Interest Deduction for Self-occupied Properties [Sec 24]
Deduction for interest on Self-occupied Property upto Rs 2 lacs, only if construction is completed in 5 years from end of F.Y. in which capital is borrowed
Presumptive Profit @8% u/s 44AD
Limit increased to Rs 2 crores In case of firms, 8% net profit shall be taken after partner's salary and interest. If once opted out of presumptive taxation ie 8%, then cannot avail benefit for next 5 years.
Presumptive Professional Income u/s 44ADA
Applicable for receipts upto Rs 50 lacs and declaring net profit more than 50%
Audit/Accounts for Professionals
Professionals opting for Sec. 44ADA not required to maintain Books or get Audit done
Amendment in Sec 50C
Stamp duty value as on date of agreement shall be applicable similar to proviso u/s 44CA
Now all assesses have to pay advance tax in 4 instalments starting 15 June
Adjustment u/s 143(1)
Now ITR filed shall be adjusted automatically by CPC, Bangalore on basis of incomes reflected in Form 26AS.
Declaration in Form 60 to be taken and retained for 6 years from end of F.Y.
E-filing of Declaration received in Form 60
Form 61 to be e-filed to Income Tax Department (Intelligence and Criminal Investigation Wing) for all Form 60 Declaration received upto 30th Sep by 31st Oct and Declaration received upto 31st Mar by 30th Apr [ie. first Form 61 to be e-filed by 30.04.2016]