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TDS Changes Budget 2016-17

by

MuneerKhan

TDS Changes Budget 2016-17

TDS slab rate for financial year 2016-17 remains unchanged in the current union budget that was announced on Feb 29, 2016. However, with reference to financial year 2015-16, some key changes have been made in tds in union budget 2016-17 that the government claim to be benfitting for tax payers. The major tds changes budget 2016-17 that directly affect the income tax calculation are listed below.

1). Section 80GG Deduction of House Rent Paid

Deduction amount under 80GG increased from Rs 24,000 per annum to Rs 60,000 per annum. The Section 80GG of the Income Tax is only applicable for individuals who do not avail HRA. It also holds true for people who do not claim a tds deduction for their rent in any other sections of the Income Tax.

The Amendment Clause in Union Budget 2016:

Amendment of section 80GG.

In section 80GG of the Income-tax Act, for the words two thousand rupees, the words five thousand rupees shall be substituted with effect from the 1st day of April, 2017.

2). Section 87A Income Tax Rebate

Section 87A states that an assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under Chapter VIII of the Income-tax Act) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. In recent budget of 2016 the rebate amount has been raised from Rs. 2000 to Rs. 5000.

The Amendment Clause in Union Budget 2016:

In section 87A of the Income-tax Act, for the words two thousand rupees, the words five thousand rupees shall be substituted with effect from the 1st day of April, 2017.

3). Surcharge on Income above One Crore Rupees

The TDS surcharge rate on income tax payers with income above one crore has been raised to 15% from 12 percentage that was earlier.

The Amendment Clause in Union Budget 2016:

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of fifteen per cent. of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

4). National Pension System withdrawal made tax free

National Pension System : 40% of corpus withdrawal at the time of retirement will be tax exempted. You can withdraw upto 60% of the corpus and out of this as per the new proposal 40% will be tax-free. At present, NPS withdrawal amount was fully taxable. This will be a relief for NPS investors.

The Amendment Clause in Union Budget 2016:

.any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable to him at the time of such closure or his opting out of the scheme;;

.any payment in lieu of or in commutation of an annuity purchased out of contributions made on or after the 1st day of April, 2016, where it exceeds forty per cent. of the annuity, shall be taken into account in computing the total income;

5). Taxing of EPF

In the first version of Budget 2016-17 on Feb 29, 2016, the government had proposed that at the time of retirement, 40% of the EPF (Employees Provident Fund) lump sum withdrawal is tax-exempted, 60% of the corpus is taxable as per the applicable TDS Rate Slab. The toll on TDS can be evaded by way of transfer to the account of the employee under a pension scheme referred to in section 80-CCD and notified by the Central Government; the Annuity income will be Tax-free. This amendment was withdrawn later by the Finance Minister stating it would need more comprehensive research before implementation, following a huge uproar against the amendment from the employee sector and working class unions.

The existing changes related to EPF in budget 2016-17 are:

The Employee Provident Fund investors cannot withdraw full PF amount before attaining the age of retirement. The maximum withdrawal on cessation of employment before reaching the age of retirement cannot exceed an amount aggregating employees own contribution and interest accrued thereon. i.e, A person (Separated employee) can withdraw their contributions plus interest portion only. The employers portion will remain in PF account and can be withdrawn only after the retirement age (58 years). In short, the provident fund account of an employee can now be fully closed only at the time of retirement. However, employee could still opt for partial withdrawal if amount is needed for any other personal purposes or at the time of leaving one organization, all this before attaining the age of

retirement(58 years). Employee could now withdraw his contribution and interest accrued on that only. The employer contribution will stay in the account which will be followed up if he is beginning a new account in another company or if he stays unemployed thereafter then it can be withdrawn as the employee reaches 58 years of age.

The age of retirement has now been increased to 58 years, by 3 years from 55, as it was before.

If an employee has not completed five years of continuous employment and if the PF amount that the employee is withdrawing is greater than 50000 then only it will attract tax, raised from thirty thousand rupees to fifty thousand rupees in the current budget 2016-17. On cessation of employment, if the employee is withdrawing PF, in which case if an employee has rendered continuous service to the employer for years not lessthan 5, then the pf amount withdrawn will attract income tax. In such a case, payment received by the individual in respect of the employers contribution along with the interest accrual thereon is taxed as Salary. Interest on the employees contribution is taxable as Other Income. Payment received in respect of the employees own contribution is exempt from tax (to the extent not claimed as a deduction earlier). The threshold amount of PF withdrawal that would attract tax was thirty thousand rupees. It has now been increased in the budget 2016-17 to fiftly thousand rupees.

