Income tax amendments for ay 2016-17 pdf icai

Free download new version of income tax calculator ay 201617 available at. Income computation and disclosure standards notified to be followed by all the. We have updated the tds rate chart considering the amendments made by finance act, 2015. Aug 14, 2019 the new itr forms in pdf format are now available on income tax departments website. Government notifies new income tax return forms for ay. Download rebate us 87a for ay 201617 file in pdf format. Assessment year for which this return form is applicable. Icai the institute of chartered accountants of india.

The central board of direct taxes has vide press release dated 6. Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the incometax act, 1961 which results the gross total income gti. News feed direct taxes committee icai the institute of. Guidance note on tax audit us 44ab of the incometax act, 1961 edition 2014. Now a days all tax consultants,business men, specially persons who have earned salary income,are in rush to file their income tax return for financial year 201516 by due date i. Before we dwell upon the contemporary tcs, it is imperative to look into the evolution and history of tcs. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows.

Save tax with hdfc lifes various online insurance products. Icai implementation guide on the amendments to tax audit report. It is pertinent to inform that the direct taxes committee of icai made detailed representation to central board of direct taxes during the direct tax. The reduction in tax rate to 25% has not been immediately applied, it shall become applicable over the next four years. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form.

The amendments are retrospective and applicable from fy 201617 onwards. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. Icais revised guidance note on transfer pricing, report us. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year 20162017. The institute of chartered accountants of india icai has given ca ipcc direct tax and indirect tax amendments in pdf applicable for november 2016. Icai has given ipcc tax supplementary study paper both direct tax and indirect tax with latest amendments applicable for nov 2016 and may 2018 exams. Releasing on 1102016 buy ca ipcc books authored by cs k k agrawal income tax and indirect tax buy ca final books authored by cs k k agrawal indirect tax. In view of no further amendments in the guidance note on tax audit report, after last revision by icai in 2014, the same is to be used as guidance note for tax audits pertaining to ay 201617 also till any changes are notified therein by the icai. Buy fast track quick revision income tax for ay 201718. Minimum alternative tax mat for domestic companies for domestic companies rates of income tax for f. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products.

New features in efiling new users charted accountant are the new users added in the new efiling application. Icai implementation guide on the amendments to tax audit report form 3cd 25 april 2018 background the central board of direct taxes cbdt1 or after 1 april 2015 but before 1 april 2020, in any amended the tax audit report form 3cd notified backward area in the and substantially enhanced pradesh, bihar, west bengal and telangana. In the previous post, we have given ca ipcc tax study material for nov 2016 and ipcc tax question papers of previous exams i. Income upto 2,50,000 is covered under basic exemption limit. Due date of filing of income tax return for assessment year 201617 financial year 201516 is as under read more details about due date of income tax return fy 201516. Icai is established under the chartered accountants act, 1949 act no. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Statutory update for section b indirect taxes for may, 2020 examination. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Live webcast on nri taxation recent amendments analysis and implication on 1st may, 2020 friday from 06. Vice president, icai and immediate past chairman, direct taxes committee. The new itr forms in pdf format are now available on income tax departments website.

Instructions for sahaj income tax return ay 201617. Feb 15, 2018 cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. Surcharge if ntti 1 crore but not exceeding 10 crore. Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. The excel utilities or java utilities for ay 201617 will soon be made available on incometaxindia efiling website. Jul 30, 2016 due date of filing of income tax return for assessment year 2016 17 financial year 201516 is as under read more details about due date of income tax return fy 201516 in case of person who are not liable to get their accounts audited 5th august, 2016. Ca ipcc amendments applicable for may 2017 tax law accounts. Government notifies new income tax return forms for ay 201617. Finance act, 2017 has brought a change in the tax rate from 250000 to 500000. Download icais eflash on finance bill 2016 file in pdf. Summary of amendments made by finance bill, 2018 taxguru. The provisions of finance bill, 2017 relating to direct taxes seek to amend the incometax act, 1961 the act and the finance act, 2016 a. Fast track quick revision income tax for ay 201617 by cs. List of income tax deductions for individuals 201920 aubsp.

Apr 01, 2016 cbdt has released new income tax return form for assessment year 2016 17. Northern india regional council, icai seminar on income. Students may note that the finance act, 2015 has abolished the levy of wealthtax under the we althtax act, 1957 with effect from a. In order to bring certainty, the following amendments are proposed to be effected with retrospective effect from a. Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. A rebate of income tax is allowed under section 87a in respect of resident individual whose taxable income is up to rs. Y submits the following information in respect of his property for financial year 201617. We have not gone through income tax forms in detailed but itr1 and itr2 are. Free download new version of income tax calculator ay 2016 17 available at. Tax collection at source us 206c of income tax act, 1961 with special reference to amendments made by the finance act, 2012 and the finance act, 2016 evolution and history of tcs 1. Buy fast track quick revision income tax for ay 201617. Amendments made by finance bill, 2018 under the income tax act, 1961. In view of no further amendments in the guidance note on tax audit report, after last revision by icai in 2014, the same is to be used as guidance note for tax audits pertaining to ay 2016 17 also till any changes are notified therein by the icai. Moumrajoint declarations signed with foreign bodies.

