Threshold Limits Under Income-Tax Act

8/5/2016
ThresholdlimitsunderIncometaxAct
VariousThresholdLimitsundertheIncomeTaxAct
[AY201718]
Threshold
Limits
S.N. Particulars
A.
BasicExemption
1.
MaximumamountofincomewhichisnotchargeabletoIncometaxincaseofIndividual, Rs.
HUF/AOP/BOI/ArtificialJuridicalPerson
2,50,000
2.
Maximum amount of income which is not chargeable to Incometax in the hands of a

Rs.
resident senior citizen (who is at least 60 Years of age at any time during the previous
3,00,000
yearbutlessthan80Yearsofageonthelastdayofthepreviousyear)
3.
Maximum amount of income which is not chargeable to Incometax in the hands of a

Rs.
residentsuperseniorcitizen
5,00,000
(whoisatleast80Yearsofageatanytimeduringthepreviousyear)
4.
Surchargeshallbechargedattherateof15%ofincometaxifnetincomeexceedsRs.1
Rs.
Crore in case of Individual, HUF, AOP, BOI, Artificial judicial person (Subject to
Crore
Marginalrelief)
Surchargeshallbechargedattherateof12%ofincometaxifnetincomeexceedsRs.1
Rs.
4A. Crore in case of Firms, Cooperative Societies, Local Authorities (Subject to Marginal
Crore
Relief)
5.
Surchargeshallbechargedattherateof7%ofincometaxifnetincomeexceedsRs.1 Rs.
1
Crore and at the rate of 12% if net income exceeds Rs. 10 Crores in case of domestic Crore/Rs.
company(SubjecttoMarginalrelief)
10Crore
6.
Surchargeshallbechargedattherateof2%ofincometaxifnetincomeexceedsRs.1 Rs.
1
Crore and at the rate of 5% if net income exceeds Rs. 10 Crores in case of foreign Crore/Rs.
company(SubjecttoMarginalrelief)
10Crore
7.
Tax rate of 29% in case of a domestic company where its total turnover or the gross
Rs.
receipt in the previous year 201415 does not exceed Rs. 5 crore (Subject to Marginal
Crore
Relief)
S.N. Particulars
B.
1.
Section
Threshold Limits (for

exemptionsandothers)
UndertheheadSalaries
Entertainment Allowance (Exempt in case of

16(ii)
Governmentemployeeonly)
Least of the following is

exemptfromtax:
a)Rs5,000
b) 1/5th of salary (excluding
any allowance, benefit or
perquisite)
c) Actual entertainment
allowancereceived
Least of the following shall
beexemptfromtax:
a)Amountactuallyreceived
b) Unutilized earned leave**
XAveragemonthlysalary
http://www.incometaxindia.gov.in/charts%20%20tables/threshold_limits.htm
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2.
3.
4.
5.
Encashment of unutilized earned leave at the time of

retirement by an employee (other than Government 10(10AA)
employee)(Subjecttocertainconditions)
c) 10 months Average
Salary**
d)Rs.3,00,000
*Whilecomputingunutilized
earned leave, earned leave
entitlements cannot exceed
30 days for each year of
service rendered to the
currentemployer
**Average salary = Average
Salary*** of last 10 months
immediately preceding the
retirement
***Salary = Basic Pay +
Dearness Allowance (to the
extent it forms part of
retirement
benefits)+
turnoverbasedcommission
Retrenchment Compensation received by a workman

under the Industrial Dispute Act, 1947 (Subject to 10(10B)
certainconditions).
Least of the following shall

beexemptfromtax:
a) an amount calculated as
per 10(10B)of the Industrial
DisputesAct,1947
b)Rs.5,00,000or
c)Amountactuallyreceived.
Death cumRetirement Gratuity received by other

employeeswhoarecoveredunderGratuityAct,1972
10(10)
(otherthanGovernmentemployee)(Subjecttocertain
conditions).
Leastoffollowingamountis
exemptfromtax:
1. (*15/26) X Last drawn
salary**Xcompletedyearof
service or part thereof in
excessof6months.
2.Rs.10,00,000
3.Gratuityactuallyreceived.
*7 days in case of employee
ofseasonalestablishment.
** Salary = Last drawn
salary including DA but
excluding
any
bonus,
commission, HRA, overtime
and any other allowance,
benefitsorperquisite
Death cumRetirement Gratuity received by other

employees who are not covered under Gratuity Act,
10(10)
1972 (other than Government employee)(Subject to
certainconditions).
Leastoffollowingamountis
exemptfromtax:
1. 1/2 X Average Salary* X
Completedyearsofservice
2.Rs.10,00,000
3.Gratuityactuallyreceived.
*Average salary = Average
Salary of last 10 months
immediately preceding the
monthofretirement
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**Salary = Basic Pay +

Dearness Allowance (to the
extent it forms part of
retirement
benefits)+
turnoverbasedcommission
6.
Amount received on Voluntary Retirement or

10(10C)
VoluntarySeparation(Subjecttocertainconditions
7.
ChildrenEducationAllowance
Least of the following is

exemptfromtax:
1)Actualamountreceivedas
pertheguidelinesi.e.leastof
thefollowing
(a) 3 months salary for
eachcompletedyearof
services
(b) Salary at the time of
retirement X No. of
months of services left
forretirementor
2)Rs.5,00,000
10(14)
UptoRs.100permonthper
child up to a maximum of 2
children.
8.
HostelExpenditureAllowance
10(14)
UptoRs.300permonthper
child up to a maximum of 2
children.
9.
TransportAllowancegrantedtoanemployeetomeet
expenditureoncommutingbetweenplaceofresidence 10(14)
andplaceofduty
Up to Rs. 1600 per month

(Rs. 3,200 per month for
blind and handicapped
employees)
10.
MedicalReimbursement
Up to Rs. 15,000
aggregateinayear
11.
Transport Allowance to an employee working in any

transport business to meet his personal expenditure
Sec. 10(14)
duringhisdutyperformedinthecourseofrunningof
read
with
such transport from one place to another place
Rule2BB
provided employee is not in receipt of daily
allowance.
Amount of exemption shall

beloweroffollowing:
a)70%ofsuchallowanceor
b)Rs.10,000permonth.
12.
Allowances to Retired Chairman/Members of UPSC

10(45)
(Subjecttocertainconditions)
Up to Rs.14,000 per month

for defraying the service of
an orderly and for meeting
expenses incurred to wards
secretarial assistance an
contractbasis.
13.
Sec. 10(14) Amount exempt from tax

Special compensatory Allowance (Hilly Areas) read
with varies from Rs. 300 to Rs.
(Subjecttocertainconditionsandlocations)
Rule2BB
7,000permonth.
14.
Border area, Remote Locality or Disturbed Area or Sec. 10(14) Amount exempt from tax
Difficult Area Allowance (Subject to certain read
with varies from Rs. 200 to Rs.
conditionsandlocations)
Rule2BB
1,300permonth.
17(2)proviso
in
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15.
Tribalareaallowancein(a)MadhyaPradesh(b)Tamil Sec. 10(14)

