Income tax rate and compliance reforms reshape definitions, deductions, TDS, timelines, transfer pricing reporting and penalty regime.

Specified income tax rates, TDS tables and surcharge/cess rules for assessment year 2016 17 are set out, alongside extensive amendments to definitions, residence and source rules, exemptions, deductions, presumptive taxation, TDS thresholds and rates, assessment timelines, transfer pricing reporting, and a new penalty framework for under reporting and misreporting with complementary immunity provisions; procedural, compliance and timing changes include electronic hearings, modified audit and record keeping obligations, and revised advance tax schedules.

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