Thursday, 2 June 2016

A Comment on New tax changes that apply from 1st June, 2016

My Comment on an article "4 tax decisions that will impact your pocket from tomorrow" published in the Dated 31/05/2016.

"It is some relief and some pain. The Krishi Kalyan cess of .5% added to Service Tax making it now a total of 15% and the new tax of 1% imposed on Cars costing above Rs.10 lacs with effect from 1st June are pinching to your pocket. 

Now, you should think over twice while going to purchase luxury cars, or while utilising services that attract service tax.

But, the withdrawal of tax on purchases of jewellery up to Rs.5 lacs is a relief to people who may have to buy jewellery for marriage purposes, etc. 

Further, the limit of PF withdrawals with no TDS has been raised from Rs.30,000 to Rs.50,000 wef. 1st June."

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