Income Tax Return Filing

AY 2018-19 Income Tax Return Filing | Which ITR Form should you file?

The Central Board of Direct Taxes has notified the new RTI forms for the AY 2018-19 Income Tax Return (for the 2017-18 fiscal year). To facilitate the filing of inquiries, some sections of the forms have been streamlined.

The new form of ITR in PDF format is made available, while Excel (or) Java Utilities for IS 2018-19 will be available soon on the income tax India e-filing website.

What is Assessment Year (AY) & Financial Year (FY)?

The fiscal year (FY) is the year you earned the income. If you file a return this year, the fiscal year will be 2017-18. For example, if you had an income between April 1, 2017, and March 31, 2018, then 2017-18 will be designated by AF. The assessment year (YY) is the year in which you file returns, that is, 2018-19. The last filing date for the 2017-2018 fiscal year is July 31, 2018 (as of now).

Income Tax Slab Rates for FY 2017-18

The income tax slabs & rates are categorized as below:

  • An individual resident under the age of 60 Years.
  • Senior Citizen (an Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year).
  • Super Senior Citizen (an Individual resident aged 80 years or more at any time in the past year).

Income Tax Return Filing

New ITR 1 (Sahaj) Form For Year Analysis 2018-19

Direct Tax Central Board (CBDT) has filed a Form of Tax Return Form (Form ITR) for Assessment Year 2018-19. For the Year of Assessment 2017-18, a single page simplified by ITR Form-1 (Sahaj) was notified. This initiative benefits from the 3 crore taxpayers, who have submitted back to their respective Forms. For the Year of Assessment 2018-19 also, one page simplified ITR Form-1 (Sahaj) has been notified.

  • This form can be used if you have;
    • Salary or Pension Income
    • Income from a home owner’s property (excluding cases where loss has been lost from previous years)
    • No business income / no Capital gains
    • No asset in a foreign country or no income from a source outside India
    • Agricultural  income which is less than Rs 5,000
    • Income from other sources like FD/Shares/NSC etc.,
    • No income from lottery or horse racing.TR Form-1 (Sahaj) may be filed by an individual resident other than an unusual resident, earning up to Rs 50 lakh and receiving income from salary, home property / other income (interest etc.).
  • Additionally, home-related salary and property components have been rationalized and provide basic salary details (such as those available in Form 16) and income from home property has been reimbursed command.

  • Click here to download a new ITR 1 Form for IS 2018-19.
  • Please note that NRIs can not file form ITR-1 from IS 2018-19 until the beginning.

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Aadhaar, PAN mandatory for Customs Broker License

Govt. notifies Aadhaar, PAN mandatory for Customs Broker License

The Central Government has reported the Aadhaar number and the mandatory permanent number (PAN) for the customs broker’s license. In a notification issued by the CBI, Aadhaar,

The PAN is mandatory for persons seeking a customs broker license.

“Customs Broker” means the person authorized to act as an agent on behalf of the importer/exporter for the business of entering or leaving the means of transport or goods at any customs station, including the audit. The license issued under the regulations is valid for 10 years.

Aadhaar, PAN mandatory

The Government has also issued the following conditions for applicants to meet;

  • He is a citizen of India.
  • It is the person’s proper mind;
  • Not to be judged as insolvency.
  • Holds Aadhaar number.
  • Holds valid PAN card;
  • No offense under the law, the Central Tax Act, 1944 (1 of 1944), the Finance Act, 1994 (32 of 1994), the Central  Goods and Services Act, 2017 (12 2017) 13 of 2017);
  • She has not been convicted by a competent court of a crime or any criminal proceedings pending against him in   any court of law;
  • An individual applicant or in case the applicant is a company or partner, or in the case of a company or its manager or an authorized officer who may perform the customs work.

#. Graduated from a recognized university;
#. A professional degree such as a master’s degree or equivalent in accounting, finance, management, CA / CS / MBA / LLM / ACMA / FCMA or a diploma in customs clearance work from any institute or university recognized by the government oris after at least two years. Experience in conducting the work of the customs broker as a G-Card owner;

(I) The applicant has financial authority as evidenced by a certificate issued by a bank or other acceptable evidence to the Chief Customs Commissioner or the customs commissioner, as appropriate, in respect of the acquisition of assets of not less than Rs.5 per lakh.

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Deny pension for want of Aadhaar?

Don’t deny pension for want of Aadhaar: EPFO to banks

The circular also said that people who do not have Aadhaar should be encouraged to get it
The Employees’ Provident Fund (EPFO) has asked banks not to reject the monthly pension of persons due to the need for Aadhaar cards or biometric authentication.

Alternatively, they can use other documents such as life certificates. On 9 April circulation of the EPFO said that people should not be deprived of their pension if the verification of identity – fingerprint or iris – fails. The reason for the exception record must be entered.

EPFO

The circular also pointed out that people who do not have Aadhaar should be encouraged to obtain it, and even so, the life certificate can be accepted as an alternative.

The record will contain the details of the exceptions given, along with the Life Certificate, Aadhaar Number or Aadhaar Registration Number, which can be reviewed and reviewed periodically by the Bank’s senior management
EPFO said the agreements it signed with the banks for the retirement of pensions laid out its duties, including collecting the necessary certificates of retirees in November each year.

Since 2016, certificates of life have been obtained digitally by the name of Jivan Braman. Javan Braman was facilitated by Umang application on mobile phones.

Some complaints have been received from retirees who are being deported … because of their inability to Aadhaar or authentication.

Because of this, pensioners are unable to obtain and present Jivan Braman,

The publication said. Banks can also make special arrangements for residents who have a bed or with different disabilities or older people who are unable to visit.

“After verification through alternative identity documents as the bank deems necessary, pensions can be paid.”