Tax Calendar-June 2016

05 June 2016
a) Last date to deposit, monthly payments of Service Tax for the month of May 2016 ( For offline payments)

     b) Last date to deposit, payments of excise for the month of May 2016 ( for offline payments )

06 June 2016
a) Last date to deposit, monthly payments of Service Tax for the month of May 2016 ( For online payments)

     b) Last date to deposit, payments of Excise for the month of May 2016 ( for online payments )

07 June 2016
a) Last date to deposit, payments of Tax Deducted Source for the month of May 2016

     b) Last date to deposit, payments of Tax Collected Source for the month of May 2016

10 June 2016
Last date to upload, Excise Returns ER-1, ER-2, ER-6 for the month of May 2016

15 June 2016

a) Last date to deposit, payments of Provident Funds for the months of May 2016

b) Last date to deposit, first installments of Advance income tax (For Assessment Year 2017-18)

20 June 2016
Last date to deposit, payments of Local Body Tax for the months of May 2016

21 June 2016
a) Last date to deposit, monthly payments of Maharashtra Vat / Central Sales Tax and upload returns for the months of May 2016

     b) Last date to deposit, payments of Employees State Insurance Corporation 
c) Last date to deposit, TDS of Maharashtra Vat for the month of May 2016

30 June 2016

a) Last date to deposit, monthly payments of Profession Tax and upload returns for the month of June 2016
b) Last date to deposit, annual Profession Tax payments of self employed persons for the Financial Year of 2016-17
c) Last date to upload, annual TDS returns form 405 of Maharashtra Vat
d) Last date to upload, annual returns of LBT for the Financial Year 2015-16
e) Last date to upload, monthly returns of Luxuries Tax for the months of May 2016

INCOME TAX RATES FOR A.Y. 2016-17.

Tax Rates

a) For Individuals / Hindu Undivided Family / Association of Person / Body of Individuals / any other artificial juridical person.

Taxable Income	Tax Rates
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	10 %
Rs. 5,00,000 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30  %

b) For resident senior citizen (whose age is 60 years or more but not more than 80 years)

Taxable Income	Tax Rates
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 to Rs. 5,00,000	10 %
Rs. 5,00,000 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30  %

c) For resident super senior citizen (whose age is 80 years or more)

Taxable Income	Tax Rates
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

d) For Partnership Firm / Limited Liability Partnership – taxable at 30 %

e) Local Authority -  taxable at 30 %

f) Co-operative Society -

Taxable Income	Tax Rates
Up to Rs. 10,000	10 %
Rs. 10,000 to Rs. 20,000	20 %
Above Rs. 20,000	30 %

g) For Company -

   1) Domestic Company – taxable at 30 %

   2) Foreign Company –

Nature of Income	Tax Rate
Royalty and fees received from Government or an Indian concern in pursuance of an agreement made by company with Government or Indian concern after 31 March 1961 but before 1 April 1976( in case of royalties) and after 29 Feb. 1964 but before 1 April 1976 (in case of fees)	50 %
Any other income	40 %

Surcharge

a)     For Individuals / Hindu Undivided Family / Association of Person / Body of Individuals / any other artificial juridical person / Partnership firm / Limited Liability Partnership / Local Authority / Co-operative Society – If total income exceeds one crore rupees, surcharge will be applicable at 12 % of tax.

b)    For company – If total income exceeds one crore rupees, surcharge will be applicable at following rates.

Total Income	Domestic Company	Foreign Company
Exceeds one crore but not ten crore rupees.	7 %	2 %
Exceeds ten crore rupees.	12 %	5 %

Education Cess - Applicable to all assessee @ 2 % of income tax and surcharge.

Secondary and Higher Education Cess - Applicable to all assessee @ 1 % of income tax and surcharge.

Rebate under section 87A – The rebate is available to resident individual, if his/her total income below Rs. 5, 00,000, the amount of rebate shall be 100 % of income tax or Rs. 2000, whichever is less.