Amendment in income tax for assessment year 2015-16 pdf

Employees tax was correctly withheld in terms of the deduction tables prescribed by the commissioner for sars the commissioner. Cbdt amends rule for disallowance of expenditure relatable to exempt income june 7, 2016 in brief section 14a of the incometax act, 1961 act provides for disallowance of expenditure incurred in. Income tax at a glance among direct taxes, income tax is the main source of revenue. By law, taxpayers must file an income tax return annually to determine their tax obligations. The financial secretary delivered the 201516 budget on 25 february 2015. Cbdt notifies new incometax return forms for assessment year 201718 the central board of direct taxes cbdt has notified1 revised incometax returns itr forms2 for assessment year ay 2017. Self assessment individual exclusions for online filing.

Rate of surcharge assessment year 202122 assessment year 202021. Highlights of changes announced in budget 2014 and finance bill 2014 as far as income tax provisions relating to salaried. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 1 amendments made in income tax act 1. Amendments made in incometax act rates of incometax for assessment year 201617 1. Scrutiny of refurbished return forms for assessment year 201516. A company can choose to opt for the new tax rates in the financial year 201920 i. It was established by the father of the nation bangabandhu sheikh mujibur rahman under presidents order. The measures proposed in the budget, including those oneoff relief measures, are summarised below. Tax rate assessment year 2015 16 as per finance act, 2015. The finance bill, 2015 seeks to prescribe the rates of income tax on income liable to tax for the assessment year 20152016. The constitution of india schedule vii union list entry 82 has given the power to the central government to levy a tax on any income other than agricultural income, which is defined in section. Self assessment tax returns deadlines, who must send a tax return, penalties, corrections, paying your tax bill and returns for someone who has died self assessment tax returns. Before explaining the due date to file income tax return for assessment year 201516financial year 201415,we have provided the persons who are required to file income tax return. That is because averaging adjustment cases create a.

Self assessment tax returns deadlines, who must send a tax return, penalties, corrections, paying your tax bill and returns for someone who has died. The modified apar form will be applicable for the reporting year 2015. By fifteenth day of july next following the income year or, where the fifteenth day of july falls before the. Profits tax the profits tax rates for companies and unincorporated businesses for year of assessment 201516. Cbdt amends rule for disallowance of expenditure relatable. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department. Assessment year 201516 section existing provision amendment in existing new provision bizsol. Subject to the provisions of subsections 2 and 3, for the assessment. Income tax 201415 what are all the changes affecting. Standard deduction to salaried employees and withdrawal of exemption pertaining to medical reimbursement secs. The national board of revenue nbr is the apex authority for tax administration in bangladesh. Normal rates of income tax a i in the case of every individual other than those covered in part ii or iii below. Surcharge is levied on the amount of incometax at following rates if total income of an assessee exceeds specified limits.

Due date to file income tax return assessment year 201516. The time limit for filing these returns is also proposed to be extended to 31 august, 2015 and a. Initially in the draft taxation laws amendment bill, 2017 draft bill, the proposal was to repeal the exemption on foreign employment income in terms of s101oii of the income tax act, no 58 of. Tax rate assessment year 201516 as per finance act, 2015. Fps22 loss from this tax year set off against other income for 201516 are correctly capped. Cbdt notifies new incometax return forms for assessment year 201617 the central board of direct taxes cbdt has notified1 the revised income tax return itr forms for assessment year ay 2016. The finance bill, 2015 seeks to prescribe the rates of incometax on income liable to tax for the assessment year 20152016.

There is no change in the rate of personal incometax and the rate of tax for companies in respect of income earned in the financial year 201516, assessable in the assessment year 201617. Today i have gone to income tax department to file the return financial year 201415assessment year 201516, whereas the income tax officer has told me to pay penalty rs. Regardless of how you lodged your original tax return, you can request an amendment of your assessment online. Explanatory memorandum, tax laws amendment gifts bill 2015, p. Introduction to new rule 12 the rule 12 of the incometax rules was amended vide notification no. Cbdt notifies new incometax return forms for assessment. Income tax personal allowance for those born after 5 april.

Amendment in respect of foreign employment income exemption. Legislative change brief description of legislative change amendment to income. Tax laws amendment gifts bill 2015 parliament of australia. The purpose of the tax laws amendment small business measures no. Amendment in the definition of income year banks, insurance companies and financial institutions are required to adopt the calendar year as their income year. Income tax amendment for the assessment year 201415. The amount of income tax shall be increased by an education cess on income tax by 2% and secondary and higher education cess by 1% of the tax liability. Rate of tax is 30% for the assessment year 20102011 notes for the assessment year 20112012. Income taxes are a source of revenue for governments. Accordingly, if your total income for financial year 201920 does not exceed. Summary table on changes to the income tax act as announced in budget 2015 statement sn. These rates are given in chapter xii of the income tax act which are covered under sections 111a to 115bbe.