MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19😊
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
5. Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
6. Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.
7. Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%.
8. Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.
9. Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.250 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
10. Donation made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
11. Shares of unquoted shares to be taxed at (deemed) fair value.
12. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).
13. Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.
14. No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.
15. In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
16. From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh.
17. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
18. Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier.
19. Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval.
20. It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest
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To facilitate filing of Form GST TRAN-1 to the taxpayers who had managed to submit the same within prescribed due date but couldn’t file due to technical issues, GSTN has enabled the filing option to such taxpayers at the common portal.
Taxpayers with Form GST TRAN-1 status: “Submitted” but not filed can now initiate the filing using DSC / EVC at the portal.
[4/2, 11:52 PM] CA Rohit Jaiswal: One half of our heart always knows that some wishes would never come true, Still the second half waits for the magic & miracles to happen.
A door is much smaller compared to the house, a lock is much smaller compared to the door and a key is the smallest of all, but a key can open entire house. Thus a small thoughtful solution can solve major problems.
W.e.f.1.4.2018 ensure e-way bill for Inter-state Supplies above 50,000 to avoid seizure of goods & penalty from Rs 10,000 to amount of GST.
File Monthly ISD Returns in GSTR6 from July-2017 to April -2018 by 31.5.18 (Notification 19/2018- CT) & TRAN2 by 30.6.2018 (Order 1 /2018 Π CT) of 28.3.2018.
Condonation of Delay Scheme, 2018 extended by MCA upto 30.04.2018. General Circular No. 02/2018.
Extension to 30.04.2018 of last date to file AOC-4 XBRL e-Forms using Ind AS. MCA General Circular No. 01/2018.
The new revenue recognition standard "Ind AS 115” has been notified by Ministry of Corporate Affairs (MCA). Ind AS 115(equivalent to IFRS 15) has become effective to Indian companies following Ind AS from April 1, 2018.
NHAI invites applications for empanelment of chartered accountants/cost accountants for internal audit of its sites offices and bid from CA firms for its head office at New Delhi. visit www.nhai.org / etenders.gov.in.
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# *GST*: E-way bill has been implemented w.e.f. 1st April, 2018 for interstate movement of goods exceeding Rs.50,000/-, 1.71 Lac e-way bill generated on 1st Day.
# *MCA* plans to carry out an "intensive review" of the administration of companies law as part of efforts to prevent instances of corporate frauds.
# *IT*: Union Budget, 2018 - Some important changes w.e.f. 1st April, 2018.
1) Standard Deduction of Rs. 40,000 for Salaried Tax Payers. Existing deductions of Rs.19,200 for Transport Allowance & Rs.15,000 for medical reimbursement withdrawn.
2) Higher Cess of 4% Vs 3% earlier.
3) Long-Term Capital Gains Tax @ 10% on sale of shares or units of equity oriented funds exceeding Rs.1 Lac.
4) 10% Tax on dividend income from equity mutual funds.
5) Single premium health insurance covering more than a year, deduction will be allowed on a proportionate basis for the number of years for which health insurance cover is provided, subject to the specified limit.
6) Income tax benefit on NPS withdrawal is now available to non-employee subscribers.
7) Higher Deduction of Rs.50,0000/- in respect of interest income from deposits U/s 80TTB for senior citizens.
8) The threshold limit for deduction of TDS on interest income for senior citizens hiked from Rs. 10,000 to Rs.50,000.
9) Higher deduction of Rs.50,000 Vs 30,000 U/s 80D for senior citizens.
10) Higher deduction of Rs.1 Lac for very senior citizens and Rs.80,000 for senior citizens on medical treatment of specified diseases.
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📺 *Updates*
➡1. All 5 UTs notify that no E-way bill is required for within UT supplies from April 1, 2018.
https://gst.taxmann.com/topstories/222330000000014949/all-5-uts-notify-that-no-e-way-bill-is-required-for-within-ut-supplies-from-april-1-2018.aspx
➡2. HC condones delay in filing ITR as there was delay in getting NOC from erstwhile auditor to appoint new auditor
➡3. Section 45(5A) couldn't be applied retrospectively for JDA entered into prior to AY 2018-19.
Adinarayana Reddy Kummeta
v. Assistant Commissioner of Income-tax, Circle-11(1), Hyderabad*
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.E-Way bill .. implemented from... 1 April. 2018 in all over India.
important key of E-Way Bill:
Q-1> Who is responsible for E-way Bill ?