Nadu (c) Uttar Pradesh (d) Karnataka (e) Tripura (f) read
with UptoRs.200permonth
Assam(g)WestBengal(h)Bihar(i)Orissa
Rule2BB
16.
Compensatory Field Area Allowance. If this

Sec. 10(14)
exemption is taken, employee cannot claim any
read
with UptoRs.2,600permonth
exemption in respect of border area allowance
Rule2BB
17.
Compensatory Modified Area Allowance. If this

Sec. 10(14)
exemption is taken, employee cannot claim any
read
exemption in respect of border area allowance
Rule2BB
18.
CounterInsurgencyAllowancegrantedtomembersof
Armed Forces operating in areas away from their
Sec. 10(14)
permanent locations. If this exemption is taken,
read
employee cannot claim any exemption in respect of
Rule2BB
border area allowance (Subject to certain conditions
andlocations)
19.
Underground Allowance to employees working in Sec. 10(14)

uncongenial, unnatural climate in underground mines read
with UptoRs.800permonth
Rule2BB
20.
a)UptoRs.1,060permonth
(for altitude of 9,000 to
High Altitude Allowance granted to armed forces Sec. 10(14) 15,000feet)
operating in high altitude areas (Subject to certain read
with
b)UptoRs.1,600permonth
conditionsandlocations)
Rule2BB
(for altitude above 15,000
feet)
21.
Highlyactivefieldareaallowancegrantedtomembers Sec. 10(14)

of armed forces (Subject to certain conditions and read
locations)
Rule2BB
22.
IslandDutyAllowancegrantedtomembersofarmed
forces in Andaman and Nicobar and Lakshadweep Sec. 10(14)
group of Island (Subject to certain conditions and read
locations)
Rule2BB
23.
Tax on contribution to an approved superannuation

17(2)(vii)
fundbytheemployerinrespectoftheemployee
To the extent it exceeds

Rs.1,50,000 per year (not
taxable
if
employer's
contribution is Rs. 1 lakh or
lessperyear)
24.
Expense incurred by employer on providing

educational facility to the children of the employee Rule3
shallbeexemptinthehandsofanemployee
UptoRs.1,000permonthper
child
25.
Interest on loan received from employer at

concessional rate of interest couldnt be taxed as Rule3
perquisiteinthehandsoftheemployee
If aggregate amount of such

loan during the relevant
previous year does not
exceedRs.20,000
26.
Free meal provided to employees during office hours

bytheemployercouldntbetaxedasperquisiteinthe Rule3
handsoftheemployees
Ifcostofsuchmealdoesnot
exceedRs.50permeal
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27.
Value of any gift received by the employee or by Rule3

memberofhishouseholdfromemployerisexemptin
thehandsoftheemployee
Up to the extent of Rs.5,000

ifreceivedinkind
C. UndertheheadIncomefromHouseProperty
30% of
24(a) annual
value
1. Standarddeductions
2.
Interest incurred on borrowed capital for construction/ acquisition of selfoccupied

UptoRs.
24(b)
houseproperty(Subjecttocertainconditions)
2,00,000
Interest incurred on borrowed capital for reconstruction, repair or renewal of self

UptoRs.
3. occupiedhouseproperty(Subjecttocertainconditions)
24(b)
30,000
D.
UndertheheadProfitsandGainsofBusinessorProfession
1.
Deductionundersection32ACisavailableifactualcostof
new plant and machinery acquired and installed by a
manufacturing company after 31032013 but before 01 32AC
042015 exceeds Rs. 25/100 Crores, as the case may be
(Subjecttocertainconditions).
2.
The agricultural extension project shall be considered for

approval under section 35CCC if expenditure (not being
expenditure in the nature of cost of any land or building)
expected to be incurred on such project exceeds the
thresholdlimit(Subjecttocertainconditions)
3.
4.
5.
15%ofactualcostofnewasset
acquired and installed (if it
exceeds Rs. 25 Crores/100
Crores,asthecasemaybe)
Rule
6AAD
read
Rs.25,00,000
with
section
35CCC
Compulsorymaintenanceofprescribedbooksofaccount
Specified Profession (Subject to certain conditions and 44AA
circumstances)
Persons carrying on specified

profession and their gross
receiptsexceedRs.1,50,000in
all the three years immediately
precedingthepreviousyear
Compulsory maintenance of books of account Other

businessorprofession
44AA
(Subjecttocertainconditionsandcircumstances)
1) If total sales, turnover or

gross receipts exceeds Rs.
10,00,000 in any one of the
three
years
immediately
precedingthepreviousyearor
2) If income from business or
profession
exceeds
Rs.
1,20,000inanyoneofthethree
years immediately preceding
thepreviousyear
CompulsoryAuditofbooksofaccounts(Subjecttocertain
44AB
conditionsandcircumstances)
1) If total sales, turnover or

gross receipts exceeds Rs. 1
Crore in any previous year, in
caseofbusinessor
2)IfgrossreceiptsexceedsRs.
50 Lakhs in any previous year,
incaseofprofession.
1)Rs.20,000(totalpaymentto
apersoninaday)
6.
Limit on payments in cash for expenses/ liability (Subject

40A(3)
tocertainconditionsandexceptions)
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2)Rs.35,000(totalpaymentto
apersoninaday)forpayments
made for plying, hiring or
leasingofgoodscarriage.
7.
Computation of income from eligible business on

presumptive basis under Section44AD (Subject to certain 44AD
conditions).
Presumptive income of eligible

business shall be 8 % of gross
receipt or total turnover (if
turnover of eligible business
doesnotexceedRs.2crore).
Presumptive income shall be

Computation of income from eligible profession on
50%oftotalgrossreceiptifthe
7A. presumptive basis under section 44ADA (Subject to 44ADA total gross receipts from such
conditions)
professiondonotexceedRs.50
lakhinapreviousyear.
8.
Presumptiveincomeofbusinessofplying,hiringorleasing
of goods carriage if taxpayer does not own more than 10 44AE
goodscarriage(Subjecttocertainconditions)
Rs. 7,500 for every month

during which the goods
carriage is owned by the
taxpayer
9.
AlternateMinimumTax(incaseofIndividual,HUF,AOP
orBOI)
115JC
18.5%ofadjustedtotalincome
(plus surcharge and education
cess) provided adjusted total
incomeexceedsRs.20,00,000.
Applicability of Domestic Transfer Pricing, if aggregate

10. valueoftransactionswithassociatedenterprisesduringthe 92BA
previousyearexceedsthethresholdlimit
Rs.20Crores
Rule
10D
Every person who has entered into an international
read
11. transaction or a specified domestic transaction shall keep
with
andmaintainthespecifiedinformationanddocuments
section
92D
If aggregate value, as recorded

in the books of account, of
international
transactions
entered into by him exceeds
Rs.1,00,00,000
E. UndertheheadIncomefromCapitalGains
1 Share or interest ('assets') in a foreign company or entity 9(1)
shall be deemed to be situated in India, if such assets (i)
derives,directlyorindirectly,itsvaluesubstantiallyfrom
the assets located in India. Provided the value of such
assets,onthespecifieddate,exceedstheprescribedlimit.
Ifthevalueofassets:
a)ExceedsRs.10croresand
b) Represents at least 50% of value
of all assets owned by the company
orentity.
Limit on investment made by an assessee in bonds of

