For filing salaried return Form 16 is issued by the employer to its employees. Salaried Individual gets various allowance / expense under the head of Salary, which are either tax free or exempt from salary income.
This article talks about various Allowances Under Section 10 and extent to which they are exempted.
Earlier articles “Major Changes in New ITR 1 ” & “Major Changes in New ITR 4” discussed about changes in respective forms.
One of the field in ITR forms requires details of Tax deducted at Source (TDS) during the year and brought forward of earlier years.
This article is about now to fill TDS columns in ITR 1 and ITR4.
Income Tax Return Form – ITR-4 (Sugam) is applicable to Resident Individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 Lakh and having Presumptive Business Income under sections 44AD or Presumptive Income from Profession under section 44ADA or Presumptive Income from Goods Carriages under section 44AE.
The new ITR-4 form is not applicable to:
Continue reading Major changes in ITR 4 (Sugam) Form for AY 2019-20
Income Tax Return Form – ITR-1 (Sahaj) is applicable to only Resident Individuals having total income upto Rs. 50 lakhs, having Incomes from Salaries or Pension, One House property, Other sources (Interest etc.), and agricultural income upto Rs.5,000.
The new ITR-1 form is not applicable to:
Continue reading Major changes in New ITR 1 (Sahaj) Form for AY 2019-20
Income Tax Return Form – 1 (Sahaj) is applicable to only Resident Individuals having Incomes from Salaries or Pension, One House property, Other sources and having total income upto Rs. 50 lakhs. The new ITR-1 form is not applicable to Non-residents and Residents but not ordinarily resident (RNOR).
Continue reading Major changes in ITR 1 (Sahaj) for AY 2018-19
Nature of Business Code or Profession Code is required to be furnished in ITR 3, ITR 4, ITR 5 and ITR 6. In the new Income tax return (ITR) forms for A.Y. 2019-20 F.Y. 2018-19, below changes are made in Business Code or Profession Code.
Continue reading Business Code or Profession Code for ITR Forms – AY 2019-20
As per Rule 96 of the CGST Rules 2017, the shipping bill filed by an exporter shall be deemed to be an application for refund of integrated tax paid on the goods exported out of India. Being so, opting LUT/NA or mentioning “0” against “IGST Paid” field, will keep away the exporter to avail refund claim even if they have paid the IGST as the exporter himself has declared the same in the Shipping Bill. However, following Circular No. 8/2018-Cus dated 23.03.2018, an option has been made available by the DG Systems in ICES for sanctioning IGST refund in respect of those cases where the exporter has erroneously declared that the shipment is without payment of IGST, although they have declared and paid the IGST in GST Returns.
Continue reading How to Resolve IGST Refund Issues for Exporters
The due date for furnishing Statement of Financial Transaction (SFT) for any Financial Year is May 31 of that year e.g for F.Y. 2018-19 it is May 31, 2019.
Communications are being received by the Income Tax Department for furnishing Form 61, Statement of Financial Transactions (Form 61A) / Statement of Reportable Accounts (Form 61B) on the Reporting Portal.
Continue reading Statement of Financial Transaction (SFT / Form 61A) Preliminary Response
As per Accounting Standard 11 – The effects of Changes in Foreign Exchange Rates on Import of Capital Goods / Fixed Assets are
Continue reading Applicability of AS 11 in Buyers Credit on Capital Goods
Refer Revised Article:
Form 15CA and Form 15CB not Required for Import Payments
Post below article CBDT has revised rules for form 15CA and Form 15CB. Please refer above article for further detail.
In earlier article about Withholding Tax (WHT), we have discussed about the process and applicability of Form 15CA and 15CB. On 5th August, 2013 CBDT revised the guidelines on Form 15CA and Form 15CB and further amended on 02nd September 2013. Below article gives a summary of changes made.
Continue reading Revised Forms (15CA, 15CB) and Rules for payment to Non Resident
Refer Revised Article : Form 15CA and Form 15CB not Required for Import Payments
Post below article CBDT has revised rules for form 15CA and Form 15CB effective from April 01, 2016. Please refer above article for further detail.
Continue reading Form 15CA and 15CB under Section 195 of Income Tax
Buyer's Credit & Supplier's Credit 