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New-ITR-forms-17-18_Full

New requirements in ITR forms for AY 2018-19

New requirements in ITR

1. Additional disclosure requirements for Ind AS Compliant Companies.
2. Fees for late filing of return [Section 234F].
3. There is a requirement to furnish a break-up of salary. Require more details of house property income.
4. Additional details to be furnished by taxpayers opting for presumptive scheme such as amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him.
5. Transfer of TDS Credit to Other Person.
6. Capital Gains in case of transfer of unquoted shares.
7. Reporting of sum taxable as Gift.
8. Now Partners cannot use ITR 2.
9. Revised Depreciation Schedule i.e. the highest rate of depreciation for any block of asset is restricted to 40%
10. Details of business transactions with registered and unregistered suppliers under GST.
11. Assessee claiming DTAA relief is required to report more details.
12. Info relating to capital gains exemption to be furnished in detail.
13. Disallowance of expenses in case of TDS default (for residuary income).
14. Taxability on remission of trading liability in case of ‘Income from other source’.
15. Income from transfer of Carbon Credits.
16. Impact on profit or loss due to ICDS deviation.
17. Details of GST paid and refunded.
18. Removal of ‘Gender’ from personal information.
19. Details of foreign bank account of non-residents.
20. Reporting of CSR appropriations.
21. Break-up of payments/receipts in foreign currency.
22. Ownership information in case of unlisted company.
23. Trusts to disclose more information in ITR.
24. Details of fresh registration upon change of objects [Section 12A].
25. Taxability of Dividend in excess of Rs. 10 lakhs [Section 115BBDA].
26. No deduction for corpus donations made to other institutions [Section 11].
27. Political Parties to confirm if cash donations are received [Section 13A].

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tax-changes-for-landlords

Tax changes effective from 1 April 2018 (FY 2018-19)

Tax Changes effective from 1 April 2018 (FY 2018-19)

  • Penalty on late filing of ITR upto Rs.10,000
  • Reduction in time limit to revise ITR, to be done in same assessment year
  • No ITR can be filed after the assessment year
  • Transport allowance and medical reimbursement to employees are taxable
  • Standard deduction of Rs. 40,000 to salaried assesses
  • Hike in cess from 3% to 4%
  • Levy of Long Term Capital Gain Tax (LTCG) on shares and equity mutual funds
  • Senior citizens (above 60 years) interest income exempted to Rs.50,000. TDS on interest for senior citizen will be deducted only if interest income is more than Rs.50,000
  • Tax benefit on premium on medical insurance for senior citizen upto Rs.50,000

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