SURENDER KR. SINGHAL & CO

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1 PROPOSED TAX RATES FOR FINANCIAL YEAR A. Y Income Tax Rates for Individuals, HUF Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Net Income Range Income Tax Rates Upto Rs. 2,50,000 Nil Nil Rs. 2,50,001 - Rs. 5,00,000 Rs. 5,00,001 - Rs. 10,00,000 Tax 10% 10% of (total income minus Rs. 2,50,000) 20% Rs. 25, % of (total income minus Rs.5,00,000) Above 10,00,000 30% Rs. 1,25, % of (total income minus Rs.10,00,000) Individual being Resident whose age is more than or equal to Sixty years but less than eighty years (Age 60 80) Net Income Range Income Tax Rates Upto Rs. 3,00,000 Nil Nil Rs. 3,00,001 - Rs. 5,00,000 Rs. 5,00,001 - Rs. 10,00,000 Tax 10% 10% of (total income minus Rs. 3,00,000) 20% Rs. 20, % of (total income minus Rs. 5,00,000) Above 10,00,000 30% Rs. 1,20, % of (total income minus Rs. 10,00,000) Individual being Resident whose age is more than or equal to 80 Years. Net Income Range Income Tax Rates Upto Rs. 5,00,000 Nil Nil Rs. 5,00,001 - Rs. 10,00,000 Tax 20% 20% of (total income minus Rs. 5,00,000) Above 10,00,000 30% Rs. 1,00, % of (total income minus Rs. 10,00,000) Notes: Note 1: - Add Surcharge - 15% if income exceeds Rs. 1 Crores - with marginal relief. 1

2 Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax Note 4:- Rebate - Upto Rs. 5,000 U/s 87A - Any individual who is resident in India is eligible for this rebate, if total income is not exceeding Rs. 500,000 This rebate is not allowed to HUF, AOP or BOI. Net Income Range Income Tax Rates for Co-operatives Societies Rates for Co-operative Society for the AY Rate of Tax Up to Rs. 10,000 10% Rs. 10,000 - Rs. 20,000 20% Rs. 20,000 and above 30% Note 1: - Add Surcharge - 12% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax Income Tax Rates for Companies Rates for companies for the AY Company Rate of Income Tax In case of domestic company (turnover exceeding Rs. 5 crore) 30% In case of domestic company (turnover below or equal to Rs. 5 crore) 29% Domestic company registered after engages inmanufacturing and fullfilling prescribed conditions In case of foreign Company - Royalty received from Government or an Indian Concern in pursuance of an 50% agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government 25% - Other Income 40% Notes: Note 1: - Add Surcharge - Surcharge is 7% of income-tax, in case of domestic companies and 2% in case of foreign companies if net income exceeds Rs.1 crore but not exceeding Rs. 10 Crore in either case. Rate of Surcharge will be 12% of income-tax in case of domestic companies and 5% in case of foreign companies if net income exceeds Rs.10 Crore in either case. Surcharge is subject to marginal Relief. 2

3 Note 2: - Add Education Cess - Education Cess is 2% of Income Tax plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax plus surcharge. Rate of Tax is 30%. Notes: Income Tax Rates for Firms & Local Authorities Rates for firms & Local authorities for the AY Note 1: - Add Surcharge - 12% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Education Cess - Education Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax Overall Budget Impact on Individual Change Before Now Impact Remark Surcharge 12% 15% More surcharge on rich people having income > 1C.r Dividend Income Exempt Taxable on 10 % More Tax on rich people receiving dividend > 10 lacs Releif u/s 87A Rs Rs Beneficial to the individual having total income less than 5 lacs Additional Interest deduction on Housing Loan Contribution by emploper to PPF Contribution to the superannuation fund by No deduction such Now additional deduction of Rs /- ( sec 80EE) 12% of salary 12 % of salary or Rs /- whichever is lower Allowed up to 1 lacs Allowed up to Rs 1,50,000/- Beneficial to the individual having house loan subject to condition Excess contribution shall be taxable in the hands of employee Excess contribution shall be taxable in the hand of employee Applicable on Individual only Applicable on Individual, HUF and Firm Relaxation to small tax payers Relaxation to small tax payer Affecting person having salary more than Rs 12,50,000/- Relaxation to small tax payers 3

4 emnployer Non Compete Fees Presumptive taxation to specified professional Share allotment at free or at concessional rate Not taxable Now taxable as business income No such scheme Now 50% Not taxable Tax audit limit 1 Crore for business Rs 25 lacs to professional TCS Taxable is value of share exceeds Rs 50000/- Rs.2 Crore for business (in case option exercised under 44AD) Rs 50 lacs to professional No such provision Sell or services of Rs. 2 lacs in cash Beneficial to doctor and freelancer etc Now taxable Beneficial to the tax paper Compliance burden on seller To curb black money To simplify taxation for specified professional To tax such income Simplifies complaince tax To curb black money 4