Rs. 50,00,000 during the financial
NHAI or REC etc., from long term capital gains arising
year in which original asset is
2. from transfer of one or more original assets during the 54EC
transferred and in subsequent
financialyear,forclaimingexemption(Subjecttocertain
financialyear
conditions)
Exemption from longterm capital gain if such gain is
Investment in new assets or capital
3. investedbyanassesseeinunitsoffundasmaybenotified 54EE gains, whichever is lower, however,
byCentralGovernmenttofinancestartups.
subjecttoRs.50lakhs.
F. UndertheheadIncomefromOtherSources
1.
Gifts without consideration/ inadequate consideration

56
fromnonrelatives(Subjecttocertainconditions)
Gift up to Rs. 50,000 is not

chargeabletotax
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2. StandardDeductionforfamilypension
57(iia)
33.33% of Family Pension

subject to maximum of Rs.
15,000
Dividend received from domestic company by resident

Ifaggregateamountofdividend
3. individual/HUF/firmshallbechargeabletotaxattherate 115BBDA receivedduringtheyearexceeds
of10%
Rs.10,00,000.
G. Trust
Activity for advancement of any other
1. object of general public utility shall be 2(15)
consideredascharitableactivity
If activity is undertaken in course of carrying out

of object of general public utility and aggregate
receipts from such activity do not exceed 25% of
totalreceiptsoffinancialyear.
To the extent it exceeds 5% of total donations

Anonymous donation to be taxed at the
2.
115BBC receivedbyassesseeorRs.1,00,000,whicheveris
rateof30%
higher
Annual receipts should not exceed the
threshold limit for the purposes of Rule
3.
claiming exemption under section 2BC
10(23C)(iiiad)/(iiiae)
Rs.1Crore
Maximum amount which an electoral Rule

4.
trustcanspendformanagingitsaffairs 17CA
5% of the total contributions received in a year

subjecttoanaggregatelimitofRs.5,00,000inthe
first year of incorporation and Rs.3,00,000 in
subsequentyear
H.EligibleInvestmentFunds
AnewSection9AisinsertedbytheFinanceAct,2015.Itprovidesthatinthecaseofaneligibleinvestment
fund, the fund management activity carried out through an eligible fund manager acting on behalf of such
fundshallnotconstitutebusinessconnectioninIndiaofthesaidfund(subjecttocertainconditions).
Conditionsforaneligibleinvestmentfund
ItfurtherprovidesthataneligibleinvestmentfundshallnotbesaidtoberesidentinIndiaforthepurposeof
section6merelybecausetheeligiblefundmanager,undertakingfundmanagementactivitiesonitsbehalf,is
situatedinIndia.
Theoffshorefundsshallberequiredtofulfilthefollowingconditionsduringtherelevantyearforbeingan
eligibleinvestmentfund:
a)fundisnotapersonresidentinIndia
b)fundisaresidentofacountrywithwhichdoubletaxationavoidanceagreementhasbeenenteredinto
c)aggregateparticipationorinvestmentinthefund,directlyorindirectly,bypersonsresidentinIndiadoes
notexceed5%ofthecorpusofthefund
d) fund and its activities are subject to applicable investor protection regulations in the country of its
residence
e)fundhasaminimumof25memberswhoare,directlyorindirectly,notconnectedpersons
f)anymemberofthefundalongwithconnectedpersonsshallnothaveanyparticipationinterest,directly
orindirectly,inthefundexceeding10%
g)aggregateparticipationinterest,directlyorindirectly,oftenorlessmembersalongwiththeirconnected
personsinthefund,shallbelessthanfiftypercent
h)investmentbythefundinanentityshallnotexceedtwentypercentofthecorpusofthefund
i)noinvestmentshallbemadebythefundinitsassociateentity
j)themonthlyaverageofthecorpusofthefundshallnotbelessthan100croresrupeesandifthefundhas
been established or incorporated in the previous year, the corpus of fund shall not be less than 100
croresrupeesattheendofsuchpreviousyear
k)fundshallnotcarryonorcontrolandmanage,directlyorindirectly,anybusinessinIndiaorfromIndia
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l) fund is neither engaged in any activity which constitutes a business connection in India nor has any
person acting on its behalf whose activities constitute a business connection in India other than the
activitiesundertakenbytheeligiblefundmanageronitsbehalf
m) remuneration paid by the fund to an eligible fund manager in respect of fund management activity
undertakenonitsbehalfisnotlessthanthearm'slengthpriceofsuchactivity.
Conditionsforaneligiblefundmanager
Thefollowingconditionsshallberequiredtobesatisfiedbythepersonbeingthefundmanagerforbeingan
eligiblefundmanager:
a)personisnotanemployeeoftheeligibleinvestmentfundoraconnectedpersonofthefund
b) person is registered as a fund manager or investment advisor in accordance with the specified
regulations
c)personisactingintheordinarycourseofhisbusinessasafundmanager
d)personalongwithhisconnectedpersonsshallnotbeentitled,directlyorindirectly,tomorethan25%of
theprofitsaccruingorarisingtotheeligibleinvestmentfundfromthetransactionscarriedoutbythe
fundthroughsuchfundmanager.
I.
DeductionsunderChapterVIA
DeductiontoanindividualandHUFforamountinvested
infollowingways:
1.Lifeinsurancepremiumforpolicy:
a) in case of individual, on life of assessee, assessees
spouseandanychildofassessee
b)incaseofHUF,onlifeofanymemberoftheHUF
2.Sumpaidunderacontractforadeferredannuity:
a) in case of individual, on life of the individual,
individuals spouse and any child of the individual
(however, contract should not contain an option to
receivecashpaymentinlieuofannuity)
b)incaseofHUF,onlifeofanymemberoftheHUF
3. Sum deducted from salary payable to Government
servant for securing deferred annuity or making
provision for his wife/children [qualifying amount
limitedto20%ofsalary]
4. Contributions by an individual made under
EmployeesProvidentFundScheme
5.ContributiontoPublicProvidentFundAccountinthe
nameof:
a)incaseofindividual,suchindividualorhisspouseor
anychildofsuchindividual
b)incaseofHUF,anymemberthereof
6. Contribution by an employee to a recognized
providentfund
7. Contribution by an employee to an approved
superannuationfund
8. Subscription to any notified security or notified
depositschemeoftheCentralGovernment
For this purpose, Sukanya Samriddhi Account Scheme
has been notified vide Notification No. 9/2015, dated
21/1/2015. Any sum deposited during the year in
SukanyaSamriddhiAccountbyanindividualwouldbe
eligiblefordeduction.
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8/5/2016
1.
Amount can be deposited by an individual in the name

