DIRECT TAX READY REFERENCE

2016-17

2017-18

##

250000

250000

10+0.3%

10+0.3%

20+0.6%

20+0.6%
30+0.9%**

500000

500000

By 15th Mar

Senior Citizen 60 yrs or more

250000

300000

300000

300000

COST INFLATION INDEX :

30+0.9%

30+0.9%**

30+0.9%**

30+0.9%**

REGULAR TAX

30+0.9%**

30+0.9%**

30+0.9%**

DIVIDEND TAX (Sec 115-O)

#$

30+0.9%**
#

16.995%
19.9941%
20.357647% 20.357647%
MAT (Sec 115JB) 18.5+0.555%**18.5+0.555%** 18.5+0.555%** 18.5+0.555%**

C/F of MAT Credit

[with indexation benefit]

10 years

10 years

10 years

10 years

20+0.6%**

20+0.6%**

20+0.6%**

20+0.6%**

Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess for listed shares/securities/units (eq oriented units wef 11.07.14) without indexation benefit
2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT

5 TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A)

15+0.45%**

15+0.45%**

15+0.45%**

15+0.45%**

6 AMT [for Non-Corporate only if dedn is claimed u/s 10AA / 80H / 80RRP (except 80P)]
18.5+0.555% 18.5+0.555%** 18.5+0.555%** 18.5+0.555%**

**SURCHARGE -before EC/SHEC

Ind / HUF [Net Income>1Cr]

DEDUCTIONS & REBATES

80D

Other than Cash

Medical Expenses (Super Snr Ctzn)

Other than Cash

Preventive Health Check-up(Ind)

Including Cash
## Rebate u/s 87A (if Net Income <or= 5 L)100% of
Tax or amount mentioned, whichever is less
Standard Deduction
24(a) [Rented House Property]
Int on borrowed capital 24(b) [Self Occupied HP]

5%

7%

10%
10%

10%
10%

12%
12%

100000

150000

150000

10%
10000

Pymt Mode

Mediclaim Premium (Ind/HUF)

5%

Domestic Co [Net Income>1Cr]

Firm [Net Income>1Cr]

10% 12% if Net Income exceed 10 Cr
80C/80CCC/80CCD
General
Life Ins Prem-Max limit for 80C(% of SA)
a
Deduction
80TTA [Int on Bank/PO other than TD]

upto 15%
upto 45%
upto 75%
100%

By 15th Sep

30+0.9%**

4 TAX ON LONG TERM CAPITALGAIN

By 15th June

500000

(29+0.87)%, if turnover/Gross Rct

5 Crore for FY 2014-15, # on buy-back of
unlisted cos - 23.072%, $16.995% upto
30.09.14

All assessee

500000

3 DOMESTIC COMPANY

Mediclaim

Due Date

Super Senior Citizen 80 yrs or above

2 FIRM / LLP

wef: 01.06.2016

liabRs 10,000

##

10%
10000

7%
15%
12%

150000

10%
10000

10%
10000

Same Amt for Partents + Addl Dedn 5000 if Snr Ctzn

* except Salaries

1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98

100%
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16

100
109
116
125
133
140
150
161
172
182
199
223
244
259
281
305
331

351
389
406
426
447
463
480
497
519
551
582
632
711
785
852
939
1024
1081

MISC PROVISIONS:

15000

15000

25000
30000

25000
30000

> Hearing to include communication of data and documents

5000

5000

5000

5000

> Period of holding of unlisted shares 24 months for treating

2000

2000

2000

5000

30%
150000*

30%
200000*

30%
200000*

30%
200000*

through electronic mode - wef 01.06.16

it as a LT Capital Asset - wef FY 16-17

> TCS of 1% on cash sale of any goods or services > Rs 2

Lac - wef 01.06.16

-Additional deduction Rs 20,000 u/sec 80CCD(1B)-National Pension Scheme, 15% for person with disability as per sec
80DDB/80U, *30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is
acquired/constructed within 5 yrs (3yrs upto FY2015-16) from the end of year of borrowal) deduciton u/sec 80EE upto 50000 max
subject to compliance of conditions therein
Carry Forward & Set-off

