Facts You Should Know about the 15-G Form

During the month of April and may we often see long queues at the outside of the banks. People stand in queues for hours after hours for submitting their 15-G forms. In every financial year many of us have to submit the 15-G forms. Have you ever wondered why it is necessary to submit those forms? While some us know the importance of this form, others take it just as a formality and even they have a lot of miss conception regarding this 15-G form.Here are some facts about the 15-G form to push your miss conceptions away.

#Fact 1

People who earn lesser than the taxable amount(yearly) of money and have no tax liability, are only capable to use this form. so it is not mandatory for everyone.

#Fact 2

While you are about to file the return on income tax through this form, your respective income should compulsorily be declared in the return of income.Don’t get confused that if the form is being used for the declaration of your annual income or not, you have to declare your annual income on this form and with valid proofs in its support.

#Fact 3

The person who receives the Form 15G is required to submit one copy of the Form to the Commissioner of Income-tax and the procedure can be done through the banks. Financial institutions etc. Thus, the information is passed to the Income tax department and they can make further inquiries on the same. This is the procedure you have to go through if you want the return on the income tax.

#Fact 4

One have to submit this form every year. The forms should be submitted at the beginning of every financial year. So never think that your duty is going to over by submitting this form once in a lifetime.

#Fact 5

This form is basically a declaration form and the declaration is obviously about the amount of income you earn. You have to submit the photocopy of your PAN card along with this form because it is the valid proof in your support if you are claiming the income tax return and no matter whatever your income status is, submitting PAN number is mandatory.Otherwise, tax will be deducted at the rate of 20% on the Interest.

#Fact 6

As per the provisions specified, only the people with NIL tax liability only can submit these forms. But if there is a tax liability, then they have to undoubtedly pay the requisite tax. Further, by paying the tax, they run the risk of giving a wrong declaration. Hence, before giving 15-G form make yourself sure.

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The latest Informations about Passport

26.6.18 will be considered as the passport revolution day as the application and dispatching procedure for the passport has been changed immensely. On the occasion of the seventh Passport Seva Divas the external affair minister Sushma Swaraj has launched the m Passport Seva App which has made the whole application, payment, tracking and scheduling the appointment process seamless. Both the ios and Android users can use this App. Apart from the App the new rules have been launched. This new schemes have helped a lot of people in this country. People who are doing job in different states, cities and staying away from their home, separated or divorced people, adopted children, single parents got benefited through these changes.
Apply as per your location

Until now the applicants were supposed to apply for the documents in their near by Passport Seva Kendra(PSK) where they lived and the application could only be made using personal computer and laptop. There was no option for people who live far away from their residence. Now the new scheme allows the applicant to apply from anywhere in India by selecting the nearest regional passport office or Passport Seva Kendra or the Post Office Passport Seva Kendra where they want to submit irrespective of whether the present residential address specified in the application form lies within the jurisdiction of the selected RPO or not.

More availability of PSK

The minister also said that center is ready to set up a PSK in every Loksabha constituency in this country. The police verification for issuing a passport will be conducted on the basis of residential address. If required for a specific passport, police verification will be conducted as per the address specified in the application form .The passport will be printed and dispatched by the RPO selected for application submission by the applicant..

The App

Once your passport is ready, it will be delivered to the given address. The App will not only help you to apply for your passport from mobile , but you also can track your passport’s application status by using the file number and date of birth. Even the delivery status of the dispatched passport can also be tracked.

Other highlights

Minister Sushma Swaraj also recounted the measures taken by the govt to simplify the process of issuing passport such as doing away with the mandatory requirement of submitting birth certificate.The govt also said that the attestation by the magistrates or notaries would not be necessary anymore. Self declaration on plain paper will be enough. For more detailed information you can check finance related sites on the Internet.

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Prominent Features of the Revised Indian Companies Act 2013

The Companies Act 2013 is a sanctioned revision of the Companies Act, 1956. It has partially altered the given Companies laws of 1956. The new law has articulately met the demands of the changing times. The 2013 Act is divided into 29 chapters containing 470 sections. There have been some major changes in the new Companies Act of 2013 which monitors the incorporation of a company, encompasses the vast stretches of the company’s responsibilities, its directors – nature, types and authority granted, and the winding of the company.