of her girl child or any girl child for whom such an
individualisthelegalguardian.
9. Subscription to notified savings certificates[National
SavingsCertificates(VIIIIssue)]
10. Contribution for participation in unitlinked
InsurancePlanofUTI:
a)incaseofanindividual,inthenameoftheindividual,
hisspouseoranychildofsuchindividual
b)incaseofaHUF,inthenameofanymemberthereof
11.Contributiontonotifiedunitlinkedinsuranceplanof
80C
LICMutualFund:
a) in the case of an individual, in the name of the
individual,hisspouseoranychildofsuchindividual
b) in the case of a HUF, in the name of any member
thereof
12. Subscription to notified deposit scheme or notified
pension fund setup by National Housing Bank [Home
Loan Account Scheme/National Housing Banks (Tax
Saving)TermDepositScheme,2008]
13.Tuitionfees(excludingdevelopmentfees,donations,
etc.) paid by an individual to any university, college,
school or other educational institution situated in India,
forfulltimeeducationofany2ofhis/herchildren
14. Certain payments for purchase/construction of
residentialhouseproperty
15. Subscription to notified schemes of(a) public sector
companies engaged in providing longterm finance for
purchase/construction of houses in India for residential
purposes/(b)authority constituted under any law for
satisfying need for housing accommodation or for
planning, development or improvement of cities, towns
andvillages,orforboth
16. Sum paid towards notified annuity plan of LIC or
otherinsurer
17. Subscription to any units of any notified [u/s
10(23D)] Mutual Fund or the UTI (Equity Linked
SavingScheme,2005)
18.Contributionbyanindividualtoanypensionfundset
up by any mutual fund which is referred to in section
10(23D)orbytheUTI(UTIRetirementBenefitPension
Fund)
19.Subscriptiontoequitysharesordebenturesforming
partofanyapprovedeligibleissueofcapitalmadebya
publiccompanyorpublicfinancialinstitutions
20. Subscription to any units of any approved mutual
fundreferredtoinsection10(23D),providedamountof
subscriptiontosuchunitsissubscribedonlyineligible
issueofcapitalreferredtoabove.
21. Term deposits for a fixed period of not less than 5
yearswithascheduledbank,andwhichisinaccordance
withaschemeframedandnotified.
22. Subscription to notified bonds issued by the
NABARD.
Up to 1,50,000 (Subject to
overall limit of Rs. 1,50,000
under Section 80C, 80CCC and
80CCD)
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23. Deposit in an account under the Senior Citizen

Savings Scheme Rules, 2004 (subject to certain
conditions)
24. 5year term deposit in an account under the Post
Office Time Deposit Rules, 1981 (subject to certain
conditions)
2.
Up to 1,00,000 (Subject to
Contribution to certain specified Pension Funds of
overall limit of Rs. 1,50,000
LIC/other insurer by an Individual (Subject to certain 80CCC
under Section 80C, 80CCC and
conditions).
80CCD)
3.
Amount contributed to pension

scheme or 10% of salary/gross
total income*, whichever is less
(subject to ceiling limit of Rs.
1,50,000 as provided under
Section80CCE)shallbeallowed
as deduction under Section
80CCD(1).
Additional deduction to the
Contribution to notified Pension Scheme (NPS) by an
extentofRs.50,000shallalsobe
Individual(Subjecttocertainconditions).
available to the assessee under
Note:
section
80CCD(1B).
The
1. Deduction under section 80CCD(2) on account of
additional deduction is not
contributionmadebytheemployertoapensionscheme
subjected to ceiling limit of Rs.
is not subjected to ceiling limit of Rs. 1,50,000 as 80CCD 1,50,000 as provided under
providedunderSection80CCE.
Section80CCE.
2.AdditiondeductionofRs.50,000shallnotbeallowed
Contribution made by employer
in respect of contribution which is considered for
shall also be allowed as
deductionunderSection80CCD(1),i.e.,limitof10%of
deduction
under
section
salary/grosstotalincome
80CCD(2)whilecomputingtotal
income of the employee.
However, amount of deduction
could not exceed 10% of salary
oftheemployee.
*10% of salary in case of
employees otherwise 10% of
grosstotalincome.
4.
Deduction of 50 % of total
investment subject to maximum
Amount invested by specified resident individuals,
of Rs. 25,000 in 3 consecutive
whosegrosstotalincomedoesnotexceedRs.12lakhs,
assessmentyears,beginningwith
inlistedsharesorlistedunitsinaccordancewithnotified 80CCG the assessment year relevant to
schemeforalockinperiodof3years(Subjecttocertain
the previous year in which the
conditions).
listed shares or list units of
equity oriented funds are first
acquired
5.
Amount paid (in any mode other than cash) by an 80D

individual or HUF to LIC or other insurer to effect or
keep in force an insurance on the health of specified
person*. An individual can also made payment to the
CentralGovernmenthealthschemeand/oronaccountof
preventivehealthcheckup.
*specifiedpersonmeans
In case of Individual, amount

paid:
a)Forself,spouseanddependent
children: Rs. 25,000 (Rs. 30,000
if specified person is a senior
citizenorveryseniorcitizen)
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IncaseofIndividualSelf,Spouse,dependentchildren
orparents
IncaseofHUFAnymemberthereof
Note:
1. Deduction for preventive health checkup shall not
exceedinaggregateRs.5,000.
2. Payment on account of preventive health checkup
maybemadeincash.
3. Within overall limit, deduction shall also be allowed
upto Rs. 30,000 towards medical expenditure incurred
onthehealthofspecifiedpersonprovidedsuchpersonis
a very senior citizen and no amount has been paid to
effect or to keep in force an insurance on the health of
suchperson.
4."Seniorcitizen"meansanindividualresidentinIndia
who is of the age of sixty years or more at any time
duringtherelevantpreviousyear.
5. "Very senior citizen" means an individual resident in
India who is of the age of eighty years or more at any
timeduringtherelevantpreviousyear.'
b) For parents: additional

deductionof Rs.25,000 shallbe
allowed(Rs.30,000ifparentisa
senior citizen or very super
seniorcitizen)
In case of HUF, premium up to
Rs.25,000(Rs.30,000ifperson
insuredisaseniorcitizenorvery
seniorcitizen)paidtoinsureany
memberofthefamily.
6.
DeductionallowedtoresidentIndividualandHUFfor:
a) Any expenditure incurred for the medical treatment
(including nursing), training and rehabilitation of a
dependent,beingapersonwithdisability
b) Any amount paid or deposited under an approved 80DD
scheme framed in this behalf by the LIC or any other
insurer or the Administrator or the specified company
forthemaintenanceofadependent,beingapersonwith
disability
7.
Expenses actually paid by resident individual and HUF

