Complete Tax Solution

For lakhs of employees working in government organisations and private entities, the dawn of the new financial year (2017-18) beginning on 1 April marks the changes to personal income tax slabs the government had introduced during the Union Budget in February this year. By the end of last month, the Lok Sabha had completed the budgetary exercise and also cleared the Finance Bill. Besides this, the amendments introduced in the Finance Bill was also passed by the Lok Sabha. Other than the income tax rates, employees will also have to take note of other important aspects of tax related matters that will be applicable in this financial year. Here are the 12 important income-tax changes that tax payers need to take note of for this financial year: 1) To put more money into the hands of employees, the government has cut tax rate by half to 5 percent from 10 percent for employees in the yearly income group between Rs 2.5 and Rs 5 lakh. The move is expected to help them save tax of up to

लोगों को पैन कार्ड (PAN) को आधार संख्या से जोड़ने के लिए कई समस्याओं का सामना करना पड़ता था। इसकी प्रमुख वजह नाम की स्‍पेलिंग अलग-अलग होना है। लेकिन अब इस प्रणाली को सरल बना दिया गया है। अब आपको इसके लिए सिर्फ अपने पैन कार्ड की एक स्कैन प्रति देनी होगी। इनकम टैक्स रिटर्न दाखिल करने के लिए सरकार आधार कार्ड को अनिवार्य कर चुकी है। इसके लिए अब आपको PAN कार्ड की स्कैन्‍ड कॉपी लगानी होगी। इसके अलावा आयकर-विभाग इस संबंध में ऑनलाइन विकल्प देने की भी योजना बना रहा है। वह अपने ई-फाइलिंग पोर्टल पर करदाताओं को आधार जोड़ने का विकल्प देगा। इस विकल्प में उन्हें बिना अपना नाम बदले एकबारगी वन टाइम पासवर्ड (OTP) का विकल्प चुनना होगा। इस विकल्प का चुनाव करने के लिए उन्हें अपने दोनों दस्तावेजों में उल्लेखित जन्मतिथि उपलब्ध करानी होगी और उनके मिलान पर वह ऑनलाइन आधार से अपने PAN को जोड़ सकेंगे। उल्लेखनीय है कि अब आधार के साथ पैन को जोड़ना अनिवार्य कर दिया गया है। अधिकारी ने बताया कि विभाग इस बारे में मीडिया के माध्यम से लोगों को इस सप्ताह से जागरूक बनाने का प्रयास करेगा।

NEW DELHI: Individuals struggling to link their Permanent Account Number with Aadhaar because of differently spelt names can now simply upload a scanned copy of PAN to get the work done.  Besides, the tax department is planning to introduce an option on the e-filing portal through which taxpayers can choose to link the Aadhaar without changing the name by opting for a One-Time Password (OTP), provided that the year of birth of the person matches in both documents.  With the linking of PAN with Aadhaar being made mandatory, individuals can log on to e-filing website of the income tax department or NSDL but the seeding cannot happen if the name is differently spelt in the two cards -- like use of full name in PAN and initials in Aadhaar.  In such cases, government has allowed a simple uploading of a scanned copy of PAN on the Aadhaar website.  The tax department will start educating taxpayers from this week through media outreach on ways to link the PAN with Aadhaar, an official tol

The income tax department has also made furnishing of the Aadhaar number mandatory in the new ITR form, and if it is not available, the Aadhaar enrolment ID should be provided. Photo: Reuters New Delhi:  The income-tax department has notified a simplified one-page tax-return form aimed at making it easier for taxpayers to file their annual returns. At the same time, the new form also requires taxpayers to make additional disclosures—including mandatory linking of tax returns with an individual’s Aadhaar number—which will help curb tax evasion. Not only will this make it easier for 50% of the country’s 40 million taxpayers and encourage more people to file their tax returns, the new disclosures will also encourage better compliance. A press release issued by the tax department says individuals earning up to Rs50 lakh and possessing one house will need to file only a single-page tax return form called ITR-1 (Sahaj) for financial year 2016-17. However, the department has mandated th

People come across numerous glitches at the time of filing their income tax returns online. Some of them are not aware of the process of e-filing in a detailed way. Some others make some mistakes during their e-filing. The Income Tax department has introduced a new process of e-filing through net banking. In a bid to ease the filing process of the tax payers, the department has rolled out this new initiative. In this post, we have come up with a detailed guide so as to e-file your income tax returns via net banking. Check it out! Benefits of e-Filing through Net Banking Here are some of the best advantages of e-filing through net banking: The tax payers need not have to login into their  e-filing  portal by providing PAN card number, password and other details. Instead, you can easily acquire access to the e-filing account dashboard.One of the best advantages of e-filing via net banking is that this process is quite secure and faster as well.The process of e-verification is pretty s

Income Tax Return is one thing that every individual whose income exceeds certain limit of their annual income. The individuals who are seeking to file their income tax returns need to make sure that they have arranged all the essential documents for  e-filing IT returns  online in India. In order to file the income tax returns, the people need to gather some important documents in India. In this post, we have come up with a list of all the essential documents required to file income tax returns online via the official web portal of Income Tax department. Documents Required for e-Filing of  Income Tax Return for Salaried Employees The income tax payers must possess essential documents in order to file income tax returns online for the salaried employees. In order to file income tax returns, the individuals must and should have to Form 16 Part A and Part B. The employer issues Form 16 for all the employees for a financial year max by 30th May of every year. You can then start filing y

The Central Government of India (“the Government”) is putting all the efforts to curb the use of cash which is focused on un-accounted transactions. As we all know, not all the transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash. The Finance Minister in his budget speech for 2017 mentioned that the quantum of black money in Indian economy is huge and this is adversely affecting the revenue of the Government. As a result, the Government is facing lot of resource crunch to fund various welfare programs. In a vision to achieve a less cash economy, and to reduce creation and circulation of black money, section 269ST is proposed to be introduced in the Income-tax Act, 1961 (“the Act”). The provision of this section prohibits transactions in cash exceeding Rs. 3lakhs and leads to a penal provision if the same is violated. It may be noted that this is not the first of its kind wherei

It is the first question in the mind of Startup founders, i.e. which legal structure should they select? Most of the Startup founders are in dilemma whether they should choose LLP or Private Limited Company. However, it is important to note here that both are eligible for recognition as Startup as per  “Startup India campaign”  of government of India. After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. In this article I am discussing the key differences between an LLP and Private Limited Company from taxation aspects and which structure seems to be more tax efficient after the proposed amendments by the finance bill 2017. 1. Rate of Tax ♥ LLP:  The Rate of tax applicable to LLP is flat 30%. For income tax purpose, LLP is treated at par with partnership firms. If the total Income of LLP has exceeded Rs 1 Crore, amount of Income Tax shall be increased

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017. Section Nature of income When to deduct Rate of TDS 192 Salary Monthly- at the time of payment where estimated yearly net taxable salary exceeds tax free limit. On the average rates on the basis of per rates for individuals. (30% if no Valid PAN) 192A Payment of accumulated balance due of Employees’ Provident Fund Scheme, 1952, to Employess which is taxable in their hand (w.e.f 01-06-15) when the amount of payment or aggregate amount of payment exceeds Rs. 30,000/-Threshold Limit Increased to Rs. 50,000/- from 01.06.2016 10%(30% if no Valid PAN) 193 (See note- 1 )* Interest on securities* a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; b) any debentures issued