ITR Filing

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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

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In Budget-2017 ,Major change has been made regarding calculation of Capital gain. One of them is that base year of cost inflation index has been shifted from 1981 to 2001.By doing this capital appreciation during 1981-2001 has been effectively exempted. For capital assets acquired before 01.04.2001,Market price or cost price as on 01.04.2001 is to…

Read More COST INFLATION INDEX 2001 SERIES RELEASED

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With effective from 1st July, 2017 it is mandatory to link Aadhaar number with PAN. As per the Finance Bill 2017, all PAN applications will require the Aadhar card number to be mentioned and all PAN card-holders must ensure that their PAN cards are linked to Aadhaar card, failing which PAN cards will be invalidated.…

Read More How to link Aadhaar Number with PAN in three simple steps?

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In this article we compiled information / How to register Aadhaar in ITD e-Filing website, Solution to errors in linking of Aadhaar, Aadhaar in case of HUF/Corporate login, reset password through Aadhaar, Validity of OTP sent from Aadhaar database, How to check Aadhaar number linking, Is it mandatory to link Aadhaar number, De – Linking…

Read More 19 FAQs on AADHAAR Number Linking in ITD e-Filing website

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CBDT Press Release on Operation Clean Money dated 14-04-2017 1. Operation launched on 31-01-2107 2. In first phase , online response was requested from 17.92 lakh persons 3. Response received from 9.46 lakh persons 4. Online queries raised from 35000 cases 5. Online verification completed in more than 7800 cases. 6. In cases where the…

Read More CBDT Press Release on Operation Clean Money dated 14-04-2017