formedicaltreatmentofspecifieddiseasesandailments
of:
Up to Rs. 40,000 (Rs. 60,000 in
a) In case of Individual: Assessee himself or wholly
caseofseniorcitizenandRs.80,
80DDB
dependentspouse,children,parents,brothersandsisters
000 in case of very senior
citizen)
b) In case of HUF: Any member of the family who is
whollydependentuponthefamily
8.
InterestpayableonloantakenuptoRs.35lakhsbyan
individual taxpayer from any financial institution,
sanctioned during the FY 201617, for the purpose of
acquisition of a residential house property whose value
does not exceed Rs. 50 lakhs (Subject to certain 80EE
conditions).
[This deduction is available from Assessment Year
201718onwards.]
Rs.75,000(Rs.1,25,000incase
ofseveredisability)
Deduction of up to Rs.50,000
towardsinterestonloan.
Least of the following shall be

exemptfromtax:
a)Rentpaidinexcessof10%of
totalincome*
11/21
8/5/2016
b)25%oftheTotalIncomeor
c)Rs.5,000permonth.
Total Income = Gross total
incomeminuscapitalgains,short
term capital gains under section
111A, deductions under section
80C to 80U (other than 80GG)
andincomeundersection115A
9.
Rent paid by an individual for furnished/unfurnished

residential accommodation if he is not receiving any 80GG
HRA(Subjecttocertainconditions)
10.
100%
of
donations
or
Deduction in respect of certain donations for scientific,
contributionsmade.
social or statistical research or rural development
programme or for carrying out an eligible project or 80GGA Nodeductionshallbeallowedif
National Urban Poverty Eradication Fund shall be
contribution is paid in cash in
allowed(Subjecttocertainconditions)
excessofRs.10,000
Deduction from profit and gains derived by an eligible

startup from a business involving innovation,
development, deployment or commercialization of new
products, process or services driven by technology or
intellectual property rights. Deduction in respect of 80
10A. eligiblestartup(subjecttocertainconditions)
IAC
Eligible startup means a company or a limited liability
partnership,incorporatedonorafter1/4/2016butbefore
1/4/2019 and holds a certificate from InterMinisterial
BoardofCertification.
100% deduction is available for

any 3 consecutive assessment
years out of 5 years beginning
from the year in which the
eligiblestartupisincorporated.
However, total turnover of
eligible startup should not
exceedRs.25Croreinanyofthe
previous years beginning on or
after the 1st day of April, 2016
and ending on the 31st day of
March,2021.
11.
Least of the following shall be

exemptfromtax:
a)IncaseofLumpsumpayment
Amount of royalty income
subject to maximum of Rs.
Royalty income of resident individual authors of
80QQB 3,00,000
certainspecifiedcategoryofbooksotherthantextbooks
b) In other cases amount of
such income subject to
maximum of 15% of value of
books sold during the previous
year.
12.
Royalty in respect of patents registered on or after

100% of royalty subject to
01.04.2003 earned by resident individual (subject to 80RRB
maximumofRs.3,00,000
certainconditions)
13.
InterestondepositsinsavingaccountofanIndividualor
100%ofamountofsuchincome
HUF with a banking company, a post office, co
80TTA subject to maximum of Rs.
operative society engaged in banking business, etc.
10,000
14.
A resident individual who, at any time during the

previousyear,iscertifiedbythemedicalauthoritytobe
a person with disability [as defined under Persons with 80U
Disabilities (Equal Opportunities, Protection of Rights
andFullParticipation)Act,1995]
15.
Maximum amount of deduction available to specified

cooperative societies if it is engaged in activities in
80P
Rs.75,000(Rs.1,25,000incase
ofseveredisability)
Rs.1,00,000incaseofconsumer
cooperative
society
or
Rs.50,000inanyothercase
12/21
8/5/2016
addition to the prescribed activities (Subject to certain

conditions)
16.
Deductionavailabletoacooperativesociety,(notbeing
a housing society or an urban consumers' society or a
society carrying on transport business or a society
engaged in the performance of any manufacturing 80P
operations with the aid of power,) in respect of income
by way of interest on securities or any income from
houseproperty
J.
DeductionoftaxatsourceandAdvancetax
Ifnettaxableincomeislessthanmaximum
amount which is not chargeable to tax (Rs.
2,50,000foranindividual,Rs.3,00,000for
Senior Citizens and Rs. 5,00,000 for Super
SeniorCitizens)
1.
Nodeductionoftaxatsourcefromsalaries
1A
No TDS from payment of provident fund 192A

accountofanemployee
IfamountpaidislessthanRs.30,000.
(Rs.50,000w.e.f.162016)
2.
No TDS from interest paid on debentures

issued by a company in which public are
substantially interested. Provided interest is 193
paid by account payee cheque to resident
individualorHUF
If amount paid or payable during the

financialyeardoesnotexceedRs.5,000
3.
No TDS from interest on 8% Saving

(Taxable) Bonds 2003 paid to a resident 193
persons

3A.
No TDS from interest on 6.5% Gold bonds,

1977or7%Goldbonds,1980paidtoresident 193
individual
If a declaration is made that the nominal

value of such bonds did not exceed Rs.
10,000atanytimeduringthepreviousyear
4.
NoTDSfromdividendpaidbyaccountpayee
194
chequetoresidentpersons

No TDS from interest (other than on interest 194A

onsecurities)paidbyabankingcompany,co
operative bank or specified public company
ontimedeposits
Note:
With effect from 01.06.2015, tax shall be
deducted from interest credited or paid by a
cooperativebanktoitsmember

Note:
a) With effect from 01.06.2015, time
deposit shall also include recurring
deposit. Therefore, tax shall be
deductionfrompaymentofintereston
recurring deposit if it exceeds the
thresholdlimitofRs.10,000.
b)ThethresholdlimitofRs.10,000shall
be computed with reference to the
income credited or paid by a banking
company or cooperative bank (and
not by individual branch thereof)
which has adopted core banking
solutions('CBS').
5.
6.
192
Ifitsgrosstotalincomedoesnot
exceedRs.20,000
NoTDSfrompaymentofinterestondeposit
with a post office under Senior Citizens 194A
SavingSchemeRules,2004

13/21
8/5/2016
7.
NoTDSfrominterestotherthanonsecurities 194A
(inanyothercase)

8.
No TDS from interest on compensation 194A

awarded by payment of Motor Accident
ClaimsTribunal
If amount paid during the financial year

doesnotexceedRs.50,000
Note:
Witheffectfrom01.06.2015,notaxshallbe
deductedatthetimeofcreditofintereston
compensation awarded by the Motor
AccidentsClaimsTribunal.
9.
NoTDSfromLottery/CrossWordPuzzles
194B
NoTDSfromwinningsfromhorseraces

194BB financialyeardoesnotexceedRs.5,000
(Rs.10,000w.e.f.162016)
10.

