Departing from the colonial-era tradition of presenting the Union Budget on the last working day of February, the government, this year, presented the Budget on 1st February. We have come up with an analysis of the changes proposed in direct taxation by the Finance Minister, Mr. Arun Jaitley.
Articles on "Income Tax Act 1961"
After providing a one-time opportunity to the assesses to come clean, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (“Black Money Act”) notified on 26th May, 2015, the Government of India had announced the Income Declaration Scheme, 2016 (“the Scheme”) in the Finance Bill, 2016. The Scheme was announced with the intention of attracting taxpayers to disclose their unaccounted domestic / Indian income and assets.
This article will provide an overview of the Income Declaration Scheme, 2016.
This Part-IV of the “Major Amendments in Income Tax, 1961 through the Finance Bill, 2016” covers the following proposed amendments:
1. Incentives for promoting affordable housing
2. Deduction of interest on loan for residential house property
3. Expiration of certain deduction u/s 80-IA, 80-IAB and 80-IB
4. Deduction for employment of new employees
5. Taxation of Dividend Income
6. Treatment of amount received on closure or opting out of Pension Scheme.
This is Part-III of the “Major Amendments in Income Tax, 1961 through the Finance Bill, 2016” series. This Part-III covers the proposed amendments for provisions of Tax Deduction a Source (TDS), Tax Collection at Source (TCS) and Advance Tax Payments.
This is Part-II of the “Major Amendments in Income Tax, 1961 through the Finance Bill, 2016” series.