6). Section 80EE First time Home Buyers deduction limit increased

First time home buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The home loan should have been sanctioned in FY 2016-17. The loan amount should be less than Rs 35 lakh and The value of house should not be more than Rs 50 Lakh

The Amendment Clause in Union Budget 2016:

For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:”

80EE. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property.

(2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2017 and subsequent assessment years.

The deduction under sub-section (1) shall be subject to the following conditions, namely:”

(i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017;

(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees;

(iii) the value of residential house property does not exceed fifty lakh rupees;

(iv) the assessee does not own any residential house property on the date of sanction of loan.

Where a deduction under this section is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provision of this Act for the same or any other assessment year.

7). Budget 2016 proposes to levy 10% Dividend Distribution Tax (DDT) in the hands of the investor who receives dividend of Rs 10 Lakh or more in a financial year.

Cash purchases of goods & services which are worth more than Rs 2 Lakh & purchases of car worth more than Rs 10 Lakh will be subject to TCS (Tax collection at Source). Tax at source of 1% on purchase of luxury cars would be levied.

8). Budget 2016 has proposed to provide a limited period Tax Compliance Window for domestic taxpayers.

This will be created between 1 June to 30th September to declare undisclosed income or income. To clear up their past tax transgressions, the taxpayers will have to pay tax at 30%, and surcharge at 7.5% and penalty at 7.5%. So, the total applicable tax would be at 45% of the undisclosed income. They will have to pay up the taxes within two months of declaration.

9). Levy of Infrastructure Cess on purchase of SUVs & Diesel cars.

10). Krishi Kalyan cess at 0.5% on all taxable services effective from 1st June, 2016.

The Amendment Clause in Union Budget 2016:

This Chapter shall come into force on the 1st day of June, 2016.

There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services at the rate of 0.5 per cent. on the value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.

11). Income tax department will expand e-sahyog project to assist small taxpayers.

IF you have further questions about TDS changes in budget 2016-17, please feel free to post your questions.

Article Source:

eArticlesOnline.com}

The Use of UV-C Light Technology in the Fight Against Superbugs

by

Rose Latchman-Bloom

Over the past decade there has been plenty of media interest in the rise of the Superbug those infectious organisms that make hospital patients ill with secondary infections and in many cases cause death. Theres not much super about that. But they are super once infection occurs. They are incredibly difficult to treat because they have become resistant to traditional methods of destruction using antibiotics.

These Superbugs are not confined to perhaps the most famous, MRSA. They include names like:

Clostridium difficile (C.Diff)

Vancomycin-resistant enterococci (VRE)

Carbapenem-resistant Klebsiella pneumoniae (CRKP)

Necrotizing fasciitis, the flesh-eating bacterial disease

In 2010 there were 485 number of deaths in UK hospitals and care homes where MRSA was noted as cause. These figures are much worse in the US with an estimated 1.7 million being infected every year.

Most of these organisms are present naturally in our environment without making people ill under normal circumstances

Superbugs are invisible and can live up to three days on surfaces so it is incredibly easy to infect others especially those with compromised immune systems who may be weak through a primary illness or infection.

The infection transfer can occur when one infected person touches another or when a patient touches something like a stethoscope, TV remote control, telephone, computer mouse, tap, door handle or light switch on which the pathogen resides.

The rise of this problem has led to an increase in good hygiene practises within the UK healthcare system. Hand washing and sanitisation is at the front line of this best practise and through an effective media campaign has raised awareness amongst the public who visit patients (and who may unwittingly introduce infections onto hospital wards), healthcare workers and patients themselves who are often more scared of contracting a Superbug than the treatment of their original ailment.

UV-C light has also been earmarked as a possible tool in the armoury.

UV-C light is not a new technology for sanitising and killing germs. In fact it has been used since the late 1880s to kill microorganisms. It was used extensively after World War II for sterilising air in hospitals, food storage areas and pharmaceutical plants. It was then used in the 1950s in the war against Tuberculosis.

In the 1960s new drugs and sterilising cleaners were introduced and the use of UV-C light technology fell out of favour.

