfers of non-publicly owned company shares u/s 112 amendment.
March 1, 2016 Act Rules Bill

Section 92D TPA Amendment: New Documentation Rules for International Transactions and Group Entities u/s 286.
March 1, 2016 Act Rules Bill

Section 92CA Amendment Extends Transfer Pricing Officer's Deadline to a Minimum of 60 Days for Order Issuance.
March 1, 2016 Act Rules Bill

Income Tax Rebate: Residents with Income under 500,000 Rupees Now Eligible for 5,000 Rupee Rebate u/s 87A Amendment.
March 1, 2016 Act Rules Bill

New Section Replaces 80JJAA: Deductions for Hiring New Employees Earning Up to Rs. 25K, with Specific Exclusions.
March 1, 2016 Act Rules Bill

Section 80-IBA offers full tax deduction for profits from housing projects approved by March 31, 2019, with conditions.
March 1, 2016 Act Rules Bill

Section 80-IB Amended: No Deductions for Certain Industrial Undertakings Starting After April 1, 2017, Excluding Infrastructure.
March 1, 2016 Act Rules Bill

Start-ups get 100% tax deduction on profits for three years under new Section 80-IAC if incorporated before April 1, 2019.
March 1, 2016 Act Rules Bill

Amendment to Section 80-IAB: No Tax Deductions for SEZ Enterprises Starting After April 1, 2017.
March 1, 2016 Act Rules Bill

Section 80-IA Amended: No Deductions for Enterprises Starting Infrastructure Projects on or After April 1, 2017.
March 1, 2016 Act Rules Bill

Section 80GG Amendment: Rent Deduction Limit Raised from 24,000 to 60,000 Rupees Annually for Tax Relief.

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