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Tag: ITR Filing


  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 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…


New Delhi: The income tax department on Tuesday said it has issued Permanent Account Number (PAN) within a day to 19,704 newly incorporated companies till 31 March 2017. In addition to physical PAN card, CBDT has introduced the Electronic PAN Read more…


Income Slabs & Income Tax Rates  for the Financial Year 2017-18 i.e. Assessment Year 2018-19 (these will be effective  on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers. Categorized based on age group Categorized Read more…


Section 87a of the Income Tax Act was introduced in Finance Act, 2013. The section was introduced to provide benefits to individuals whose total net income is below Rs.5,00,000 (Rs. 3,50,000 from F.Y 2017-18) Income Tax Rebate under Section 87A: Section 87A of Income-tax Act, Read more…


Your PAN number will be Invalid and you will not able to file Tax Return, if not linked to Aadhaar card by 1 July 2017 How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which Read more…


Regarding disclosure requirement and reporting requirement in the Auditor’s Report that the company has provided requisite disclosures in itse period from 8thNovember, 2016 to 30thDecember, 2016.  Further, the Ministry of Corporate Affairs has amended the Rules pertaining to Chapter X Read more…


CBDT has vide notification No. 21/2017 released ITR for Assessment Year 2017-18 / Financial Year 2016-17 and Same can downloaded from the link given at the end of the post. the number of ITR Forms have been reduced from the Read more…


INDIVIDUALS / HUF / AOP / BOI No change in income tax rates, no increase in tax exemption Limit.First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house Read more…

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