In case of failure of payment of tax within the prescribed time a simple interest @ 1% per month or part of it shall be applicable for the period of For the purpose of recovery of tax and interest, the principal officer or the trustee and the trust or the institution shall be deemed to be assessee in default and all provisions related to the recovery of taxes shall apply. Further, the recipient of assets of the trust, which is not a charitable organisation, shall also be liable to be held as assessee in default in case of non-payment of tax and interest. However, the recipient's liability shall be limited to the extent of the assets received. Affordable It is proposed to amend the Income-tax Act so as to provide for hundred per cent housing deduction of the profits of an assessee developing and building affordable housing projects if the housing project is approved by the competent authority before the Wef April 1, 31stMarch, 2019 subject to certain conditions 2017 and AY 2017-18 onwards The existing provisions of section 80EE 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 1stday of April 2014 and on the 1stday of April 2015. It is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. This incentive is proposed to be extended to a house property of a value less than fifty lakhs rupees in respect of which a loan of an amount not exceeding thirty five lakh rupees has been sanctioned during the period from the 1stday of April, 2016 to the 31stday of March, 2017. It is also proposed to extend the benefit of deduction till the repayment of loan continues. Exemption from In to further rationalize the taxation regime for business trusts (REITs and Invits) Dividend and their investors, it is proposed to provide a special dispensation and exemption from Distribution Tax levy of dividend distribution tax on distribution made by an SPV to Business Trust. Wef Jun 1, 2016 TDS Changes
In case of failure of payment of tax within the prescribed time a simple interest @ 1% per month or part of it shall be applicable for the period of For the purpose of recovery of tax and interest, the principal officer or the trustee and the trust or the institution shall be deemed to be assessee in default and all provisions related to the recovery of taxes shall apply. Further, the recipient of assets of the trust, which is not a charitable organisation, shall also be liable to be held as assessee in default in case of non-payment of tax and interest. However, the recipient's liability shall be limited to the extent of the assets received. Affordable housing Wef April 1, 2017 and AY 2017-18 onwards It is proposed to amend the Income-tax Act so as to provide for hundred per cent deduction of the profits of an assessee developing and building affordable housing projects if the housing project is approved by the competent authority before the 31stMarch, 2019 subject to certain conditions The existing provisions of section 80EE 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 1stday of April 2014 and on the 1stday of April 2015. It is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. This incentive is proposed to be extended to a house property of a value less than fifty lakhs rupees in respect of which a loan of an amount not exceeding thirty five lakh rupees has been sanctioned during the period from the 1stday of April, 2016 to the 31stday of March, 2017. It is also proposed to extend the benefit of deduction till the repayment of loan continues. Exemption from Dividend Distribution Tax on distribution made by an SPV to Business Trust. Wef Jun 1, 2016 In to further rationalize the taxation regime for business trusts (REITs and Invits) and their investors, it is proposed to provide a special dispensation and exemption from levy of dividend distribution tax TDS Changes