Set-off

C CARRY FORWARD & SET-OFF OF LOSSES:

By 15th Dec

Return Due Date u/s 139(1) & Other Time Limit

Eligible u/sec 44AD

C/F

Years

agst whom

Same Head

another head

1. Salaries

Yes

Yes

No

NA

NA

2. House Property

Yes

Yes

Yes

8 years

same head

> NBFC can also claim a dedn for provn for bad & doubtful
debts to the extent 5% of GTI (computed before dedn u/s
36(1)(viia) & Chap VIA- wef FY 16-17

> Belated Returns: Need to be furnished by the end of asst

yr or before completion of asst, whichever is earlier. Can
also be revised now - wef FY 16-17

> 80GG limit increased to Rs 5000 pm -wef FY 16-17

> Dividend rcd by a resident Ind/huf/firm from domestic co,

From Asst year 2008-09

Sep-30

2. Corporate Assessee which is reqd to

report u/s 92E

Nov 30

3. Any other assessee

July 31

4. Return of Loss - 139(3)

01.03.03 to 30.11.11
01.12.11 to 31.03.12
01.04.12 to 31.03.13
01.04.13 to 31.03.16
01.04.16 to 30.06.16
NSC IX upto 01.04.12
1st year
88.9
2nd year
96.8
3rd year
105.4
4th year
114.8
5th year
125.0

81.6
85.8
87.8
86.8
82.6

88.3
93.1
95.6
94.3
89.5

2012-13

12-13 to 19.12.15

91.0
99.3
108.3
118.1
128.9

89.9
98.0
106.8
116.4
126.9

TDS Liability (wef: 01.06.2016)

Rate

Interest > 5000 pa [Rs 10000 in case of

pymt by banks/PO]
Commission or Brokerage >15000 pa [5000
upto 31.05.2016 & rate 10%]

other than co

Yes

4 years

same item

No limit

any income

INTEREST ON INCOME TAX:

Non-speculative Business or Profession

Yes

Yes

8 years

same head

Specified Business u/sec 35AD

same item

1.Filing of return after due

date u/sec 234A

Int @ 1% pm or part of the mth from

the end of Due Date for filing of return

2.Defaults in pymt of
Advance Tax u/s 234B

Int @ 1% pm or part of the mth from

the 1st day of April of the AY

3.Deferment in pymt of
Advance Tax u/s 234C

Int @ 1% pm or part of the mth on

the deficit amt as applicable

4.Interest for late pymt of

demand u/s 156

Int @ 1% pm or part of the mth from

the end of 30 days of Demand Notice

5.Failure to deduct and pay

TDS u/s 201(1A)

Int @ 1% pm or part of mth upto date 4. Ind/HUFwith prop.Busi/Prof ITR-4

of dedn/date of furnishing ITR and
ITR-4S(Sugam)
5. Ind/HUF(presumptive basis)
@1.5% from date of dedn to pymt.

No limit

Yes

8 years

same item

Short Term Capital Losses

Yes

No

Yes

8 years

same head

5. Owning / Maintaining race horses

No

No

Yes

4 years

same item

Lotteries / Crossword Puzzles etc.

No

No

No

NA

NA

Income from Other Sources (except if exempt)

Yes

Yes

No

NA

NA

D WEALTH TAX [IND / HUF / CO, wef FY 2009-10 @ 1% above basic exemption Rs 30 Lac]-abolished wef 01.04.2015
E GIFT AS INCOME FROM OTHER SOURCES U/S 56(2) [Gift Tax abolished wef 01.10.1998]
wef

recipient

nature of receipt

Criteria

Taxability as Income

1-Apr-06

Ind/Huf*

any sum of money

without consideration > 50,000

whole amount

1-Oct-09

1-Jun-10

Ind/Huf*

any sum of money

without consideration > 50,000

whole amount

Ind/Huf*

immovable properties

without consideration > 50,000

whole of stamp value

Ind/Huf*

other properties

without consideration > 50,000

whole of FMV

Ind/Huf*

other properties

FMV less consideration > 50,000

such excess amount

Co**

property being shares

without consideration > 50,000

whole of FMV

Co**

property being shares

FMV less consideration > 50,000

bestofluck

FMV less consideration

such excess amount
Issue of Sh Cap at Prem^
immovable properties
Stamp value less consideration >50,000
such excess amount
1-Apr-13
Ind/Huf*
* Exempted, If received from relatives, under will/inheritance, on marriage, on death, local auth, u/s 10(23C) or (members of huf
from huf wef 01.10.2009);
**other than companies in which public are substantially interested
^onus of proof
of source in the hand of resident share holder lies with company
1-Apr-12

