Instant e-PAN Online For Individuals

Tuesday, July 10th, 2018 Amritesh no responses

Income Tax Department (IDT) has launched facility to apply for instant e-PAN online for Individuals with valid Aadhaar ID, free of cost, for limited time period. This step is taken to facilitate the income tax return filing process, the last date for return filing is 31st July, 2018. The facility is provided for free and e-PAN (Permanent Account Number) is allotted in shortest possible time to the Individual. Currently, the Instant e-PAN facility (Beta Version) is closed as of 06.07.2018. However, the facility is expected to be made available at a later date. Income Tax Return (ITR Forms): Assessment Year 2018-19 e-PAN card is digitally signed electronic version of the conventional PAN Card issued by the Income Tax Department using the…

Income Tax Return (ITR) Forms: AY 2018-19

Sunday, July 1st, 2018 Amritesh one response

Income Tax Return (ITR) Forms for the Financial Year 2017-18 (Assessment Year 2018-19) is available on the Income Tax Portal. Central Board of Direct Taxation (CBDT) has issued 7 Income Tax Return (ITR) forms for the Financial Year 2017-18 (Assessment Year 2018-19). The applicability of the Income Tax Return (ITR) forms has been discussed below. Return Forms: Income Tax Assessment Year 2018-19 Some of the changes introduced in the previous year have been continued in the current Assessment Year as well. Instructions related to Filing of Returns The new forms require Salaried Individuals to provide the basic details of the Salary (components as available in Form 16). Furthermore, for Income from Business, GST and Turnover details need to be furnished…

Marginal Relief on Surcharge: Income Tax

Friday, June 22nd, 2018 Amritesh no responses

Income Tax is levied on the basis of the income slab an Individual falls under and the tax rate fixed for the same. The maximum tax rate on Individual income currently levied is 30% plus Health & Education Cess of 4%. Income Tax Surcharge of 10% is levied if the income exceeds 50 lakhs, whereas income above 1 crore attracts 15% surcharge on the Tax payable. Marginal Relief on Surcharge is applicable, provided the incremental income tax (including surcharge) is more than the incremental income (above Rs 50 lakhs or Rs 1 crore, as the case may be). As per Concept of Marginal Relief, if the amount payable as surcharge exceeds the income above Rs 50 lakhs or Rs 1…

Long Term Capital Gain (LTCG)

Wednesday, June 6th, 2018 Amritesh no responses

Gains arising out of transfer of capital assets are considered as Capital Gains. Any Profit or Gain made on transfer of capital assets is liable to tax under the head “Capital Gains” of the Income Tax Act. “Sale Consideration” is an important component for determination of the Tax Liability under Capital Gain. Capital Gain Tax is not levied when there is a transfer of property, due to inheritance. Although, Capital Gain Tax is levied on the Gain made by the heir through sale of such assets. Gains from Sale of Capital Assets is classified into: Short Term Capital Gains (STCG) Long Term Capital Gains (LTCG) STCG has been discussed in details earlier. Please refer to the link shared below. Short…

Tax Deductions For Financial Year 2018-19

Thursday, February 8th, 2018 Amritesh no responses

Salaried Individuals with Annual Income above Rs 2,50,000/- per annum are liable to pay Taxes on the earnings above the Income slab. However, Individuals with Taxable Income up to Rs 3,50,000/- per annum may avail Tax Credit up to Rs 2,500/- under Section 87A on the Income Tax payable. Thereby, implying that Individuals with Income up to Rs 3,40,000 will not have any Tax Liability for the Financial Year 2018-19 and Assessment Year 2019-2020. Since the newly introduced Standard Deduction provides flat deduction of Rs 40,000/- on the Salary Income. Income Tax Applicable for Various Income Slabs Income Tax Slabs and Rates For Financial Year 2018-19 In this post we would look at the Tax Deductions available under various Sections…

Income Tax Applicability For The Financial Year 2018-19

Tuesday, February 6th, 2018 Amritesh 3 responses

The Tax Implications shown above is applicable for Salaried Individuals below 60 years of age. For the Financial Year 2018-19, Standard Deduction of Rs 40,000/- is available to the Salaried Individuals in lieu of Conveyance Allowance of Rs 19,200/- and Medical Reimbursement of Rs 15,000/- available in the Financial Year 2017-18. Standard Deduction is a flat deduction from the Salary Income of an Individual. However, the Cess on the Income Tax Payable has been increased by 1%. Income upto Rs 2,50,000/- is exempted from Tax. Tax Rebate U/S 87A of Rs 2,500/- is available to Individuals with Taxable Income up to Rs 3,50,000/-. Health and Education Cess of 4% is additionally levied on the Income Tax payable for the Financial…

Income Tax Slabs & Rates Financial Year 2018-19 (Assessment Year 2019-20)

Saturday, February 3rd, 2018 Amritesh 2 responses

Income Tax Rates remain unaltered in the Budget 2018 for the next Financial Year. The chart above shows the latest Tax rates applicable for the FY 18-19 (Assessment Year 2019-20). However Cess has been revised to 4% from 3% and Standard Deduction reintroduced, details about the applicability on the Income along with exemption limit has been discussed below. Impact of the minor changes to your Tax Liability will be discussed in the upcoming post. Income Tax Rates applicable for Senior citizens has also been discussed below. Re-Introduction of Standard Deduction for Salaried Individuals: Standard Deduction of Rs 40,000/- has been provided in lieu of existing Conveyance Allowance (Transport) of Rs 19,200/- and Medical Reimbursement of Rs 15,000/-. Thus the actual…

Short Term Capital Gains: All You Need To Know

Wednesday, December 6th, 2017 Amritesh no responses

Capital Gain Capital Gain is the appreciation in value of the asset over a period of time when compared to the purchase price. The Gain is realized only at the time when the asset is sold. This post discusses about Short Term Capital Gains. Any Profit or Gain arising out of transfer of capital asset held in form of investment (including real estate or stocks) is known as Capital Gain. The gain or profit is charged to Capital Gains Tax in the year the sale of asset is done. Any property, whether movable or immovable when sold, capital gain tax is applicable. However, Income Tax Act exempts assets received in form of inheritance or will. Income from Capital Gain is…

6 Ways To Save Tax: All You Need To Know

Thursday, July 20th, 2017 Amritesh one response

Tax Planning is the evaluation of individual’s financial position from the tax point of view so as to optimize the Finances in the most efficient way. It helps to make optimal use of the tax benefits available in order to reduce the tax liability during the financial year. Tax Planning is the best method of reduce Tax Liability and utilize the tax exemptions provided on the Income. Tax Planning is the ethical mean to reduce the tax liability through proper tax exemptions channels available to the Tax Payers. Most of the Individuals are aware of the Tax Deductions available U/S 80C up to the maximum limit of Rs 1,50,000/-. However, Individuals are eligible to avail additional deductions under some of…

How to e-File Income Tax Return (ITR1-Sahaj)?

Saturday, July 8th, 2017 Amritesh 3 responses

The last date to file income tax returns for the Financial Year 2016-17 (Assessment Year 2017-18) is 31st July, 2017 ITR-1 (Sahaj) is applicable for following class of Income for the Individuals: Income from Salary/Pension Income from House Property (Only 1 House) Income from Other Sources This form is not applicable for following class of Income for Individuals: Income from more than 1 House Property Winnings from Lotteries or Horse Races Income from Capital Gains Not Exempt from Tax (Short or Long) Income from Agriculture Income in excess of Rs 5,000/- Income from Business or Profession Losses brought forward from previous years or Other Head Sources. I have discussed about the various Tax Forms and their applicability in my previous…
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