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Category: ITR Filing


Effects On Filing Income Tax Return After Due Date  Interest If you don’t file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A. The Read more…


Major Changes : Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc. The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of Read more…


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 Read more…


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 Read more…


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 Read more…


  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   Read more…


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. Read more…


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 Read more…


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 Read more…


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 Read more…


In a general issue regarding the mismatch in names occurring in the PAN card and Aadhar card has been surging day by day as in the common process to link the Aadhar card to the tax return file, the issue Read more…

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