IMPORTANT FEATURES:
(i) In relation to assessment year 2017-18:

In the case of: (A) an individual, HUF, AOP, BOI and artificial juridical person, exemption limit and rate structure of I.T. is the same as in the preceding year; (B) domestic company, foreign company, firm & local authority, flat rate of I.T. is same as in the preceding year. Where the total turnover or gross receipt of a domestic company, in the previous year 2014-15 does not exceed Rs. 5,00,00,000, flat rate of I.T. is 29%, as against 30%; & (C) co-operative society, rate structure of I.T. is same as in preceding year. In the case of: (i) assessees referred to in (A) above, where the taxable income exceeds Rs. 1,00,00,000, rate of S.C. on I.T. is 15%, as against 12% in the preceding year; (ii) firm, co-operative society & local authority, where the total income exceeds Rs. 1,00,00,000, rate of S.C on I.T. is 12% as in the preceding year; & (iii) domestic/foreign company, rate of S.C. on I.T. is same as in preceding year. Additional S.C. @ 2% & 1% of I.T. & S.C. on I.T., if any, is same as in the preceding year.

Exemption of total income provided/amended/withdrawn u/s. 10(23DA), 10(23FC), 10(34), 1035(A), 10(38), 10(50) & 10AA.

Income of charitable or religious trust chargeable to tax under new sections 115TD to 115TF.

Computation of income from salary amended u/s. 17(2)(vii).

Computation of house property amended/substituted u/s. 24(b) and new section 25A.

Computation of business or professional income amended/provided u/s. 28(va)(a), 32(1)(iia), 35ABA, 40(a)(ib), 43B, 44AA, 44AB, 44AD, 44ADA & 115JB. Sections 35(1)(ii)/(iia)/(iii), 35(2AA), 35(2AB), 35AC, 35AD, 35CCC & 35CCD amended from assessment year 2018-19 & onwards.

Computation of capital gains amended, etc., u/s. 47,48, 50C, 54EE, 54GB, 55(1)/(2) & 112(1)(c)(iii).

Provisions of deductions from gross total income amended u/s. 80CCD, 80EE, 80GG, 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA & 80JJAA. Provisions for rebate u/s. 87A, amended.

Provisions of determination of tax in certain cases amended/provided u/s. 115BBE, 115BA, 115BBDA & 115BBF.

Provisions of assessment procedure amended u/s. 139(1)/(4)/(5)(9) & 143(1). W.e.f. 1-6-2016, Income Declaration Scheme, 2016 & Equalisation Levy, introduced. Penalty provisions amended/provided u/s. 270, 270A, 272A & 271AAB.

(ii) In relation to assessment year 2016-17::

In the case of: (a) an individual, HUF, AOP, BOI & artificial juridical person basic exemption limit & rate structure of I.T. is the same as in the preceding year; (b) domestic company, foreign company, firm & local authority, flat rate of I.T. is the same as in the preceding year; & (c) co-operative society, rate structure of I.T. is the same as in the preceding year. In the case of: (i) assessees specified in (a) & (c) above, firm & local authority, where the taxable income exceeds Rs. 1,00,00,000, S.C. on I.T. is 12%, as against 10% in the preceding year; (ii) domestic company, where the taxable income exceeds Rs. 1,00,00,000 but does not exceed Rs. 10,00,00,000, S.C. on I.T. is 7%, as against 5% in the preceding year/where the taxable income exceeds Rs. 10,00,00,000, S.C. on I.T. is 12%, as against 10% in the preceding year; & (iii) foreign company, where the taxable income exceeds Rs. 1,00,00,000 but does not exceed Rs. 10,00,00,000, S.C. on I.T. is 2% as in the preceding year/where the taxable income exceeds Rs. 10,00,00,000, S.C. on I.T. is 5% as in the preceding year. Addl. S.C. @ 2% and 1% of I.T., I.T. & S.C., if any, is same as in the preceding year in respect of all categories of assesses.

Exemption from total income provided/amended/withdrawn u/s. 10(15), 10(23EE), 10(23FB), 10(23FBA), 10(23FBB), 10(23FCA), 10(38) & 10(48A).

Income of charitable or religious trust amended u/s. 2(15), 11(1)/(2) & 13(9).

Computation of business or professional income amended/deduction provided u/s. 32(1)(ii)/(iia), 32(AC), 32(AD), 35(2AA), 35(2AB)(3)/(4), Explanation 1 & 4 to section 115JB.

Computation of capital gains amended u/s. 2(14), 2(42A), 47(viab)/(vicc)/(xviii), 49(1)(iii)(e), 49(2AD) & 111A(1).

Provisions of deductions from gross total income amended u/s. 80CCC, 80CCD, 80D, 80DD, 80DDB, 80G, 80JJAA & 80U.

Provisions of business trust amended u/s. 2(13A), 10(23FCA), 10(23FD), 10(38), 111A(1) & 115UA(3).

Provisions pertaining to investment fund incorporated u/s. 10(23FB), 10(23FBA), 10(23FBB), 115U(6), Chapter XII-FB (section 115UB) & 139(4F).

Assessment procedure amended w.e.f. 1-6-2015 u/s. 132B(1)(i), 139(3), 151, 153(c)(1) & 154.

Provisions for General Anti-Avoidance Rule will come into effect from assessment year 2018-19 and onwards, as against assessment year 2016-17 and onwards.

Wealth-tax is not payable in relation to financial year ending on 31-3-2016 and subsequent financial years.