The Companies Act overlooks all the different areas of functions. It has specifically laid notification as to the maximum and minimum strength of the board members, the relaxation in age and posing stringent laws for the companies to follow the academic calendar. All this has been brought under the Companies Act domain because of the need to have a specific business module.

The Act caters to the Indian company law and was incorporated by the President of India in 2013. The Ministry of Company Affairs have since then made improvisations and have recently exempted private companies from the ambit of various sections under the Companies Act. New terms like “one person company”, “ dormant company”, and “small company” have been re-introduced with their scope and underlying constraints in the business domain.

The Act consolidates and amends the laws relating to governing business companies. The Companies Act 2013 takes into account a fairer, more systematic and transparent corporate governance. It aims at enhancing and enriching the process of doing business in India through an accountable procedure as stated under the Indian law. The Act has almost redefined every aspect of business models including CSR, audit rotation, e – management etc. This article aims at enlisting prominent features of the revised Indian Companies Act, 2013.

Foundational theory of One Person Company (OPC)

The concept of One Person Company in India was introduced through the Companies Act, 2013 to help support entrepreneurs who are competent enough to start a business venture on their own. This underlines the laws governing and allowing a sole person to start and run a business and create a single person economic entity. OPC is different from sole proprietorship as the latter is not legally bound.

A small company : definition and membership

Private limited company that can be classified as a small company are generally start-ups that have a total paid up capital of less than Rs.50 lakhs and also an annual sales turnover of less than five crore rupees. The 2013 Act provides exemptions to Small Companies basically from certain requirements relating to board meeting, presentation of cash flow statement and certain merger process.

The Act has also increased the limit of the number of members from 50 to 200. The minimum members a private company can assign has now been increased to 200 in regard of the growing market and self-independent private companies.

Alignment of the Fiscal Year

The former Companies Act had provisions for electing a financial year. But with the revision of the Companies Act 1956, the existing flexibility has been done away with. The 2013 Act provides that the fiscal year of all companies should end on 31st March. Although, Certain exceptions have also been granted by the National Company Law Tribunal. Companies need to correspond to the financial year dates.

Revisions made for Managing Director & Board of Members

Given the growth in young entrepreneurial regime, the new law has revised the lower age limit from 25 years to 21 years.

It is a welcome step that the government of India is identifying the potential and is keen observant of the changing market structure. To boost female participation and adequate representation of women in key strategic positions the Companies Act, 2013 prescribes the appointment of at least one woman director on the board.

The compulsion on a Resident Director

The law underlines the fact that a company should have at least one resident director, that is, one who has stayed in India for a total period of not less than 182 days in the previous calendar year.

The stress on board meetings

The Act suggests that board meetings should be held at least 4 times in a fiscal year. The notice for a board meeting should be issued 7 days prior to the meeting. There should not be a gap of more than 120 days between two consecutive meetings.

The companies Act 2013 dictates the removal of a director if he/she fails to attend any of the board meetings held in the stretch of a year.

Fostering corporate social responsibility

The companies act has mandated the formation of a CSR committee of the board and to invest 2% of the average net profits of the last three financial years in corporate philanthropy. It is high time that business giants invest in a better and sustainable future. It aims at promoting entrepreneurial ecosystem in India.

The refined Indian Companies Act 2013 aims at a business model which will help India rise to international platform with a more systematic, accountable and transparent business environment.


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All That You Need to Know About Bitcoins

Bitcoin is the new age digital currency introduced in the year 2009. It uses the blockchain method which hinders the role of a third party, that is, it’s self-governing and the first decentralised way of payment system. It is an open source network of chains, to be precise. Bitcoin is mystical and hence has garnered a lot of publicity worldwide. No one knows where it came from, where does it actually exists or where it is going, for that matter! There are no intermediaries or a sole person responsible. It works on a peer-to-peer network, in which the transactions take place directly between the two unknown users, without the involvement of a third party. The bitcoin currency is said to be invented by, alias, Satoshi Nakamoto.

Bitcoins, also known as virtual currency, is basically a computer programmed file. It is generally stored in a ‘digital wallet’ app on any smart-phone or computer. To engage in bitcoin earning and spending, one sends this digital cash to others across the Internet. Every single transaction is saved in a ledger called the blockchain. This global money system involves the mathematical field of cryptography to ensure bitcoin’s security.