11.
No TDS from sum paid or payable to

194C
contractor
a)Ifsumpaidorpayabletoacontractorina
singlepaymentdoesnotexceedRs.30,000
b) If sum paid or payable to contractor in
aggregate does not exceed Rs. 75,000
duringthefinancialyear(Rs.1,00,000w.e.f.
162016)
12.
No TDS from insurance commission paid or

194D
payableduringthefinancialyear

(Rs.15,000w.e.f.162016)
No TDS from sum payable under a life

12A insurance a police (including bonus) to a 194DA
financialyeardoesnotexceedRs.1lakh
resident(w.e.f.01102014)person
13.
NoTDSfrompaymentsmadeoutofdeposits
194EE
underNSS
14.
No TDS from commission paid on lottery

194G
tickets

(Rs.15,000w.e.f.162016)
15.
No TDS from payment of commission or

194H
brokerage

financial year does not exceed Rs. 5,000
(Rs.15,000w.e.f.162016).Furthernotax
tobedeductedfromcommissionpayableby
BSNL/MTNLtotheirPCOFranchisees.
16.
No TDS from payment of rent in respect of

land &building, furniture or fittings or plant 194I
andmachinery

financialyeardoesnotexceedRs.1,80,000
17.
No TDS from payment of consideration for

purchase of an immovable property (other 194IA
financialyeardoesnotexceedRs.50Lakhs
thanagricultureland)
18.
No TDS from payment of professional fees,

technical fees, royalty and directors 194J
remuneration

14/21
8/5/2016
19.
No TDS from payment of compensation on 194LA If amount paid or payable during the
compulsory acquisition of immovable
financialyeardoesnotexceedRs.2Lakhs
property(otherthanAgriculturalLand)
(Rs.2.5Lakhsw.e.f.162016)
20.
Furnishing of quarterly return in respect of

payment of interest (other than interest on
206A
securities) to residents without deduction of
tax

financialyeardoesnotexceed:
a) Rs.10,000 where payer is banking
companyorcooperativesociety
b)Rs.5,000inothercase
21.
Everyperson,beingaseller,whoreceivesany
amount in cash as consideration for sale of
bullionorjewelleryoranyothergoods(other
than bullion or jewellery) or providing any 206C
service, shall, at the time of receipt of such
amount in cash, collect from the buyer
incometax.
1% of sale consideration shall be collected

asincometaxifsuchconsideration:
a)forbullion(excludinganycoinorarticle
weighing 10 grams or less), exceeds Rs.
2,00,000
b)forjewellery,exceedsRs.5,00,000
c)foranyothergoods,exceedsRs.2,00,000
d)foranyservice,exceedsRs.2,00,000
Everypersonbeingasellerwhoreceivesany
amount as consideration for sale of motor
21A.
206C
vehicleshallcollecttaxatsourceattherateof
1%ofsaleconsideration.
If sale value of motor vehicle exceeds Rs.

10,00,000
A person (not being a banking company)

carrying on any business or profession in
India may file an application for certificate Rule
authorizingreceiptofinterestandothersums 29B
without deduction of tax under section 195
If he has been carrying on business or

professioninIndiacontinuouslyforaperiod
of not less than 5 years immediately
precedingthedateoftheapplicationandthe
value of the fixed assets in India of such
business or profession as shown in his
relevant books for the earlier year exceeds
Rs.50,00,000
Any person responsible for paying to a non

resident,notbeingacompany,ortoaforeign
Rule
company, any interest or salary or any other
37BB
sumchargeabletotaxundertheprovisionsof
theAct,shallfurnishinformation.
InPartAofFormNo.15CAiftheamount
of payment doesn't exceed Rs. 5,00,000 in
aggregateduringthefinancialyear
InPartBofFormNo.15CAiftheamount
of payment exceeds Rs. 5,00,000 in
aggregate during the financial year and a
certificate u/s 195(2)/ 195(3)/ 197 of
IncometaxActhasbeenobtainedfromthe
AssessingOfficer.
InPartCofFormNo.15CAiftheamount
of payment exceeds Rs. 5,00,000 in
aggregate during the financial year and a
certificate in Form No. 15CB has been
obtainedfromaCharteredAccountant.
22.
23.
Any person responsible for paying to a non

resident,notbeingacompany,ortoaforeign
Rule
23A. company,anysumnotchargeabletotaxunder
37BB
the provisions of the Act, shall furnish
information.
In Part D of Form No. 15CA. However,

there is no reporting requirement in
followingcases:
i) If payment is made by an individual
anditispermissibleunderLiberalized
RemittanceScheme.
ii) If remittance is covered under the
Specifiedlist
15/21
8/5/2016
24.
Liabilityforpaymentofadvancetax
208
Taxpayer is liable to pay advancetax if his

advancetaxliabilityexceedsRs.10,000
K. FilingofReturnandAssessment
139
Aperson[otherthanacompanyandapersonrequiredtofurnishreturnin read
1. form ITR 7] whose total income exceeds a threshold limit during the with
previousshallfileitsreturnofincomeelectronically
Rule
12
If total income
exceeds Rs. 5 lakh
rupees during the
previousyear
Issueofnoticeundersection148toreopenassessmentmadeundersection
149
143(3)or147within4yearsfromtheendofrelevantassessmentyear
If income escaping
assessment
is
belowRs.1,00,000
Issueofnoticeundersection148toreopenassessmentmadeundersection
3.
149
143(3)or147within6yearsfromtheendofrelevantassessmentyear
If income escaping
assessment
is
aboveRs.1,00,000
Rs.50,00,000
2.
L.
The president or any other members of ITAT may dispose of any case 255
whichhasbeenallottedtotheBenchofwhichheisamemberandwhich
pertainstoanassesseewhosetotalincomeascomputedbytheAOdoesnot
exceedtheprescribedsum.
Penalties
1.
Penalty for failure to file statement within time prescribed in

234E
section200(3)orinprovisotosection206C(3)
Rs. 200 for every

day during which
failure continues but
notexceeding
tax
deductible/collectible
2.
Penaltyforfailuretocomplywithanoticeundersection143(2)
271(1)(b)
orfailuretocomplywithadirectionundersection142(2A)
Rs. 10,000 for each

failure
3.
Penaltyforfailuretokeep,maintain,orretainbooksofaccount,
271A
documents,etc.,asrequiredundersection44AA
Rs.25,000
3A.
Reportingentityofinternationalgroup(asreferredtoinSection
286) fails to furnish information and documents in accordance 271AA(2)
withprovisionsofSection92D.
Rs.5,00,000/
4.
Penaltyforfailuretogetaccountsauditedorfurnishingareport
271B
ofauditasrequiredundersection44AB
Onehalf per cent of

total sales, turnover
or gross receipts,
etc., or Rs. 1,50,000,
whicheverisless
5.
Penalty for failure to furnish a report from an accountant as

