Income Tax

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Now Income Tax Department started new facility of avail instant e-PAN online at free of cost. Those who have not PAN card can apply and avail e-PAN instantly at free of cost. What is e-PAN? e-PAN is a digitally signed PAN card issued in electronic format by Income Tax Department using Aadhaar e-KYC process. Hence,…

Read More How to get instant E-Pan Online at free of cost ?

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1. ITR 1 Applicability: ITR 1 can be filed by individuals being a resident other than not ordinarily resident (ROR) having -Income from Salaries, -One house property, -Other sources (Interest etc.) and -having total income upto ₹ 50 lakhs.   2.Non-applicability of ITR – 1 to non-residents: ITR-1 is not applicable to -Non-residents and -individuals who…

Read More Key Changes and guide to file ITR-1 for AY 2018-19

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A massive fire at the Income Tax (investigations) officer in Scindia house, Ballard Estate at 4;30 pm on Friday has suspected enveloped important files related to defaulters like Mallya, Nirav Modi and Mehul Choksi. The fire brigade department said that dousing operation was challenging as the massive amount of files and wooden work inside the premises…

Read More Fire In Mumbai’s IT Department Building, Files Of Nirav Modi, Choksi & Mallya was Burnt ?

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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