Category Archives: Income Tax

Major changes in ITR 4 (Sugam) Form for AY 2019-20

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.

ITR4 applicable to

The new ITR-4 form is not applicable to:

  • Non-residents and Residents but not ordinarily resident (RNOR)
  • An individual who is either Director in a company or has invested in unlisted equity shares

Continue reading Major changes in ITR 4 (Sugam) Form for AY 2019-20

Major changes in New ITR 1 (Sahaj) 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.

ITR 1 for Resident Individuals

The new ITR-1 form is not applicable to:

  • Non-residents and Residents but not ordinarily resident (RNOR)
  • An individual who is either Director in a company or has invested in unlisted equity shares

Continue reading Major changes in New ITR 1 (Sahaj) Form for AY 2019-20

Major changes in ITR 1 (Sahaj) for AY 2018-19

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 or Profession Codes for ITR Forms – AY 2019-20

Nature of Business 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 Nature of Business or Profession Codes. 

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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. 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

Form 15CA and 15CB under Section 195 of Income Tax

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