Direct Tax

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Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19 vide notification no. 16/2018 dated 03rd April 2018. Few points to be noted about new ITR are as follows:- 1. Simplified one page ITR Form-1 (Sahaj) can be filed by an individual who is resident other than…

Read More 7 New Points To be Noted in New ITR Form for A.Y 2018-19 F.Y 2017-18

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MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19? 1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person. 2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST). 3. For below…

Read More Tax Changes for Filling of Income tax Return For A.Y 2018-19, FY 2017-18

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The Budget 2018 failed to do much for taxpayers as well as the salaried class. However, some sections of society, particularly senior citizens, gained much from its proposals. Whatever be the case, as a taxpayer we need to be aware of the tax proposals of this year’s Union Budget as they are going to impact…

Read More 10 Important Income Tax Changes from 1st April 2018 ( FY 18-19 AY 19-20)

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Once you have successfully filed your income tax return, you need to verify your income tax return. Without completing verification of your ITR, your ITR will not be processed by the Income Tax department. Post filing your ITR, you get 120 days to verify it. There are two ways to verify Income Tax Return: Download,…

Read More How to E-Verify ITRV | Step by Step Guide to Generate EVC

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  Tax rate • For Individual (non-senior)/HUF/senior)/HUF/AOP/BOI/PDT/AJP/Trust, tax rate reduced from 10% to 5% for income slab 2.5 – 5 lakh. • For Individual Resident Senior Citizen (60 years), tax rate reduced from 10% to 5% for income slab 3 – 5 lakh. • For Domestic company, tax rate changeschanges: 25%, If Turnover in FY 15-1616 is <=50 crore or eligible u/s 115BBA 30%, for other cases.   Surcharge For Individual, HUF, AOP, BOI and AJP, surcharge rate changes: • 10%, if income is above Rs. 50 lakh but <= Rs. 1 crore • 15%, if income is above Rs. 1 crore Rebate u/s 87A Limited to Rs. 2,500 on net income up to Rs. 3,50,000   Depreciation In ‘Depreciation as per IT Act’ subsub-table maximum rateate of depreciation is restricted to 40% for all status.   Maintain Books of accounts In case of Individual or HUF, for Section 44AA applicabilityapplicability: • Business/Profession income limit increased from Rs. 1.2 lakh to Rs. 2.5 lakh • Turnover/Gross receipts limit increased from Rs. 10 lakh to Rs.25 lakh   Transactions without adequate consideration ‘Transactions without adequate consideration’ sub-table is now applicable for all status except trust in certain cases. Chapter VI-A deductions • No deduction is available on donation in cash exceeding Rs.2,000. Necessary changes are made in ‘80G – Donations’ sub-table. • 80CCG deduction can be claimed only if investment is done in AY 16-17 or 17-18 • Limit for Deduction u/s 80CCD(1) is increased from 10% to 20% of Gross total income in cases of income other than Salary Deduction u/s 10AA Deductions u/s 10AA is now allowed from Total income   Fee u/s 234F For returns not filed within due date, ‘Fee u/s 234F’ is payable as follows : • Where Total income is below basic exemption limit = Nil • Where Total income does not exceed Rs. 5 lakh = Rs. 1,000 • Where Total income exceeds Rs. 5 lakh, st If return filed on or before 31 December = Rs. 5,000 st If return filed after 31 December = Rs. 10,000   Income exempt u/s 10 For Trust, in ‘Taxable Income u/s 11 to 13’ sub-table → under ‘Less: Incomes exempt u/s 10’, following exemption sections are provided: • 10(23AAA): Employee Welfare Fund • 10(23EC): Contributions of Investor Protection Fund from Commodity…

Read More Changes in Income Tax for Filing Of Income tax return for FY 2017-18, AY 2018-19