TAX ADVISOR - YOUR OWN TAX GUIDE

The Income Tax Department has issued ITR forms for AY 2017-18. A taxpayer should be very careful while selecting the form no. for filing the return. In this article,let's discuss about ITR-2. 1. Assessment Year for which this Return Form is applicable:- This Return Form is applicable for assessment year 2017-18 , i.e., it relates to income earned in Financial Year 2016-17.   2. Who can use this Return Form:- This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.  3. Who cannot use this Return Form:-  This Return Form should not be used by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession under a...

The Department of Income Tax has released 5 ITR forms till date for AY 2017-18. This year the Income Tax Department has made significant changes in ITR Forms. In This Article let's discuss all about ITR-1. 1. Assessment Year for which this Return Form is applicable:- This Return Form is applicable for assessment year 2017-18 , i.e., it relates to income earned in Financial Year 2016-17.  2. Who can use this Return Form :- This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:-  (a) Income from Salary/ Pension; or  (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or  (c) Income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE) NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be cl...

1. Changes in the tax rates:    In case of individual and HUF, tax rate for the second slab (Rs 2,50,000 - Rs 5,00,000 ) reduced from 10 % to 5 %. ·          Rates of income-tax in respect of income liable to tax for the assessment year 2018-19. 1.      No change in basic exemption limit. 2.      The tax rate for individual, HUF, AOP, BOI or artificial jurisdictional person in the income bracket of Rs.2.5 lakhs (Rs.3 lakhs in case of individual of the age of 60 yrs or more but less than the age of 80 yrs) to Rs.5 lakhs reduced to 5% from the present rate of 10%. 3.      Rebate of income tax u/s 87A for individual having total income not exceeding Rs.5 lakhs is reduced to Rs.3.5 lakhs and the amount of tax which was Rs.2,000/- (for AY 2017-18, earlier it was Rs.5,000/-) is to be allowed at Rs.2,500/-. 4.      Surcharge @ 10% of tax payable is levie...