Ans.: The responsibility for E-way Bill is :
Ist – The Supplier
IInd – The receiver
IIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealer
Q-2> what type of supply is cover under E-Way Bill ?
Ans.: There is all type of movements of Goods are Cover under E-Way Bill. Including Rejection, Sale Return ,Repair and Maintance and Job Work or material send for Job Work with
A Delivery Challan. A approx Value wiii be show on Delivery Challan of Job work and made a E-way Bill for this Challan.
Q-3> what Amount is cover under E-Way Bill ?
Ans.: There is the material value up to Rs. 50000/= is not cover under E-way Bill ,if the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporter.
Q-4> How Many part file in E-way Bill ?
Ans.: There is 2 part of E-way bill, it’s A and B. in part A ,we fill the detail of Goods receiver , items detail and Value of Goods. And Part B is Colum of Transporter detail ,mean Transport name, vehicle number, and GR number.
Q-5> What is the limit of fill Part B in E-way Bill?
Ans.: If the material Dispatch less than 10Km.through by hand or Rickshaw part B will not be required.
Q-6> What is the Identity of Goods in E-way Bill?
Ans.: The Goods will be Identified with the HSN Code shown is E-way Bill.
Q-7> Any Printout of E-way bill need with the Invoice of Goods?
Ans.: No Printout need with the Invoice of Goods, show only number of E-way bill in front of Invoice.
Q-8> What is Consolidated E-way Bill ?
Ans.: consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way
allows the transporter to carry a single document ,instead of a separate document for each consignment in a conveyance.
Q-9> What is the validity of E-way Bill?
Ans.: The validity of E-way Bill is:
00 to 100 Km. : 01 Days
100 to 300 Km.: 03 Days
300 to 500 Km. : 05 Days
500 to 1000 Km. : 10 Days
More than 10000 km.: 15 Days
Q-10> What is the penalty of non-filling of E-way Bill ?
Ans.: the penalty of non-filling of E-way Bill is 200% of GST value of invoice..
And please note that there is no editing in E-way bill after final
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MCA Update*-Condonation of Delay Scheme, 2018 extended by MCA upto 30.04.2018. General Circular No. 02/2018.
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👉🏻IBBI commences conduct of online valuation examinations for registration of Valuers*
( Insolvency and Bankruptcy Board of India (IBBI) is commencing on 31st March, 2018, the conduct of online Valuation examination related to for registration of Valuers under the Companies ( Registered Valuers and Valuation) Rules, 2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/ESXVsD
*👉🏻Banks to remain open till 8 PM on March 31 - RBI*
(RBI's offices and all designated branches of agency banks conducting government banking will keep their counters open up to 8.00 PM today for greater convenience to tax payers. Electronic transactions can also be done till midnight today)
👇🏻 👇🏻 👇🏻
https://goo.gl/C937T4
*👉🏻Condonation of Delay Scheme 2018 & filing of AOC-4 XBRL E-Forms extended upto 30th April 2018*
(Condonation of Delay Scheme, 2018 & last date of filing of AOC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013 extended upto 30th April 2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/NX5P7a
*👉🏻Empanelment of Internal Auditors for National Fertilizers Limited*
(Empanelment of Firms of Chartered / Cost Accountants for Conducting Internal Audit of NFL’s Corporate Office, Central Marketing Office located at Noida, Manufacturing Units located at Nangal, Panipat, Bathinda, Vijaipur and Marketing Zonal Offices located at Chandigarh, Bhopal & Lucknow for the Financial Years 2018-19, 2019-20 & 2020-21.)
👇🏻 👇🏻 👇🏻
https://goo.gl/1fJUQN
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CBDT on 28thMarch, 2018 clarified that all the returns for AY 2017-18 and onwards have to be processed under section 143(1) of the Income-tax Act, 1961 irrespective of the fact whether the cases are under scrutiny or AO contemplating withholding of refund under section 241Aof the Act.
Income-Tax Department released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues.
E-way bill system implemented from 1st April, 2018. Concerned stakeholders to register themselves on Ewaybill portal .https://t.co/jE4qWiwvTF https://t.co/Ms89gHaRK9
Extension to 31.05.2018 of Last Date of GSTR-6 for July17-April 18. CBEC Notification no. 19/2018-Central Tax.
MCA has made the amendments to the principal rules and notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 which shall come into force from the 1st day of April, 2018.
RBI has directed all banks to participate in the special clearing operations to be held on March 31 to clear government accounts.
Pleased to inform you that IndAS XBRL Filing and CODs Scheme date’s has been extended. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo01of2018_29032018.pdf