271BA
requiredbysection92E
Rs.1,00,000
6.
Penaltyforfailuretofurnishreturnasrequiredbysection139(1)
271F
orbyitsprovisobeforetheendoftherelevantassessmentyear
Rs.5,000
7.
Penaltyforfailuretofurnishstatementoffinancialtransactions
orreportableaccountasrequiredundersection285BA(1)
271FA
Rs.100perdayof
Default
8.
Penaltyforfailuretofurnishstatementoffinancialtransactions
orreportableaccountwithintheperiodspecifiedinnoticeissued 271FA
Rs. 500 per day of

default
16/21
8/5/2016
underSection285BA(5)
9.
Penalty to be levied if Investment Fund failed to furnish a 271FAB

statementorinformationordocumentasrequiredunderSection
9A(5)
Rs.5,00,000
10.
If shares of a foreign company derives its value substantially 271GA

fromassetslocatedinIndia,andsuchcompanyholdssuchassets
in India through an Indian concern, then, such Indian concern
shall furnish the prescribed information to the tax authority in
accordance with Section 285A. In case of failure, penalty shall
belevied.
a) 2% of value of
transaction, if such
transaction results in
transferring right of
mgmt. or control in
relation to Indian
concern
b) Rs. 5,00,000 in
anyothercase
10A. Failure to furnish report in respect of international group as 271GB(1)

referredtoinsection286(2)
Rs.5,000perday(If
period of failure is
upto30days)
Rs. 15,000 per day
(if period of failure
continues beyond 30
days)
10B. IfanyreportingentityreferredtoinSection286failstoproduce 271GB(2)

theinformationanddocumentswithintheprescribedperiod
Rs. 5,000 for every

dayduringwhichthe
failurecontinues.
10C. Iffailure[asreferredtoinaforesaidcases]continuesafterorder 271GB(3)

hasbeenserveddirectingentitytopaythepenalty
Rs. 50,000 for every

day for which such
failure
continues
beginning from the
date of serving such
order.
10D. Ifreportingentityprovidesinaccurateinformationinthereport 271GB(4)

furnishedunderSection286(2)
Rs.5,00,000
11.
12.
13.
Penalty for failure to deliver/cause to be delivered a statement

within the time prescribed in section 200(3) or the proviso to
271H
section 206C(3), or furnishes incorrect information in the
statement
Penalty shall be levied if a person fails to furnish or furnishes 271I
inaccurateinformationinForm15CA&15CBasrequiredunder
Section195(6).
Penaltyforrefusalorfailureto:
a)answerquestions
b)signstatement
c) attend to give evidence or produce books of account, etc., 272A(1)
incompliancewithsummonsundersection131(1)
d) comply with notice u/s 142(1)/143(2) or failure to comply
withdirectionissuedu/s142(2A)
Rs. 10,000 but may

extend
to
Rs.1,00,000
Rs.1,00,000
Rs. 10,000 for each

failure/default
Penaltyforfailureto:
a) furnish requisite information in respect of securities as
requiredundersection94(6)
17/21
8/5/2016
14.
b) give notice of discontinuance of business or profession as

requiredundersection176(3)
c)furnishinduetimereturns,statementsorcertificates,deliver
declaration, allow inspection, etc., under sections 133, 134, 272A(2)
139(4A),139(4C), 192(2C), 197A, 200(2A), 203, 206,206C,
206C(3A),206C(1A)and285B
d)deductandpaytaxundersection226(2)
e) file a copy of the prescribed statement within the time
specifiedinsection200(3)ortheprovisotosection206C(3)(up
to172012)
f) file the prescribed statement within the time specified in
section206A(1)
272AA(1)
Rs. 10,000 for each

failure/default
(Subject to certain
conditions)
Not exceeding Rs.

1,000
15.
Penaltyforfailuretocomplywithsection133B
16.
Penalty for failure to comply with provisions of section

272B
139A/139A(5)(c)/(5A)/(5C)
Rs.10,000
17.
Penaltyforfailuretocomplywithsection203A
Rs. 10,000 for each

failure/default
18.
Penalty for quoting false tax deduction account number/tax

collectionaccountnumber/taxdeductionandcollectionaccount
272BB(1A) Rs.10,000
numberinchallans/certificates/statements/documentsreferredto
insection203A(2)
19.
Incometax officer can impose penalty only with the prior

274
approvalofJointCommissioner
If amount of penalty
exceedsRs.10,000
20.
Assistant Commissioner or Deputy Commissioner can impose

274
penaltyonlywiththepriorapprovalofJointCommissioner
exceedsRs.20,000
21.
Commissioner or Principal Commissioner can reduce or waive

penalty only with the previous approval of Principal Chief
Commissioner or Chief Commissioner or Principal Director 273A
GeneralorDirectorGeneral
exceedsRs.1,00,000
272BB(1)
M. Prosecution
1.
If tax sought
Prosecutionof6monthsto7yearswithfineforwillfulattempttoevadetax,
to be evaded
276C(1)
penaltyorinterestorunderreportingofincome
exceeds Rs.
25Lakhs
2.
Prosecution of 6 months to 7 years with fine for willful failure to furnish

returnofincomeundersection139(1)orinresponsetonoticeundersection 276CC
142(1)(i)orsection148orsection153A
If tax sought
to be evaded
exceeds Rs.
25Lakhs
Prosecutionof6monthsto7yearswithfineforfurnishingfalsestatementin
verificationordeliveryoffalseaccount,etc.
277
If tax sought
to be evaded
exceeds Rs.
25Lakhs
3.
4.
Prosecution of 6 months to 7 years with fine for abetment of false return,

278
account,statementordeclarationrelatingtoanyincomechargeabletotax
If tax sought
to be evaded
18/21
8/5/2016
exceeds Rs.
25Lakhs
N. Fees
1.
2.
Fees for filing of appeal before

249
CIT(A)
a)Rs.250iftotalincomeascomputedbyAOisuptoRs.
1lakh
b) Rs. 500 if total income as computed by AO is more
thanRs.1lakhbutuptoRs.2lakhs
c)Rs.1,000iftotalincomeascomputedbyAOismore
thanRs.2lakhs
d)Rs.250inanyothercase
Fees for filing of appeal before

253
CIT(A)
a)Rs.500iftotalincomeascomputedbyAOisuptoRs.
1lakh
b)Rs.1,500iftotalincomeascomputedbyAOismore
thanRs.1lakhbutuptoRs.2lakhs
c) 1% of assessed income subject to maximum of Rs.
10,000iftotalincomeascomputedbyAOismorethan
Rs.2lakhs
d)Rs.500inanyothercase
Fees for filing of application before

3. CIT for revision of order under 264
section264
Rs.500
4.
Feesforfilingapplicationforadvance
Rs.10,000onsuchfeesasmaybeprescribed,whichever
245Q
ruling
ishigher
5.
Fees for filing application before Rule