How can one procure bitcoins?

Although bitcoins are not conferred as legal tender, they are still soaring high in the online marketing forums in exchange of services. You can obtain bitcoins by buying them from a close ally (in cash), or accepting them in return of goods and services (online). Once you have a bitcoin wallet, then you can use the traditional mode of payment that incorporates credit card transactions, bank transfer or debit card to buy bitcoins on a bitcoin exchange. This way bitcoins will be added to your digital wallet.

What is the unit of bitcoins?

The unit of account of the digital cryptocurrency bitcoin is bitcoin. Symbols used to denote bitcoins are BTC and XBT. Smaller denominations of bitcoin used as alternative units are millibitcoin (mBTC), and satoshi (sat). Satoshi, the alias name of the inventor is denoted as the smallest amount representing one hundred millionth of a bitcoin.

Is it legal to buy bitcoins?

Bitcoin being of decentralized nature, that is, no involvement of intermediary bodies like the State or the banks, no Country can pronounce it as illegal. It is an open source online wallet and hence its policies and terms are independent and cannot be altered or tampered. Having said that, the use of bitcoin can be criminalised in case of unlawful transaction, drug-dealing or fraudulent gambling is involved. The legitimate status of bitcoins varies substantially from country to country. In many countries, given the digital stature, it remains undetermined as legal or illegal. Some countries have explicitly allowed the use of bitcoins in their economy, while others have restricted or put a ban on it.

How many Bitcoins are there in the world?

There are a total of 21 million bitcoins that can be mined, as per the data base. Once all these bitcoins are tapped out, bitcoin will need to modify its protocol to meet to the sprouting needs.

Is bitcoin taxable?

Bitcoins are not physical money to be liable to be taxed. The IRS (Internal Revenue System) does not recognize bitcoins as legal tenders and hence it is exempted from being taxed.



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4 Important Investment Options in India for Tax Saving

How, when and where to invest is really a tough decision for the taxpayers? Considering the income tax strategy in India, it is really a tough decision to make. But, in case anything wrong happens in this regard then one has to repent for the same for longer time. Understanding of income tax strategy in India is necessary because this can only help in making the best investment for income tax savings. When investors look for the ‘best’ investment option, they want something that will earn them the maximum return with the least amount of risk. However, such an investment product does not really exist. This is because every investment has some risk attached to it, high or low.

One should not invest in something just to generate high returns because such products come with commensurate risk, and a higher chance of you losing the money that you have invested. Below are the investments that you can make to save your precious money.

Public Provident Fund

The Public Provident Fund (PPF) is one of the most popular investment options in India because of its sovereign guarantee. Some of its features are:

  • Investment offers tax benefit under section 80C, interest earned and maturity are also exempt from tax.
  • The scheme has a lock-in period of 15 years.
  • Post maturity, the account can be extended in block of five years for any number of times.
  • The interest rate is reviewed by the Government every quarter. Currently, for the April-June 2018 quarter, interest rate offered is 7.6 percent a year.

Bank Fixed Deposits

Bank fixed deposits (FDs) is another popular investment option which offers fixed returns. One can invest in a bank FD by visiting his/her branch or via Net-banking. Here are some of its key features:

  • FDs are available in a wide range of tenures. Banks like the State Bank of India (SBI) and HDFC Bank offer FDs with minimum tenure of 7 days and maximum of up to 10 years. One can invest in any tenure depending on his/her time horizon at the rates offered by banks.
  • Most bank FDs offer the option of premature withdrawal by paying a penalty. However, this should be checked at the time of opening the FD account.
  • A bank FD is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) rules only up to Rs 1 lakh (principal plus interest) is insured per person per bank.
  • Currently, SBI is offering interest rate between 6.40 percent and 6.75 percent for FD tenures of 1 year to up to 10 years. Senior citizens get an extra 0.50 percent.