Co**

Insurance Commission
>15000 pa [20000 pa upto
31.05.2016]

Sukanya
Samriddhi
Account

compound
int 8.6% per
yr

Investment qualify for tax

deduction u/sec 80C; Int
exempt u/sec 10(11A)

15 yr Public
Provident
Fund

compound
int 8.1% per
yr

Investment qualify for tax

deduction u/sec 80C; Int
exempt u/sec 10(11)

Life Insurance
rate of bonus
Premium
keeps on
(ceiling 10% of
fluctuating
SA)

Bonus is totally exempt;

Investment qualify for tax
deduction u/sec 80C

CAR & VEHICLES

CAR OR VEHICLES USED ON HIRE

95.5
101.1
104.0
102.5
96.9
6th year
7th year
8th year
9th year
10th year

company

103.3
109.8
113.1
111.4
104.9

111.7
119.2
123.0
121.1
113.5

120.8
NA
NA
NA
NA

upto 01.04.12

2012-13

12-13 to 19.12.15

136.1
148.2
161.3
175.7
191.3

140.6
153.4
167.4
182.6
199.2

138.3
150.8
164.3
179.1
195.2

Ind/HUF--->
Others --->

1.00%
2.00%

TDS Liability(wef: 01.06.2016)

*Contractor/Subcontractor
[Sec 194C]

Rate

> 30000 (single) or 100000 pa [ 75000 pa upto 31.05.2016].

*[wef: 01.06.2015 transport Operator (who owns 10 or less
goods carriage, engaged in transport business and gives a
declaration with PAN- Nil ]
Rent - Plant & Machinery > 1.8 lac pa
Rent - Land / Building / Furniture / Fittings
> 1,80,000 pa

2.00%
10.00%
[Sec 194-I]

Compensation on acquisition of certain

immovable props > 2.5 Lac wef:01.06.16

[Sec 194LA]

Consideration for transfer of Immovable props

(other than agri land) >50 Lac wef:01.06.13

[Sec 194-IA]

10.00%
[Sec 194J]
5.00%
10.00%
[Sec 194D]

10.00%
1.00%
10.00%

Accumulated bal of PF wef 01.06.15 >

50000 ( 30000 upto 31.05.2016]

[192A]

Note: TDS Qtrly Returns due date- end of next month from Qtr-end (31st May for Jan-Mar Qtr); TDS pymt due date -7th of
subsequent mth(30th Apr for Mar); If PAN not submitted-Dedn of TDS will be higher of 20% or prescribed rate
Important Prescribed Forms under Income Tax Rules 1962
Return of Income

Form No.

1. Ind. with Salary/HP(one)/OtherITR-1 [Sahaj)

2. Ind/HUF without Busi/Prof

ITR-2

3. Ind/HUF being partners

in firm (without prop.Busi/Prof)

ITR-3

6. Firms, AOPs and BOIs

Some Tax Saving cum Investment Schemes:

Purely Temp Erections/ for water Treat System

[Sec 194]

Fees for Prof or Technical Services (or

Directors Fees other than in the nature of
salary wef 01.07.12) > 30000 pa

Yes
Yes

10.00%
[Sec 194A]
5.00%
[Sec 194H]

winning from lottery/cw puzzles /horse races

30.00%
> 10000 pa [5000 pa upto 31.05.2016 for
horse races]
[Sec 194B/BB]

