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Updates found with 'applicable'

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Updates found with 'applicable'

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.50 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units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18.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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1. MCA has amended the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules providing that any other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors. 2. MCA has amended the Companies (Audit and Auditors) Rules, 2014. Amendment has been made to rule 3 whereby proviso to sub-rule 7 of Rule 3 and explanation thereunder have been omitted. Which means that the requirement of ratification of appointment of Auditor in every annual general meeting (AGM) till the conclusion of sixth AGM has been removed. Further Rule 9 of the said rules has been omitted. Rule 10A and Rule 14 have also been amended. 3. MCA has amended the Companies (Registration Office and Fees) Rules, 2014. A new provision has been inserted under to Rule 10(3) providing that - Registrar shall allow fifteen days' time for re-submission in case of reservation of name through web service -RUN for rectification of defects if any. Earlier re-submission was not allowed in case of re-submission of application through RUN. 4. MCA made An amendment in Annexure I of the Companies (Registration Office and Fees) Rules, 2014 prescribing additional fee of Rs. 100 per day effective from July 1, 2018 for delayed in filing of annual return and financial statements. The additional fee shall also be applicable to revised financial statement or board report as well as Secretarial audit report. 5. MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 whereby amendment has been made to Rule. The revised norm provides that in case of appointment of Independent Director, none of the relatives of such independent director should be indebted to the company, its holding subsidiary or associate Company or their promoters, or directors; or has given a guarantee or provided any security in connection with indebtness of any third person to its holding, subsidiary or associate company or their promoter or directors for an amount of Rs. 50 Lakhs at any time during the two immediately preceding financial years or during current financial year. 6. MCA has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014. The amendment prescribes omission of rule 4 - Reports to be set out in the Prospectus, rule 5- Other matters and reports to be stated in the prospectus and rule 6- Period for which information to be provided in certain cases.
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ITR 4, or commonly known as Sugam, is to be filed those by individuals and HUF who have opted for the presumptive income scheme for income earned from business and profession during the financial year 2017-18 under sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961 . ITR form 4 is filed when gross receipts of professionals and self-employed should not exceed Rs 50 lakh during a financial year under section 44ADA. For non-professionals who earn income from business, to be eligible for the scheme, gross receipts in a financial year should not exceeding Rs 2 crore. Individuals engaged in goods transportation businesses with not more than 10 good carriages can file ITR 4 if they have opted for presumptive income scheme under section 44AE.This is not the first time the government has made modifications to ITR form 4. "Until FY 15-16, ITR form 4S was applicable for such class, then for FY 16-17 it was renamed as ITR 4 along with various other changes. Keeping with the trend, this year, too, various changes have been made in ITR 4, while the name of form remains unchanged. Changes in ITR 4 include quoting of GST number and the amount of turnover as per GST return, the number of details of financial particulars has been increased, the codes for selecting nature of business or profession while filing return have been changed, and so on. Therefore, it is clearly evident that day by day, the department is increasing the reporting requirements allowing little wiggle room for tax evaders. ITR-4 (Sugam), can be file in paper form if they satisfy the below mentioned conditions: The individual is of age of 80 years or more at any time during the previous year; or, The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.
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