5 Section/Applicability Earlier Provision After ammendment 10(12),10(12A),10(13) Applicable from (b) 44AA 44AB NPS (80CCD) is under EET Concept i.e On Deposit (Exempt from Tax) On Interest ( Exempt from Tax) On Matruity (Taxable) if annuity has not been done Any payment from an approved superannuation fund made to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement is exempt from tax. As per existing provisions interest on borrowed capital is allowable as deduction if the construction is completed within 3 year from the end of year in which capital was borrowed. New insertion Person carrying Profession Gross Receipts less than 25 lacs no audit requirement Gross Receipt 25 lacs or more Audit is required As to provide that in respect of the contributions made on or after the by an employee in a Recognised provident fund Superannuation fund National pension fund Up to 40 % of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax. It is proposed to increase the said limit of 3 year to 5 years. No requirement of Books of Accounts in case covered under 44ADA and 44AD. Person carrying Profession Gross Receipts less than 50 lacs no audit requirement Gross Receipt 50 lacs or more Audit is required 44AD, 234C Presumptive Taxation Expenditure in the nature of salary, remuneration, interest etc Paid to the partner 40(b) shall 5

6 Turnover upto 1 cores Profit 8% Minimun of Turnover Allowed the deduction under sections 30 to 38 Advance tax provision are not applicable Further, Assessee can report income less than 8% of the turnover not exceeding one crore provided he maintains books of accounts and get its audited under section 44AB. not be deductible while computing the income under section 44AD It is also proposed that where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five consecutive assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). 44ADA New Insertion Presumptive Taxation only restricted to Business class only Eligible assessee shall be require to pay advance tax only by 15 th march Profession ( legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified) Gross receipts does not exceed 50 lacs Profit sum equal to 50% of the 6

7 total gross receipts Applied only to resident assessee who is an Ind, HUF or Partnership firm but not LLP Deductions under section 30 to 38, hence no deduction of interest and partner s remuneration and depreciation shall be allowed. 47(xiiib) 50C Conversion of a Private limited or unlisted public company into LLP Not be regarded as transfer if gross receipts, turnover or total sales in any of the preceding three years did not exceed Rs.60 lakh. There is no provision that where the date of the agreement fixing the amount of consideration and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of computing the full value of consideration Whereas similar provision exists in Not be required to maintain books of account Not required to get the accounts audited It is proposed to amend the said section in addition to the existing conditions, the value of the total assets in the books of accounts of the company in any of the three previous years preceding the previous year in which the conversion takes place, should not exceed five crore rupees. In order to make provision of section 50C parallel with 43CA That this provision shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or account payee bank draft or use of electronic 7

8 80CCD 80EE 80GG 80JJAA section 43CA of the Act i.e. when an immovable property is sold as a stock-in-trade. Earlier it was chargeable to tax Provide a deduction of up to 1 lakh rupees in respect of interest paid on loan by an individual for acquisition of a residential house property. This benefit is available for the two assessment years beginning on the 1st day of April 2014 and on the 1st day of April Under the existing provisions deduction is restricted to Rs.2000/- subject to certain conditions. Deduction of 30% of additional wages paid to new regular workmen in a factory for three years. Apply to the business of manufacture clearing system through a bank account, on or before the date of the agreement for the transfer of such immovable property. Now only on closer or opting out of the scheme 40% Exempt 60 % Taxable However, the whole amount received by the nominee, on death of the assessee shall be exempt from tax. In furtherance of the goal of the Government of providing 'housing for all', Deduction /- House property of a value less than 50Lacs loan of an amount not exceeding 35lacs to (loan to be sanctioned Extend the benefit of deduction till the repayment of loan continues It is proposed to replace the deduction of Rs.2000/- by Rs.5000/- Deduction shall be available in respect of cost incurred on any employee whose total emoluments are less than or 8

9 of goods in a factory where 'workmen' are employed for not less than 300 days in a previous year Further Benefits are allowed only if there is an increase of at least ten percent in total number of workmen employed on the last day of the preceding year. equal per month No deduction, however, shall be allowed in respect of cost incurred on those employees, for whom the entire contribution under Employees' Pension Scheme notified in accordance with Employees' Provident Fund and Miscellaneous Provisions Act, 1952, is paid by the Government. 115BA New Insertion Minimum number of days of employment in a financial year from 300 days to 240 days In first year of a new business, 30% of all emoluments paid or payable to the employees employed during the previous year shall be allowed as deduction. Only Domestic Company Income Tax Rate 25% Applicable ( P.Y) At option of the company, if, - (i) the company has been setup and registered on or after 1st day of March, 2016; (ii) the company is engaged in the business of manufacture or production of any article or thing and is not engaged in any other business; (iii) the company while computing its total income has 9

