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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 … Read more

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
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