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Highlights / Annotations / Catch Notes For 2016

Home Highlights Year 2016

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Showing 201 to 250 of 252 Records

March 1, 2016 Act Rules Bill

New Section Replaces 80EE: First-Time Homebuyers Can Deduct Up to Rs. 50,000 on Loan Interest with Conditions.
March 1, 2016 Act Rules Bill

Tax Exemption for Nominees in Central Govt Pension Scheme Enhanced by Section 80CCD Amendment.
March 1, 2016 Act Rules Bill

Section 80 Amendment: Losses from Section 73A(2) Need Compliance with Section 139(3) for Carry Forward or Set Off.
March 1, 2016 Act Rules Bill

Section 56 Amendment: Tax Exemption for Individuals and Hindu Undivided Families on Shares from Company Demergers or Amalgamations.
March 1, 2016 Act Rules Bill

Section 55 Amendment: Cost of Improvement for Goodwill and Professional Rights Set to Nil for Capital Assets.
March 1, 2016 Act Rules Bill

Capital gains tax exemption on selling a home if proceeds are invested in eligible start-up shares, subject to conditions.
March 1, 2016 Act Rules Bill

New Section 54EE: Exempt Capital Gains Tax by Investing in Government-Designated Funds Units.
March 1, 2016 Act Rules Bill

Section 50C Amendment: Use Agreement Date Valuation for Capital Asset Tax if Payment Made Before Agreement Date.
March 1, 2016 Act Rules Bill

Section 48 Amendment: Rupee Gains from Foreign Currency Bonds Ignored for Non-Resident Assessees' Computation.
March 1, 2016 Act Rules Bill

Tax Code Update: Section 48 Amendment Extends Indexation Benefits to Sovereign Gold Bonds for Long-Term Capital Gains Relief.
March 1, 2016 Act Rules Bill

Section 47 Amendment: Mutual Fund Unit Transfers Within Same Scheme Not Taxed as Capital Gains.
March 1, 2016 Act Rules Bill

Section 47 Amendment: Exemption for Conversion to LLP if Total Assets Don't Exceed Five Crore Rupees.
March 1, 2016 Act Rules Bill

Amendment to Section 47: Sovereign Gold Bond redemptions by individuals are not transfers under the 2015 Scheme.
March 1, 2016 Act Rules Bill

Section 44ADA: Calculate Professional Income at 50% of Gross Receipts for Tax Purposes, Up to Rs. 50 Lakh Limit.
March 1, 2016 Act Rules Bill

Section 44AD Amendment: Five-Year Ineligibility for Presumptive Tax Benefits If Profits Not Declared Consistently.
March 1, 2016 Act Rules Bill

Audit Mandate Amended: Section 44AB Now Requires Audit for Professionals u/s 44ADA if Profits Claimed Below Standard.
March 1, 2016 Act Rules Bill

Section 44AA: New Requirement for Professionals and Businesses to Maintain Books if Income Exceeds Non-Taxable Limit.
March 1, 2016 Act Rules Bill

Section 43B Amended: Deduction for Railway Asset Payments Allowed Only If Paid by Tax Return Due Date.
March 1, 2016 Act Rules Bill

No Deductions for Payments to Non-Residents Without Equalisation Levy Compliance u/s 40 Amendment.
March 1, 2016 Act Rules Bill

Section 36 Amendment: Non-Banking Financial Companies Can Deduct Up to 5% for Bad Debts Before Other Deductions.
March 1, 2016 Act Rules Bill

Section 35CCD Amendment: Deduction for Skill Development Projects Reduced from 150% to 100% from April 2021 Assessment Year.
March 1, 2016 Act Rules Bill

Section 35CCC Amendment: Deduction for Agricultural Extension Projects Reduced from 150% to 100%.
March 1, 2016 Act Rules Bill

Section 35AD Amendment Expands Deductions for Infrastructure Development, Operation, and Maintenance Projects.
March 1, 2016 Act Rules Bill

Section 35AD Amendment Ends 150% Deduction for Specified Business Expenditures Starting April 1, 2018.
March 1, 2016 Act Rules Bill

