Finance Act Changes applicable, effective from 2016 June 1 - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Sunday, June 05, 2016

Finance Act Changes applicable, effective from 2016 June 1

Finance Act Changes applicable, effective from 2016 June 1

Major 30 Changes Listed Here 

1. Electronic Hearing under Income Tax law enabled

2. Document required to be issued by an Income Tax Authority can be issued in paper form or communicated in electronic form

3. Equalization Levy at 6% on _online digital advertisement and incidental services_ or provision of digital advertising space

4. Tax Collection at Source (TCS) at 1% on luxury vehicles and cash sale of goods or provision of services

5. Exit Tax for Charitable Institutions

6. Non resident not having PAN shall not be subjected to 20% TDS

7. Jurisdiction of Assessing Officer not to questioned in search cases after one month from notice u/s 153A

8. Non Corporate assessee also to pay advance tax , 15% by 15th June . 45% by 15th September, 75% by 15th December and 100% by 15th March_

9. In case of presumptive Income 100% advance tax to be paid by 15th March_

10. Application for Waiver of Interest u/s 220(2A) to be disposed off with in one year

11. Interest under section 234C shall not be chargeable in case of an assessee having income under the head “Profits & gains of business or / profession” for the first time,

12. Interest on Refund for timely filed return to be allowed from 1st April but interest on refund for belated return to be allowed from date of furnishing of return_

13.  Interest on refund of self assessment tax to be allowed from date of filing of return or / payment of tax, whichever is later._

14. No Interest to be allowed if refund is lesser than 10% of determined tax_

15. Additional 3% Interest for Appeal Effect delayed beyond 3 months

 post of Senior Vice President abolished

17. Rectification period of ITAT orders limited from 4 years to 6 months

18. Monetary limit for Hearing of appeal by SMC in ITAT raised from 15 lacs to 50 lacs u/s 255(3)

19. Time Limit for completion of assessments reduced from 24 months to 21 months . Assessments to be complted by 31st December.

20. Order for appeal effect to be passed with in 3 months from the end of month in which appeal order is received

21. Limit of Rs. 5,000 for Winnings from Horse Races enhanced to Rs.10,000

22. For TDS on payment to Contractors Aggregate Annual Limit of Rs. 75,000 increased to Rs 1,00,000

23. Monetary Limit of Rs. 20,000 for TDS on Insurance Commission u/s 194D reduced to Rs.15,000

24. Monetary Limit for TDS on Commission on Lottery Tickets u/s 194G enhanced from Rs. 1000 to Rs. 15,000 and rate reduced from 10% to 5% to bring parity with Insurance and other Commission

25. TDS rate on withdrawl of NSS Deposits reduced from 20% to 10% u/s 194E

26. TDS on LIC maturities exceeding Rs.1,00,000 not exempt u/s 10(10D) was charged at 2% by Finance Act 2014 with effect from 01-10-2014 . TDS rate lowered to 1%.

27. TDS at 10% for compulsory acquisition of immovable property other than agriculture land where aggregate payments during financial year exceed Rs. 2 lacs now enhanced to Rs 2.50 lacs.

28. Form 15G / 15H enabled for rental payments also_

29. The Direct Tax Dispute Resolution Scheme for immunity from post assessment interest, penalty and prosecution for cases pending before CITA on 29-02-2016 [Scheme Available up to 31st December]

30. The Income Declaration Scheme 2016. Tax, Surcharge and Penalty at 45% of Undisclosed Income. Declaration to be filed till 30th September, 2016. Tax etc to be paid till 30th November, 2016

Finance Act Changes applicable, effective from 2016 June 1 Reviewed by S. Chitra on June 05, 2016 Rating: 5 Finance Act Changes applicable, effective from 2016 June 1 Major 30  Changes Listed Here  1. Electronic Hearing under Income Tax la...

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