Some important Amendments.

         W.e.f 01/06/2016 
  1.  Krishi Kalyan Cess @ 0.50% shall be levied. So, effective rate of service tax shall be 15% (14.50% + 0.50%)
  2. Rebate u/s 87A for AY 2017-18 is increased to 5,000/-( Previously it was Rs 2000)

       Increase in threshold limit of deduction of tax at source on various payments mentioned in the relevant sections of the Act
Section
Heads
Existing threshold limit before 1 June 2016
New threshold limit after 1 June 2016
192A
Payment of accumulated balance due to an employee
30000
50000
194BB
Winnings from Horse Race
5000
10000
194C
Payments to Contractors
Aggregate Annual limit of 75000
Aggregate Annual limit of 100000
194LA
Payment of Compensation on acquisition of certain Immovable Property
200000
250000
194D
Insurance commission
20000
15000
194G
Commission on sale of lottery tickets
1000
15000
194H
Commission or brokerage
5000
15000

Revision in rates of deduction of tax at source on various payments mentioned in the relevant sections of the Act:
Section
Heads
Existing threshold limit before 1 June 2016
New threshold limit after 1 June 2016
194DA
Payment in respect of Life Insurance Policy
2%
1%
194EE
Payments in respect of NSS Deposits
20%
10%
194D
Insurance commission
10%
5%
194G
Commission on sale of lottery tickets
10%
5%
194H
Commission or brokerage
10%
5%





 

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