Important Amendments effective from 01.06.2016
1. TCS @ 1% is collectible, if any amount is received in cash, for sale of Goods and services of value exceeding Rs. 2 lac.
2. KKC @ 0.50% is applicable on all taxable services, making total service tax rate @15%.
3. Income Disclosure Scheme opens from 01st June 2016 to 30th September 2016 with effective tax rate of 45%.
4. TCS @1% is made applicable on purchase of car valued at more than 10 lac and purchase of Jewellery more than Rs. 5 lac.