Rs.500
settlementcommission
44C
O. PAN
Every person carrying on any
businessorprofessiontoapply
forPANiftotal sales, turnover
1.
139A
or gross receipts in any
previous exceeds the threshold
limit
Rs.5,00,000
a)SaleorpurchaseofanyimmovablepropertyvaluedatRs.
10lakhsormore
b) A time deposit with a bank/Nidhi company/NBFC
exceeding Rs. 50,000 or aggregating to more than Rs.
5,00,000duringafinancialyear
c)AtimedepositwithPostOfficeexceedingRs.50,000or
aggregatingtomorethanRs.5,00,000duringafinancialyear
d) A contract of a value exceeding Rs. 1 lakh for sale or
purchaseofsecurities
e) Sale or purchase, by any person, of shares of a company
not listed in a recognised stock exchange of an amount
exceedingRs.1,00,000pertransaction.
f)Paymenttohotelsandrestaurantsagainsttheirbillsforan
amountexceedingRs.50,000atanyonetime
g)Paymentincashforpurchaseofbankdraftorpayorders
orbankerschequeforanamountRs.50,000ormoreduring
19/21
8/5/2016
2.
Certaintransactioninwhich
quotingofPANismandatory.
Section
139A
read
with
Rule
114B
anyoneday
h)DepositincashaggregatingRs.50,000ormoreduringone
daywithabank
i) Payment in cash in connection with travel to any foreign
countryofanamountexceedingRs.50,000atanyonetime
j)Paymentincashforpurchaseofanyforeigncurrencyofan
amountexceedingRs.50,000atanyonetime.
k)PaymentofanamountofRs.50,000ormoretoaMutual
Fund for purchase of units or to a company for acquiring
sharesordebenturesorbondsissuedbyit
l) Payment of an amount of Rs. 50,000 or more to RBI for
acquiringbondsissuedbyit
m)Paymentincashorbywayofabankdraftorpayorderor
banker's cheque of an amount aggregating to more than Rs.
50,000inafinancialyearforoneormoreprepaidpayment
instruments issued by RBI to a banking company or a co
operativebankortoanyothercompanyorinstitution.
n)PaymentofanamountofRs.50,000ormoreinayearas
lifeinsurancepremiumtoaninsurer
o)Paymentforsaleorpurchaseofgoodsorservicesofany
nature(otherthanthosespecifiedaboveinPointNo.(a)to(n))
ofanamountexceedingRs.2,00,000pertransaction.
P. OthersProvisions
Restriction on transfer of immovable property

Rule
1. without prior agreement between transferor and
48K
transfereetothateffect
Ifvalueofpropertyexceeds:
1.Rs.75,00,000ifimmovablepropertyis
comprised within in area of Greater
Bombay
comprised within in area of Union
territoryofDelhi
comprised within in area of Calcutta
Metropolitan
Area
and
Madras
MetropolitanPlanningArea
comprised within in area of Bangalore
Metropolitan Region and the areas
declared
as
Ahmedabad
Urban
Development Area and the areas
comprisedinthecityofAhmedabad
comprisedwithininareaofPune
comprisedwithininareasotherthanthose
mentioned above and notified vide SO
339(E), dated 8th May, 1989 SO 53(E),
dated19thJanuary,1990andSO180(E),
dated14thMarch,1991
7. Rs. 10,00,000 if the agreement for
transfer is entered into, on or before the
31071995
20/21
8/5/2016
2. No restriction on transfer of immovable property 269UC If value of property does not exceed Rs.
without prior agreement between transferor and
5,00,000
transfereetothateffect
Transferofanyassetexceptstockintrade,without
obtaining the permission of assessing officer, in
3. favourofanyotherpersonduringthependencyof 281
any proceeding under the act of which notice is
servedontheassesseetobeconsideredasvoid
If amount of tax or other sum payable or

likelytobepayableexceedsRs.5,000or
valueofassettransferredexceeds10,000
Submission of statements by producers of

cinematograph films within thirty days from the
4. endoffinancialyearorwithinthirtydaysfromthe 285B
date of the completion of the production of the
film,whicheverisearlier
Reportingofallpaymentsmadebyhimor
due from him to each such persons as is
engagedbyhiminsuchproductionwhich
exceedsRs.50,000
No statement is required to be furnished to the

5. registrar in respect of transfer of immovable 269P
property
If apparent consideration for such

propertydoesntexceedRs.50,000
Limitonacceptingloanordepositoranyspecified
sum otherwise than by account payee cheque or
6.
269SS Rs.20,000inaggregate
account payee bank draft or electronic clearing
system(Subjecttocertainconditions)
Limit on repayment of loan or deposit or any
specifiedadvancereceivedbyit,otherwisethanby
7. accountpayeechequeoraccountpayeebankdraft 269T
or electronic clearing system (Subject to certain
conditions)
Rs.20,000inaggregate
8.
Rebate to resident individual whose total income

87A
doesnotexceedRs.5,00,000
Tax payable subject to maximum of Rs.

5,000
9.
Income of minor child clubbed under Section

Rs. 1,500 per child or Income of Minor,
10(32)
64(1A)withparentsincome.
whicheverislower
[AsamendedbyFinanceAct,2016]
21/21

Threshold Limits Under Income-Tax Act

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Verfügbare Formate

Threshold Limits Under Income-Tax Act

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Copyright:

Verfügbare Formate

8/5/2016

Maximum amount of income which is not chargeable to Incometax in the hands of a

Maximum amount of income which is not chargeable to Incometax in the hands of a

Threshold Limits (for

Entertainment Allowance (Exempt in case of

Least of the following is

Encashment of unutilized earned leave at the time of

Retrenchment Compensation received by a workman

Least of the following shall

Death cumRetirement Gratuity received by other

Death cumRetirement Gratuity received by other

**Salary = Basic Pay +

Amount received on Voluntary Retirement or

Least of the following is

Up to Rs. 1600 per month

Transport Allowance to an employee working in any

Amount of exemption shall

Allowances to Retired Chairman/Members of UPSC

Up to Rs.14,000 per month

Sec. 10(14) Amount exempt from tax

Tribalareaallowancein(a)MadhyaPradesh(b)Tamil Sec. 10(14)

Compensatory Field Area Allowance. If this

Compensatory Modified Area Allowance. If this

Underground Allowance to employees working in Sec. 10(14)

Highlyactivefieldareaallowancegrantedtomembers Sec. 10(14)

Tax on contribution to an approved superannuation

To the extent it exceeds

Expense incurred by employer on providing

Interest on loan received from employer at

If aggregate amount of such

Free meal provided to employees during office hours

Value of any gift received by the employee or by Rule3

Up to the extent of Rs.5,000

Interest incurred on borrowed capital for construction/ acquisition of selfoccupied

Interest incurred on borrowed capital for reconstruction, repair or renewal of self

The agricultural extension project shall be considered for

Persons carrying on specified

Compulsory maintenance of books of account Other

1) If total sales, turnover or

1) If total sales, turnover or

Limit on payments in cash for expenses/ liability (Subject

Computation of income from eligible business on

Presumptive income of eligible

Presumptive income shall be

Rs. 7,500 for every month

Applicability of Domestic Transfer Pricing, if aggregate

If aggregate value, as recorded

Limit on investment made by an assessee in bonds of

Gifts without consideration/ inadequate consideration

Gift up to Rs. 50,000 is not

33.33% of Family Pension

Dividend received from domestic company by resident

If activity is undertaken in course of carrying out

To the extent it exceeds 5% of total donations

Maximum amount which an electoral Rule

5% of the total contributions received in a year

Amount can be deposited by an individual in the name

23. Deposit in an account under the Senior Citizen

Amount contributed to pension

Amount paid (in any mode other than cash) by an 80D

In case of Individual, amount

b) For parents: additional

Expenses actually paid by resident individual and HUF