Icais revised guidance note on transfer pricing, report u. Amendment to form 3cd tax audit report for icds adjustments starting from fy 201617 ay 201718. Tdstcs rates chart for financial year 2016 17 assessment year 201718 vide finance act 2016 i. Quick excel income tax calculator for fy 201516 ay 201617. However, considering the changes effected by the finance act, 2017 and oecd tp guidelines 2017, the same has been revised again by the icai.

We are providing these direct tax and indirect tax amendments and supplementary study paper in pdf format. Understanding income tax return forms fy 1718 ay 1819. Amendments proposed by the finance bill, 2016 eflash the institute of chartered accountants of india 1 message from the president 03 2. Provisions relating to direct taxes income tax department. The excel utilities or java utilities for ay 201617 will soon be made available on incometaxindia e. Click here to download new guide by icai on understanding income tax return forms fy 1718 ay 1819 section 91 of the incometax act, 1961 hereinafter referred to as act mandates each person to filesubmit the return of income on or before the due date prescribed under the act, based on the irrespective category and status. It is pertinent to inform that the direct taxes committee of icai made detailed representation. Fast track quick revision income tax for ay 201617 by cs k. Download icais eflash on finance bill 2016 file in pdf format. Postponed by one year from ay 201617 in view of implementation difficulties faced by taxpayers 2.

In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. Below are the income tax slab rates for fy 2016 17 or ay 2017 18. Manoj pandit 27 may 2017 issues in taxation of income noncorporate ca mahavir jain. Guidance note on report under section 92e of the incometax act, 1961 transfer pricing revised2016 guidance note on tax audit us 44ab of the incometax act. Income tax is a huge law containing numerous provisions. The provisions of income tax law, as amended by the finance act, 2019 and finance no. Tdstcs rates chart for financial year 201617 assessment year 201718 vide finance act 2016 i. Ca intermediate amendments for june 2020 exams icai aubsp. New version of income tax calculator ay 201617 cakart. Income tax bos knowledge portal final course study material group ii paper 7. Taxpayer can efile income tax return against the defective notice issued to them us 99 for ay 2012. Instructions for sahaj income tax return ay 201617 general.

Icais revised guidance note on tax audit 2014 edition. Sep 19, 2015 fast track quick revision income tax for ay 2016 17 by cs k. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. Amendment to form 3cd tax audit report for icds adjustments. Analysis of all amendments applicable to fy 201718 ay 201819. Ca final tax amendments for nov 2016 students may note that the finance act, 2015 has abolished the levy of wealthtax under the we althtax act, 1957 with effect from a.

Income tax j b nagar cpe study circle of wirc of icai. Icai implementation guide on the amendments to tax. Budget 2016 has effected increase in threshold limit of tds deduction. Technical guide on understanding income tax return forms ay. Aug 14, 2019 indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Launch of faceless assessment in income tax department and inauguration of the national eassessment centreneac press release, dated 07. Icai implementation guide on the amendments to tax audit. Equalisation levy section 10 under section 10, a new clause 50 has been inserted that provides for exemption of income from specified services chargeable to equalization levy wherein specified service shall have mean as given in section 161i of chapter viii of the finance act, 2016. Icai the institute of chartered accountants of india set up by an act of parliament. Agrawal fast track quick revision income tax is first book of its kind ever published in india. Income tax slab rates for fy 201617 ay 201718 budget. Amendments in the tax rate for financial year 201718. Measures for promoting affordable housing and real estate sector d.

Amendments proposed by the finance bill, 2016 eflash the institute of chartered accountants of india 1. Instructions for sahaj income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. Postponed by one year from ay 2016 17 in view of implementation difficulties faced by taxpayers 2. These pdf files include, amendments made by the finance act 2015 in income tax i.

Income above 250000 upto 500000 will be taxable at the rate 5% which was earlier 10%. Below are the income tax slab rates for fy 201617 or ay 2017 18. We have not gone through income tax forms in detailed but itr1 and itr2 are more or less is same as it were last year. These are applicable to all assesses other than an individual or a hindu undivided family who are not subject to tax audit under section 44ab of the said act for the purposes of computation of income chargeable to incometax under the head profits and gains of business or profession or income from other.

Today we are providing ca ipcc tax amendments applicable for nov 2016. Analysis of all amendments applicable to fy 201718 ay. As the indas is required to be adopted by certain companies for financial year 201617 mandatorily, these amendments take effect from 1st april, 2017 and will, accordingly, apply from assessment year 201718 and subsequent assessment years. New itr forms ay 201617 have been notified by the cbdt central board of direct taxes. Tax amendments applicable for assessment year prometrics. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. Aug 11, 2018 icai has given ipcc tax supplementary study paper both direct tax and indirect tax with latest amendments applicable for nov 2016 and may 2018 exams. We have not gone through income tax forms in detailed but itr1 and itr2 are more or. Therefore, the wealthtax act, 1957 and rules thereunder would not be applicable from may 2016 examination and onwards. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617. Cbdt has released new income tax return form for assessment year 201617. Guidance note on report under section 92e of the income tax act, 1961 transfer pricing revised2016 guidance note on tax audit us 44ab of the income tax act. The income tax slab is remain unchanged in this financial year.