Mutual Fund Debt Fixed Maturity Plans

Fixed maturity plans (FMPs) are close-ended debt funds offered by mutual funds. The maturity date of FMPs is fixed. Features of FMPs are:

  • These plans invest in various types of fixed income options such as bonds, bank certificate of deposits etc. which mature on or before the maturity date.
  • Unlike a bank FD where returns are fixed, FMP returns are not fixed or guaranteed.
  • FMPs have a tax advantage over bank FDs. Capital gains on debt FMPs, held for more than 36 months, qualify for long-term capital gains (LTCG) taxation. It is taxed at 20 percent post-indexation benefit. Also, if you have incurred long-term capital losses, you can set off the loss against the LTCG before calculating tax payable.

Debt Mutual Funds

Apart from FMPs, which are close-ended debt funds, mutual funds also offer open-ended debt funds. These open-ended funds are considered less volatile than equity thereby offering stable returns as compared to equities.

  • They also invest in various debt instruments such as corporate bonds, treasury bills, government securities etc. These schemes are professionally managed by debt fund managers.
  • There are different types of debt mutual funds such as liquid funds/money-market funds, short-term income funds, gilt funds, corporate bond funds etc. c) These funds invest in various instruments of different time horizons and carrying different levels of risk. An investor can invest in these funds depending on his/her time horizon and risk appetite.

These are the best tax saving options of investment in India. You can go with the same and save your money. Well, consulting a reputed tax service company in India will also help you in the concern.

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European Union to Implement India’s GST Model at Their Countries

GST has become the talk of the town in India and certainly this can be claimed with any doubt. But, what we are going to tell you today cab be really interesting for you to know. The European Union countries are now thinking to implement India’s GST model at their countries. And, it is definitely a matter of proud for India. As per the spokespersons of EU, GST has started changing India’s perception not just for policy makers in other countries but also for global investors. While India’s GST implementation has come under a lot of criticism from many in the domestic industry, the indirect tax reform has in fact attracted many global investors who until now were steering clear of India.

Also with GST, India may have moved the value chain and the tax system is almost on a par with countries that have good indirect tax structures, including those in China. There are lots of similarities between the Chinese system and the Indian system. But the Indian system is now extremely similar to the rest of the world’s VAT (Value Added Tax) systems. India has e implemented GST and it is starting to change the country in exactly the ways they were intended to. And actually India has got an awful lot to be proud of in how it has achieved its ambitions. The spokesperson from EU also claimed.

India moved to GST last year on July 1, where all the indirect taxes like sales tax and VAT were subsumed into a single producer tax. This did create initial problems, triggering litigations. In most cases, the government has come out with clarifications. But harnessing full benefits of the biggest tax reform since independence could be delayed if the complexities faced by the industry keep increasing. So, initially it was a tough walk for the financial department for the management of everything but now GST has emerged as the greatest benefit for everyone and the country plus the world is seeing the difference.

 There are many hopes with GST and the constant progress in the same is proving it right only. Other nations taking the reference from India’s GST is really a great achievement for the whole nation. Still many improvements are required for the same but whatever will come out from the same it will be beneficial only. Consultation from a reliable tax service company will always be a great aid for you.

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GST and Demonetization Has Brought 1.8 Million More People into Income Tax Net: India to UN

If you are still wondering that what changes has GST and demonetization has brought in the Indian economy then here is something very interesting for you to know. India has informed the UN that the Goods and Services Tax reform implemented by it, coupled with the demonetisation of high-value currency notes, and has brought 1.8 million more people into the income-tax net. As per the statement made by India at the general council, it has been stated that, India is currently implementing a wave of reforms. Apart from encouraging digital over cash transactions, India introduced the Goods and Service Tax regime which provides for uniform taxes. This has led to a 50 per cent increase in the number of indirect taxpayers.

It has also been stated that India stands firm on its stand on the fundamental principles of the World Trade, including multilateralism, rule-based consensual decision-making, an independent and credible dispute resolution and appellate process, the centrality of development, which underlies the Doha Development Agenda, and special and differential treatment for all developing countries. The global economic recovery is progressing gradually, with improved resilience and emergence of new sources of growth. However, there are concerns that a durable recovery may remain constrained by factors such as the persistence of low productivity and debt overhang problems in advanced economies as well as in some emerging market economies, rising populism and protectionism, and the slow pace of structural reforms

India has also committed to remaining mindful of new gaps in the domestic resource mobilization that may result from financial innovations, including digital finance, and the implications of fin-tech and the weightless economy on financial inclusion and access to finance. Further, stepping up its cooperation with the southern countries in the spirit of solidarity, last year India established the India-UN Development Partnership Fund that supports Southern-owned and led, demand-driven, and transformational sustainable development projects across the developing world, with a focus on Least Developed Countries (LDCs) and Small Island Developing States (SIDS).