However UV-C light has been trialled as the new tool to combat Superbugs in healthcare

settings. It has been hailed as a good natural alternative that is clean and easy to use. It is safe and leaves no chemical smells or residue to further upset patients. It is especially useful to continuously disinfect wards and isolation rooms and although it should never been seen as an alternative to regular and rigorous cleaning routines it does provide a belt and braces safety net.

UV-C light uses short-wave ultraviolet radiation, in the C band (200 to 280 nanometers). Also referred to as UVGI (ultraviolet germicidal irradiation), UV-C penetrates the outer structure of

the cell and alters the DNA molecule, preventing replication and causing cell death. Scientific research have demonstrated that UV-C germicidal light is an effective and proven method against

germs, bacteria and viruses.

It seems that UV-C light technology may offer a real and very effective way to combat Superbugs and with more hospitals trialling its use we can only hope that an end is in sight to the misery of MRSA and C.Difficle amongst our sick and elderly hospital patients.

Rose Latchman-Bloom is the Owner of MBR Imports UK Ltd who our distributors for the UVC Miracle Wand and associated UVC Light Technologies in the UK. The products provide

UVC germ control

for the home, hospitality sector, catering industry and childrens nurseries. Rose has many years of experience researching and is herself a trained healthcare professional.Web:

uvcmiraclewand.co.uk

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The Use of UV-C Light Technology in the Fight Against Superbugs}

Submitted by: William F. Gabriel

We cant all be super models, movie stars and sports celebrities. Unfortunately, a lot of us think we need to be these things to recognize our self-worth. Having a high self-esteem doesnt come easily for everyone. Each one of us has baggage that we carry with us that can keep us from realizing our inherent value as people. Some people get teased incessantly at school over the way they look. Other feel like they dont measure up to their siblings or their parents make them feel like nothing they do is every quite good enough.

People are notorious for comparing themselves to others. We always want to see how we measure up to the popular, successful crowd. However, when we make these comparisons, we almost always feel like we are inadequate. We find something else we wish we had or some other way we wish we could be. Its important to move away from these feelings and to start being honest with ourselves. It takes an attitude adjustment and a measure of good sense for people to realize that everyone is important and that self-esteem comes with a positive outlook.

1. If you want to feel confident, look confident. Stop walking around with your shoulders hunched and your eyes gazing at your shoes. Walk tall and be proud. The more you practice this, the more you feel your self-esteem begin to improve.

2. Stop comparing yourself to those models in the magazines. They have been Photoshopped and airbrushed so many times, even they dont recognize themselves anymore. There is so much more to a person than the way he or she looks. You recognize this in others right? Now its time to see it in yourself.

3. Take up a new hobby. Do something productive that gets your mind off the negative thoughts you have about yourself. Take a Martial Arts Training course and learn karate or any number of martial arts styles. Build your self confidence and learn how to protect yourself from danger at the same time. If you work your way up through the belt system, youll be able to keep track of your progress and feel proud of yourself for the dedication and hard work you put into it.

4. Set new goals and work hard to reach them. Start out small if you want, but prove to yourself that you are accomplishing whatever you want to accomplish. Write a book, paint your house, take a vacation to an exotic destination, or set a money-saving goal.

5. Challenge yourself to try something new every day or every week. The more living you do the less time you have to worry about what other people think of you. (Heres a hint, most of them are worrying about what you think of them, anyway.) Whether you go to a new restaurant for lunch with a friend or see a play for the first time, see how many different experiences you can pack into a lifetime.

About the Author: For more information about

martial arts styles

, please check out

Martial Arts Training

.

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Submitted by: Irsan Kao

Everyone has felt at some point in their working life the urges not to work. It is a fabulous day outside, the sun is out, it is not humid at all and the Frisbee is calling your name. You groan internally at the mountain of work that is piling on your desk and makes you feel like your lunch might not stay down and you need to get out of the office, and that it has to be NOW.

Unless writing Gone Fishing on a piece of paper and taping it onto your computer screen without fear of reprisals is an option, you probably will need these readymade excuses to get you out of the office without losing face or worse your job.

1. (Ladies only) I am in intense pain with cramps. Consider this before thinking it might not work as nobody can refute your statement. First, the subject is not exactly the kind you discuss by the water cooler and second, you are likely to have sympathy from a female boss and a male boss will not only have any idea but also will be too embarrassed to challenge you on it.

