Learn The Importance of 31st March 2019 Deadline

31st March 2019 imprints the finish of Financial Year 2018-19. Be that as it may, it additionally carries with itself a progression of imperative and critical money related due dates. Each citizen will deal with these due dates and get ready well ahead of time to maintain a strategic distance from punishments and notification from the Income Tax Department.

Last date to File ITR for the Financial year 2017-18

For the Financial Year, 2018-19 or Assessment Year 2018-19 the due date to record ITR was 31st July 2018. It was additionally stretched out to 31st August 2018. However, the overdue return can at present be recorded by the individuals who have missed documenting Income Tax Return till 31st March 2019.

The recording of overdue return can likewise draw in you Late Fee u/s 234F upto Rs 10,000 in these two circumstances

Annual Income of Taxpayer Late Fee u/s 234F
2,50,001 to 5,00,000 Rs 1,000
Above 5,00,000 Rs 10,000

The last date to Revise ITR

On the off chance that you have committed some obvious error or exclusion while documenting your Income Tax Return for the Financial Year 2017-18 ( AY 2018-19). At that point it is your last opportunity to change the ITR by 31st March 2019.

Last Date to Revise ITR for the Financial Year 2016-17

In the event that you have just documented your ITR for Financial Year 2016-17 (AY 2017-18) and is happy to roll out a few improvements you can do it till 31st March 2019. Likewise, an essential point to note here is that overdue return recorded in regard of that year till Financial Year 2017-18 (AY 2018-19) can likewise be reconsidered till the said date.

Aadhar should be connected to PAN by 31st March 2019

According to the declaration made by the Hon’ble Supreme Court, each citizen who is recording Income Tax Return is required to obligatorily connect Aadhar card with its PAN (Permanent Account Number) by 31st March 2019.

Last Date to Tax Planning

On the off chance that you are among the individuals who are trusting that the last time will make speculations and arrangement their assessments for the current Financial Year. Which implies for FY 2018-19 (AY 2019-20) for example for the salary you have earned between first April 2018 to 31st March 2019. At that point, you should make charge sparing ventures till 31st March 2019 so as to benefit the most out of assessment arranging. Missing the due date can result in higher assessment surge from your pocket.

[frontpage_news widget=”879″ name=”Certicom – A Group of Chartered Accountants – Articles”]

Not Receiving Your Income Tax Refund (Possible 11 Reasons)

The most anticipated advance in the wake of checking your Income Tax Return is getting discount. In any case, numerous a period our hold up is Prolonged!! Who likes to hang tight to get some cash? Nobody right!! Along these lines, today we would comprehend 11 such conceivable purposes behind a postponement in getting Income Tax Refund Online and the moves you should make. As a matter of first importance, we would propose you to guarantee that you have e checked your ITR or sent the marked duplicate to CPC Bengaluru. Since without finishing the check procedure no discount is started by the Income Tax Department. Effectively done above, next, you should check your Income Tax Refund Status which should be possible in any of the accompanying habits:

  • Through Tax2win
  • Through NSDL
  • Through Income Tax Login

On checking your Refund Status by citing your PAN number and choosing the pertinent Assessment Year you may go over any of the 11 status and here is a rundown of moves which must be made by you.

S.No.
Refund Status
What does it mean
Action to be taken
1.
 No E-filing is Done You have not filed your ITR or have filed it in paper form manually. To claim Income Tax Refund post Financial year 2014-15, it is mandatory to file a return of tax online. File your ITR Now!!
2.
 Refund is already credited to your Bank account. Please contact your bank. Or Refund cheque has been encashed The refund amount has already been transferred in your bank account by the Income Tax Department. Check your bank statement a son date specified in the status. Cross check the bank account which you gave at the time of filing ITR for credit of refund. If the problem persists contact SBI, Mumbai on 1800 425 9760
3.
 Refund not determined Or Your return is pending with the Assessing Officer In this case, your Refund is still being processed by the ITD You should wait, and check status after some days.
4.
 Account Number provided is incorrect The bank account number given at the time of filing your income tax return is wrong. Make Refund Reissue request with correct account details.
5.
 Defective Return u/s 139 (9) Your return was not complete or improper. Login your Income Tax India Online account and check for detailed reasons.
6.
 ITR processed but submit rectification request This generally happens because of mismatch in out and Tax Department calculations. Check details in intimation received u/s 143(1)
7.
 Return submitted but not verified You have successfully filed your ITR. But verification of the same is still pending. Verify your return either

  • Online
  • Offline
8.
 No Demand No refund found It means your ITR has been duly processed and there was no refund due. You can check details in intimation received u/s 143(1) and respond accordingly.
9.
 Return processed and tax demand determined This means after processing your return the tax department is of view that you should still pay some taxes. Check intimation and if not satisfied reply online or make the due payment.
10.
 Refund sent to the banker Your refund has been processed by the ITD but it is yet pending by the bank to process. Wait for some days and if the situation persists, contact the bank for more details.
11.
 Refund adjusted against Demand You had refund payable but the same has been adjusted against some taxes payable for previous years. Check notice you must have already received u/s 245 in this regard.