So, it is definitely wrong to say and claim that GST has not brought any changes in the Indian economy. 1.8 million New taxpayers mean that the country is getting direct revenue out of that. GST is definitely a good initiative; all you need is to learn more about the taxes. Taking assistance of a good tax service company would also solve your purpose in better manner.

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What Changes are introduced for Filing Return under GST?

The Goods and Services law also known as the GST is always the talk of the town. Every day a new development is introduced in this country’s only tax GST. Now, the latest news is regarding the filing of return under GST. From this time onwards there would be three forms to be filed in a month and one additional annual return. So, total 37 returns are to be filed. The complete details of the return are mentioned below.

  • GSTR1 is to be filed by the seller by 10th of next month. This gets auto-populated to the buyer who corrects it and then files GSTR2 by 15th of the month.
  • GSTR3 contains tax liability of an assessee as the seller and input tax credit as the buyer. So, the assessee can net the two.
  • For the first quarter(July-Sept, 2017), GSTR3B, the summary of input-output, is to be filed by 20th of the next month, instead of GSTR3

Present system

Well, the present system of GST filing is quite different from the one existing. It is required that one should understand it well and should be aware of the changes that have been made in place of what was existing earlier.

  • After GST filing got complicated, GST Council suspended GSTR2 and GSTR3.
  • It extended GSTR3B first till December 2017, then till March 2018, and then till June 2018. Now it has been extended further.
  • GSTR 3B is to be filed by 20th of the next month.
  • Deadline of GSTR1 was extended to 40 days from the end of the month of transactions. This timeline, however, again is being shortened in a phased manner.
  • A group of ministers was constituted under Bihar deputy chief minister Sushil Modi to suggest new models based on the suggestions of Infosys chairman Nandan Nilekani and the officers’ committee.

Nilekani’s Model

The Nandan Nilekani’s model for GST is really very interesting and presents the most important clauses for the same. The main objectives of the model are listed here.

  • The seller will upload invoices and the buyer will acknowledge that.
  • Input tax credit will be available to the buyer on the basis of invoices uploaded by the seller. No credit for missing invoices

Officers’ Model

This is another important model related with GST return. The main points in consideration with the Officer’s model are mentioned below.

  • Similar to the Nilekani model but with an option for provisional credit for missing invoices
  • If the seller disputes the transactions, provisional credit will be reversed.

New model approved by GST Council

First stage

  • The present model of GSTR1 and GSTR3B will continue for six months with the timeline for GSTR1 shortened.

Second stage

  • The seller will then upload invoices. But, provisional credit will be allowed to the buyer, based on his/her calculations, even if the seller does not upload related invoices.
  • Assesses will have to file one return in a month, except for those who have no transactions or those who are under the composition scheme as they will file quarterly returns.

Third stage

  • There will be no provisional credit. Credit will be based on invoices put up by the seller.
  • The government will recover the tax from the seller and in extreme cases where the seller is not located or he/she does not have assets, the buyer will have to pay taxes.
  • Other processes will be the same as in stage two.

Understanding the tax laws is really very important. When it comes to GST then one should not take any sort of risk in any form. For your business GST registration number or GST tax filing you should contact S Lohia and Associates. A trusted company with the good knowledge and experience in GST return filing located in New Delhi, India.

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Everything You Want to Know About New Income Tax Return Form

The news of recent development is coming from the income tax department. It recently notified the income tax return (ITR) forms for the financial year 2017-18 (the assessment year 2018-19). A one-page simplified ITR Form-1 (Sahaj) has been notified. A very interesting thing to know about the new form is that the forms seek more details from individual taxpayers about their salary structure and income from property, say tax experts. The ITR Form-1 (Sahaj) can be filed by an individual who is a resident having income up to Rs.50 lakh and is receiving income from salary, one house property/other income (interest etc.).