10 115QA ( ) The existing provisions of section 115QA of the Act provide for the levy of additional 20% of the distributed income on account of buy back of unlisted shares by a company. The distributed income has been defined in the section to mean the consideration paid by the company on buy back of shares as reduced by the amount which was received by the company for issue of such shares. Buyback has been defined to mean the purchase of a company of its own shares in accordance with the provisions of section 77A of the Companies Act, not claimed any benefit under section 10AA, benefit of accelerated depreciation, benefit of additional depreciation, investment allowance, expenditure on scientific research and any deduction in respect of certain income under Part-C of Chapter-VI-A other than the provisions of section 80JJAA In order to provide clarity and remove any ambiguity on the above issues, it is proposed to amend section 115QA to provide that the provisions of this section shall apply to any buy back of unlisted share undertaken by the company in accordance with the provisions of the law relating to the Companies and not necessarily restricted to section 77A of the Companies Act, It is further proposed to provide that for the purpose of computing distributed income, the amount received by the Company in respect of the shares being bought back shall be determined in the prescribed manner. The rules would thereafter be framed to provide for manner of determination of the amount in various circumstances including shares being issued under tax neutral reorganisations and in different tranches 10

11 Obligation to file return of Income on or after (1) 6 th proviso Person required to File return 1.Company all cases 2. Firm all cases 3. Any other person if total income exceeds maximum amount not chargeable to tax 6 th Proviso Every person (Ind/HUF/AOP/BOI) without giving effect to provisions of section 10A or section 10B or section 10BA or Chapter VI-A, exceeds the maximum amount which is not chargeable to income tax shall be liable to furnish return on or before the due date. Include that if a person during the previous year earns income which is exempt under clause (38) of section 10 and income of such person without giving effect to the said clause of section 10 exceeds the maximum amount which is not chargeable to tax, shall also be liable to file return of income for the previous year within the due date. 139 (4) Belated return A Person who has not furnished a return u/s 139(1)/142(1) may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A Person who has not furnished a return u/s 139(1)/142(1) may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. 139(5) ( Revised Return) Any person, having furnished the return under sub-section 139(1)/142(1) discovers any omission or any wrong statement therein, he may furnish a revised return at any time before one year from the end of the relevant Any person, having furnished the return under sub-section 139(1)/139(4) discovers any omission or any wrong statement therein (including belated return), he may furnish a revised return at 11

12 assessment year or completion of assessment, whichever is earlier. any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For Example: If the Return of Income is filed as on for the AY then the return of income will now be revised upto (9) Defective Return Provides that a return of income shall be regarded as defective Unless The self-assessment tax together with interest, if any, payable in accordance with the provisions of section 140A, has been paid On or before the date of furnishing of return. Omitted APPLICABLE W.E.F TDS PROVISIONS Existing Threshold limit Rs. Proposed Threshold limit Rs. 192A (Payment of accumulated balance due to an employee) 194BB (Winnings from Horse Race) 194C (Payments to Contractors) Aggregate annual limit of D (Insurance commission) LA(Payment of Compensation on acquisition of certain Immovable Property) G (Commission on sale of lottery tickets) H DA(Payment in respect of 2% 1% Life Insurance Policy) 194EE(Payments in respect of 20% 10% Aggregate annual limit of

13 NSS Deposits) 194G (Commission on sale of lottery tickets) 194H (Commission or brokerage) 10% 5% 10% 5% 206C ( ) 211 ( ) 234C ( ) The Seller shall collect the tax at the rate of one per cent from the purchaser on sale of Jewellery in cash > Rs. 2 Lakh Bullion in cash > Rs. 2 Lakh Due date for advance Tax For Companies 15 th jun upto 15% of total tax 15 th Sep upto 45% of total tax 15 th Dec upto 75% of total tax 15 th mar 100% of total tax For Non Companies 15 th Sep upto 30% of total tax l 15 th Dec upto 60% of total tax 15 th mar 100% of total tax Eligible business referred to in sec 44AD Not applicable No interest for eligible business u/s 44AD The Seller shall collect the tax at the rate of one per cent from the purchaser on sale of (i) Motor Vehicle> Rs.10 lakh (ii) Any goods and services (Other than bullion and Jewellery) in cash > Rs. 2 Lakh (iii) Jewellery in cash > Rs. 2 Lakh (iv) Bullion in cash > Rs. 2 Lakh Due Date for Advance Tax For all except, assessee under 44AD 15 th jun upto 15% of total tax 15 th Sep upto 45% of total tax 15 th Dec upto 75% of total tax 15 th mar 100% of total tax Eligible business referred to in sec 44AD 15th March 100% of Total Tax 1% per month from 15th march of the previous year in case of non deposit of advance tax. 244A (Interest on Interest on refund arising out of excess payment of advance tax, tax It is also proposed that interest under section 234C shall not be chargeable in case of an assessee having income under the head "Profits and gains of business or profession" for the first time. Now the interest on refund A. on account of Advance tax, TDS 13

14 Refund) ( ) deducted or collected at source. Period 1 st day of AY to date of Refund Granted (i) and TCS during the financial year will be given as under:- from 1 st april of A Y to the date on which the refund is granted, if the return of income on time (ii) from the date of furnishing of return of income to the date on which the refund is granted, in a case not covered under sub-clause (i); B. On account of payment u/s 140A (self assessment tax) from the date of furnishing of return of income or payment of tax, whichever is later, to the date on which the refund is granted No interest if refund is less than 10% of tax determined u/s 143(1) or regular assessment. 14

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