Budget 2016: Infrastructure cess

Latest Update of Budget 2016 by Mr. Jaitley: Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. No credit […]

Budget 2016: Surcharge to be raised from 12% to 15% on persons

Latest Update of Budget 2016 by Mr. Jaitley: Surcharge to be raised from 12% to 15% on persons, other than companies, firms and cooperative societies having income above Rs.1 crore. Stay tuned with Budget Live Section of […]

Budget 2016: Basic custom and excise duty…

Latest Update of Budget 2016 by Mr. Jaitley: Basic custom and excise duty on refrigerated containers reduced to 5% and 6%. Stay tuned with Budget Live Section of CA Corners for such updates.  

Budget 2016: Corporate Tax rate proposals

Latest Update of Budget 2016 by Mr. Jaitley:  New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess provided they do not claim profit […]

Budget 2016: Phasing out deduction under Income Tax

Latest Update of Budget 2016 by Mr. Jaitley:  Accelerated depreciation wherever provided in IT Act will be limited to maximum 40% from 1.4.2017.  Benefit of deductions for Research would be limited to 150% from 1.4.2017 […]

Budget 2016: Increase the limit of deduction of rent paid under section 80GG

Latest Update of Budget 2016 by Mr. Jaitley: Increase the limit of deduction of rent paid under section 80GG from Rs.24000 per annum to Rs.60000, to provide relief to those who live in rented houses. Stay […]

Budget 2016: Raise the ceiling of tax rebate under section 87A

Latest Update of Budget 2016 by Mr. Jaitley: Raise the ceiling of tax rebate under section 87A from Rs.2000 to Rs.5000 to lessen tax burden on individuals with income upto Rs.5 laks. Stay tuned with Budget […]

Budget 2016: Revenue Deficit Target…

Latest Update of Budget 2016 by Mr. Jaitley: Revenue Deficit target from 2.8% to 2.5% in RE 2015-16. Stay tuned with Budget Live Section of CA Corners for such updates.