For the previous assessment year (2017-18), a one-page simplified ITR Form-1 (Sahaj) was also notified. This benefited around 3 crore taxpayers, who have filed their return in this simplified form, the tax department said.The new Sahaj form seeks an assesses salary details such as allowances that are not exempt, the value of perquisites, profit in lieu of salary and deductions claimed under Section 16. 31st July is the last date to file Income Tax Return.

Experts have their own view about the Sahaj form, one expert claimed that “The Sahaj form has been amended to incorporate the same details for salary and house property as in other forms. Hence, the simplicity of the form has been somewhat diluted. Further, the requirement for GSTIN and turnover as per GST returns for assesses having business or profession has been incorporated, hence the effort has been made to integrate for the check,”

Income tax slabs/rates for FY 2017-18:

General category   Senior citizens   Super senior citizens      
(Up to 60 years of age) (60-80 years) (Above 80 years)
Income Tax Income Tax Income Tax
Up to Rs. 2.5 lakh Nil Up to Rs. 3 lakh Nil Up to Rs. 5 lakh Nil
Rs. 2,50,001-Rs. 5 lakh 5% Rs. 3,00,001-Rs. 5 lakh 5% Rs. 5,00,001-Rs. 10 lakh 20%
Rs. 500,001-Rs. 10 lakh 20% Rs. 5,00,001-Rs. 10 lakh 20% Above Rs. 10 lakh 30%
Above Rs. 10 lakh 30% Above Rs. 10 lakh 30%

Surcharge of 10% for income between Rs. 50 lakh and Rs. 1 crore with marginal relief

Surcharge of 15% for income above Rs. 1 crore with marginal relief

# Rebate of up to Rs. 2,500 for taxable salary up to Rs. 3.5 lakh

# Education and higher education cess of 3%

The amount of income-tax gets increased by a surcharge at the rate of 10 percent of such tax, where the total income exceeds Rs. 50 lakh but does not exceed Rs. 1 lakh. However, the surcharge shall be subject to marginal relief. The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where the total income exceeds Rs. 1 lakh. However, the surcharge shall be subject to marginal relief. To understand the law better, it is required to consult a tax service company and proceed with the income tax return filing at the earliest to avoid any sort of problem.

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How the New Income Tax Rules Going to Affect Taxpayers

With the start of new financial year, several changes in income tax has been introduced which would be effective from April 2018. These include penalty on late filing of income tax returns (ITR), medical reimbursement and transport allowance becoming taxable, and a 10 percent tax on long-term capital gains (LTCG) from listed shares and equity-oriented mutual funds. It is much necessary to understand the tax changes to face the fiscal well.

Here’s a list of all the tax changes that have come into effect from April 1.

Levy of LTCG Tax on Shares and Equity-Oriented Mutual Funds: LTCG from the sale of shares and equity-oriented mutual funds will attract tax at a flat rate of 10 percent. Indexation benefit (adjusting the purchase cost with respect to inflation) will not be available. Further, LTCG up to Rs 1 lakh in one fiscal will be exempted from tax. Click here to read more about how this LTCG tax will be calculated.

DDT Introduced For Equity Mutual Funds: Dividends declared in equity-oriented mutual fund schemes will come under the purview of dividend distribution tax (DDT) with effect from April 1. The tax will be levied at 10 percent and will be deducted by the fund house before paying dividends.

Senior Citizens to Get More Benefits: Starting from 1 April, interest income earned by senior citizens will be exempt up to Rs 50,000 a year. This includes interest income earned from savings bank/post office accounts, fixed deposits (FDs) and recurring deposits (RDs). This tax benefit is available to them under the newly inserted section 80TTB of the Income tax Act. TDS will be deducted only if interest income is more than Rs 50,000 in year.

Penalty on Late Filing of ITR: Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs 10,000.As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lakh, the maximum penalty levied will be Rs 1,000.

Reduction in the Time Limit to Revise Your ITR: Apart from penalty on late filing of ITR, if you make a mistake while filing for FY2017-18, then you would have time till 31 March, 2019 to file your revised return.

Hike in Cess Levied on Tax Liability: Starting from FY 2018-19, the cess levied on the tax liability will be hiked by 1 per cent to 4 percent, as proposed in the budget. The cess will be called ‘Education and Health Cess’, replacing the current 3 per cent education cess.

To understand the law even better, you should consult a tax service company, so that you may get the true information about the same.

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