ITR Filing

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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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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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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

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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