No

No

RESIDENTIAL

10.00%

Dividend u/s 2(22)(e) > 2500 pa

Yes

No

10%
5%
100%
15%
30%
25%

Non RESIDENTIAL

1yr from AY end Intangible Assets

Note: Filing of Return by Corporate Assessee / Firm is
Only 50% Depre. will be allowed if assets acquired / used for <
compulsory / resident having foreign asset or account
180days
Interest NSCVIII (on 1000)
1st year
2nd Year
3rd Year
4th Year
5th Year
6th Year

No

Yes

BUILDINGS

7. belated & revised return-upto FY15-16

Yes

4. Long Term Capital Losses

COMPUTERS

Mar 31
Mar 31

6. revised return - 139(5) from FY16-17

15%
10%
60%

FURNITURE & FIXTURE

within due date

5. belated return - 139(4) from FY16-17

Ubabs. Depreciation / Cap Exp on SR/FP

Yes*
No

AY 06-07
onwards

PLANT & MACHINERY

1. Non-corporate assessee or a working

partner of a firm (where books are reqd to be
audited) & Corporate Assessee

in excess of Rs 10 Lac shall be taxable @10% (exclduing

deemed dividen u/s 2(22)(e) -wef FY 16-17

3. Speculation Business

DEPRECIATION

Due Date

1. PAN Application - Indian

other forms

Basic Exemption
(Special cases)

COVERING BUDGET 2016-17

ADVANCE IT

83/85, N.S.Road, Suite:417, Kolkata - 700001

Ph: 22431088, 32913756, 9331023275 Email: [email protected]
A TAX STRUCTURE
Assessment Year ---> 2014-15
2015-16
1 IND/HUF/AOP/BOI
(##-see rebate) Basic Exemption ---> 200000## 250000##
10+0.3%
10+0.3%
upto
500000
20+0.6%
20+0.6%
Next 500000
upto
1000000
30+0.9%**
30+0.9%**
Rest
-

For PRIVATE CIRCULATION ONLY

BE HAPPY MAKE HAPPY
for latest / other userful charts http://smahendraco.com/Temps.aspx

7. corporate assessee

ITR-6

8. Person reqd. to furnish

return u/s 139(4A) / (4B) / (4C)
/ (4D)

ITR-7

Appeal (online filing mandatory for whom

e-filing of ITR is reqd)

2. PAN Application - non-Indian

3. TAN Application
4. Wealth Tax Return
5. Wealth Tax Return upto FY12-13
6. STT pymt evidence

Compulsory Tax Audit

49A
49AA

Business

> Rs 1 Cr

Form BB

Profession

> Rs 25 Lac

Form BA

[Rs 50 Lac wef FY 16-17]

10DB/10DC FY 2010-11 & 2011-12

26AS

Business

> Rs 60 Lac

280

Profession

> Rs 15 Lac

2. TDS/TCS Tax Challans

281

2. 44AE, 44BB, 44BBB

3. Misc Direct Taxes

282

4. Fringe Benefit Tax

283

5. TDS os Sale of Property

If profit or gain is less than

prescribed

26QB

Charitable & Religious Trusts

35

1. Appln for regn

10A

2. To ITAT - 3copies
3. Memorandum of cross
objection to ITAT-3 copies
4. To ITAT-to refer to High
Court any question of law

36

2.Appln for approval /

continuance u/s 80G(5)(vi)

10G

3. Sec: 44AD: If profit or gain is

less than prescribed (8% of the
total turnover or gross receipts)
and if total income is taxablelimit 2 Crore wef FY16-17

3 copies
10
4. Sec:44ADA [wef FY 2016-17] For a professional assessee, Gross Receipts
50 Lac, Income shall be treated as 50% of GR with no other dedn

3. Notice for accumulation of Income to AO

37
3 copies

From FY 2012-13

49B

1. To CIT(Appeals)-2copies

36A

1. Sec: 44AB

1. Income Tax

7. Annual Tax Statement

ITR-5

Challans

CA. Sanjay K Agarwal FCA, FCS, CPA (USA)

Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company 2) For any query on PAN/TAN/Efiling/OLTAS: email to [email protected] or call 18001801961 / 0124-2438000
Important Links: Income Tax Site: http://www.incometaxindia.gov.in For Income Tax e-Return Filing: https://incometaxindiaefiling.gov.in/ Tax Information Network: https://www.tin-nsdl.com/