2. (Gentlemen only) I have terrible runs. Here also, do not be quick to put this one in the trash bin. Here we go with the uncomfortable topic again- specifically for men- no one will doubt the veracity of your statement. In addition, it has the advantage of not being a complicated excuse since details are not needed. You might even get kudos for being candid about it.

3. Use this one with caution: I am reacting badly to _____, I am allergic; and I need 24 hours to recuperate. This one will take some finesse and the memory of an elephant. The internet will be your friend if you need to research symptoms and details of the allergy you are claiming. Make sure need to keep track of your limitations and remember to avoid them at company functions.

4. Although this next one should be used sparingly and wisely, it is always a winner: My elderly grandparent (mother/father) passed away and the funeral is today. This reason is highly likely to get you out of work because of the age factor and your fib will seem plausible.

Also, nobody in your office will risk affronting you in your time of ahem-bereavement. Should you use this one carefully, you could milk it for both sets of grandparents and you could repeat this at another job.

5. I am so sorry, there was a fire at my apartment or neighborhood and there was some damage done to my place. I have to take care of the formalities with my insurance and the authorities. With this excuse, you should emphasize the fact that what happened was through no fault of yours but it is affecting you.

It is crucial to make it short and sweet. This should be perceived as a nuisance rather than a tragedy that befell you. You should aim to let everyone see you as the victim. It should seem as if you would have chosen work over taking care of those pesky details.

About the Author: Irsan’s passion is to write on variety of subjects. Please visit his latest website at

honeywellelectronicaircleaner.com

which contains the reviews and deals on

honeywell electronic air cleaner

and other information about air cleaners.

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Submitted by: Don Kinney

Agent Conflict of Interest

How can a commercial agent represent both landlord and tenant?

It is quite common for the agent representing the landlord, the listing agent, to suggest that a tenant prospect use their full service firm because they know the property and the owner well. What is usually not mentioned is that the listing agent has a fiduciary responsibility to the landlord. That means that he must not disclose information detrimental to his principal, the landlord, and has a duty to look out for the best interests of that principal. It is very difficult, if not impossible, to represent a tenant with a similar promise.

For example, say there was a similar property nearby from a different landlord with more favorable terms. If the landlord s agent becomes a dual agent there is a responsibility to the tenant to act in the tenant s best interest. He is supposed to act on behalf of the landlord. How can the agent show the tenant prospect all the available properties on the market and not be in conflict with the listing agreement?

There are other areas of potential conflict. Confidential information disclosed to the agent must not be passed to another. Conversation between agents and tenants usually cover a wide range of topics, some of which could have a detrimental influence on the negotiating position of the tenant. With the possible discovery of sensitive facts about either the landlord or tenant, which party does the landlord s agent protect?

Tenant concessions that may be offered by some landlords could include items such as free rent, tenant improvements allowances, signage, and other inducements to get them as a tenant. The landlord s agent likely will not offer anywhere near what you should get. Without a tenant rep, the tenant may not be aware of concessions currently being offered locally and thereby miss valuable components that should be included.

Particularly challenging is the negotiation of the language in each lease paragraph. The tenant s attorney will represent the tenant on legal issues. Where does the tenant get meaningful support for business questions? Business advice may be required from a licensed commercial real estate professional.

Tenant representatives do not represent landlords. They perform site searches that include all available properties, filter out the best properties that meet the tenant requirements, negotiate letter of intent offers to the benefit of the tenant, and assist in the development of favorable business points of a tenant lease agreement. The tenant has a much better shot at reducing occupancy costs and getting a fair and balanced lease agreement by using a tenant rep rather than a landlord s agent.

Avoid conflicts of interest when leasing San Jose, Santa Clara, and Sunnyvale, California office, retail, and industrial property by using a tenant rep rather than a landlord s agent. You get a commercial real estate professional acting as a fiduciary in your best interests. Best of all, the tenant rep usually splits a built-in listing commission paid by the landlord, so there s no additional cost to you.

process early.

About the Author: Don Kinney of Silicon Valley Land Company specializes in office, retail, and industrial tenant representation for San Jose, Santa Clara, and Sunnyvale, California. Our goal is to help tenants get a better building and reduce occupancy costs, often by 20%, or more.

SiliconValleyLandCompany.com

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Submitted by: David Troll

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