[frontpage_news widget=”879″ name=”Certicom – A Group of Chartered Accountants – Articles”]

Detailed Understanding of Cost Inflation Index (CII)

CII or Cost Inflation Index alludes to the numbers issued by the Income Tax Department in every year’s spending portraying the dimension of swelling for the applicable Financial Year. These files are of high significance because of progress in the estimation of benefits which were bought in earlier years yet sold at this point. State, we acquired a house for Rs 20,00,000 and we are moving it today for 30,00,000. Along these lines, our benefit, for this situation, is Rs 10,00,000. Be that as it may, don’t you discover it somewhat wrong on the grounds that because of the exceedingly expanded rate of swelling our home which was then obtained for Rs 20,00,000 must be of higher esteem at present. What is this higher esteem?? I would state it is Rs 22,00,000 you may express it to be 25,00,000 and someone may cite some other esteem. To understand out these ambiguities Income Tax division turned out with the Cost Inflation Index. CII is issued for each budgetary year in the Budget. One schedule year (for example the year 2001 as of now) being the base year. To offer impact to gratefulness in the estimation of a benefit because of swelling following computation should be done Calculation of Indexed Cost

Particulars Amount
Value of Asset* for the year of purchase x CII for year of sale  _______________________________________________________________ CII for year of purchase** xxx
*(if the asset was purchased before base year i.e. 2001 take Fair Market Value as on the year 2001)
**(if the asset was purchased before base year i.e. 2001 take CII for the year 2001-02)

Filed cost is the sum so determined in the wake of contemplating the impact of Cost Inflation Index on the estimation of a benefit as done above. Filed cost can be determined with the end goal of capital gains on the clearance of property under the Income Tax Act for

  • Acquisition
  • Enhancement

Cost of Acquisition is the swelled price tag and cost of the enhancement is the listed expense of costs acquired on such property like development and so on. The legislature has issued Cost Inflation Index for the Financial Year 2018-19 at 280 vide its Notification dt 5/06/2017. The Current Cost Inflation Index Table-

Cost Inflation Index Chart
S No Assessment Year Financial Year Cost Inflation Index
1 2019-20 2018-19 280
2 2018-19 2017-18 272
3 2017-18 2016-17 264
4 2016-17 2015-16 254
5 2015-16 2014-15 240
6 2014-15 2013-14 220
7 2013-14 2012-13 200
8 2012-13 2011-12 184
9 2011-12 2010-11 167
10 2010-11 2009-10 148
11 2009-10 2008-09 137
12 2008-09 2007-08 129
13 2007-08 2006-07 122
14 2006-07 2005-06 117
15 2005-06 2004-05 113
16 2004-05 2003-04 109
17 2003-04 2002-03 105
18 2002-03 2001-02 & before 2001 100

Earlier to budget 2017 the year 1981 was taken as the base year and the Cost Inflation Index as recommended by the Income Tax Department were

S.No Assessment Year Financial Year Cost Inflation Index
1 1982-83 1981-82 & Before 1981 100
2 1983-84 1982-83 109
3 1984-85 1983-84 116
4 1985-86 1984-85 125
5 1986-87 1985-86 133
6 1987-88 1986-87 140
7 1988-89 1987-88 150
8 1989-90 1988-89 161
9 1990-91 1989-90 172
10 1991-92 1990-91 182
11 1992-93 1991-92 199
12 1993-94 1992-93 223
13 1994-95 1993-94 244
14 1995-96 1994-95 259
15 1996-97 1995-96 281
16 1997-98 1996-97 305
17 1998-99 1997-98 331
18 1999-00 1998-99 351
19 2000-01 1999-00 389
20 2001-02 2000-01 406
21 2002-03 2001-02 426
22 2003-04 2002-03 447
23 2004-05 2003-04 463
24 2005-06 2004-05 480
25 2006-07 2005-06 497
26 2007-08 2006-07 519
27 2008-09 2007-08 551
28 2009-10 2008-09 582
29 2010-11 2009-10 632
30 2011-12 2010-11 711
31 2012-13 2011-12 785
32 2013-14 2012-13 852
33 2014-15 2013-14 939
34 2015-16 2014-15 1024
35 2016-17 2015-16 1081
36 2017-18 2016-17 1125

[frontpage_news widget=”879″ name=”Certicom – A Group of Chartered Accountants – Articles”]