Section 35AC Tax Deduction for Social Development Projects Removed From April 2018 Assessment Year.
February 29, 2016 Act Rules Bill

New Section 35ABA: Taxpayers Can Deduct Capital Expenditures on Telecom Spectrum Rights Over Its Useful Life.
February 29, 2016 Act Rules Bill

Section 35 Amendment: Deduction for Certain Expenditures Drops from 175% to 150%, Then to 100% After 2020.
February 29, 2016 Act Rules Bill

Section 32AC Amended: Deductions Allowed for Assets Installed by March 31, 2017.
February 29, 2016 Act Rules Bill

Section 32 Amended: Power Transmission Businesses Can Now Claim Additional Depreciation for Tax Savings and Financial Benefits.
February 29, 2016 Act Rules Bill

Section 28 Amended: Payments for Non-Compete Agreements Now Taxable as Business or Professional Income.
February 29, 2016 Act Rules Bill

New Tax Rules: Rent Arrears and Unrealized Rent Now Taxable at 30% Upon Receipt, Regardless of Property Ownership Status.
February 29, 2016 Act Rules Bill

Section 24 Amendment: Interest Deduction Extended to Five Years for Property Acquisition or Construction.
February 29, 2016 Act Rules Bill

Section 17 Amendment Expands "Perquisite" Definition to Include Employer Superannuation Fund Contributions Over Rs. 1.5 Lakh.
February 29, 2016 Act Rules Bill

Section 10AA Amendment: Tax Deduction Only for SEZ Units Starting Activities Before April 1, 2021.
February 29, 2016 Act Rules Bill

Section 10 Amended: Income from Specified Services Under Chapter VIII of Finance Act 2016 Exempt from Taxation.
February 29, 2016 Act Rules Bill

Section 10 Amendment: Foreign Companies Exempt from Tax on Crude Oil Income in India Under Specific Conditions.
February 29, 2016 Act Rules Bill

Section 10 Amendment: Capital Gains Tax Exemption for Stock Exchange Transactions in International Financial Services Centres in Foreign Currency.
February 29, 2016 Act Rules Bill

Amendment to Section 10: Distributed Income from Section 115TA Taxable from June 1, 2016.
February 29, 2016 Act Rules Bill

Section 10 Amendment: Dividends Over 10 Lakh Rupees Now Taxable for Individuals, Hindu Undivided Families, and Firms.
February 29, 2016 Act Rules Bill

Amendment to Section 10: Business Trust Income Similar to Dividends Excluded from Unit Holder's Total Income.
February 29, 2016 Act Rules Bill

Business Trust Income from Interest and Dividends Excluded from Total Income u/s 10 Amendment.
February 29, 2016 Act Rules Bill

Section 10 Amendment Expands "Securitisation" Definition to Align with Clause (z) of Section 2(1) of SARFAESI Act 2002.
February 29, 2016 Act Rules Bill

Interest on Gold Monetisation Scheme Deposit Certificates Now Tax-Exempt Under Amended Section 10.
February 29, 2016 Act Rules Bill

Section 10 Amendment: Taxation on EPF, NPS, and Superannuation Fund Withdrawals Over 40% for Contributions Post-April 1, 2016.
February 29, 2016 Act Rules Bill

Section 9A Amended: Certain Activities Exempt from Business Connection in India; Defines Eligible Investment Funds by Location.
February 29, 2016 Act Rules Bill

Section 9 Amended: No Income from Displaying Uncut Diamonds in Special Zones Considered Accrued in India.
February 29, 2016 Act Rules Bill

When is a Company Considered a Resident in India? Check if It's Indian or Managed from India.
February 29, 2016 Act Rules Bill

Clarifying Tax Deduction Rates: Understanding Sections 194LBB and 194LBC in Relation to Finance Act and Agreements.
February 29, 2016 Act Rules Bill

Government Grants to Trusts Not Taxed as Income Since April 2017: Key Change in Tax Law.
February 29, 2016 Act Rules Bill

Electronic Communication Introduced for Tax Hearings to Enhance Efficiency, Eliminating Physical Appearance Need from June 1, 2016.

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