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Union Budget 2019: Updated Income Tax Slabs and Rates for F.Y. 2019-20

Income tax slab rates for Individuals FY 2019-20:

Individual (Others)
Net Income Range Income-tax Rate*
  2019-20 2018-19
1 Upto Rs. 2,50,000
2 Rs. 2,50,000 to Rs. 5,00,000 5% 5%
3 Rs. 5,00,000 to Rs. 10,00,000 20% 20%
4 Above Rs. 10,00,000 30% 30%

Income tax slab rates for Senior Citizens for FY 2019-20:

Senior Citizen
(who is 60 years or more at any time during the previous year)
Net Income Range Income-tax Rate*
  2019-20 2018-19
1 Upto Rs. 3,00,000
2 Rs. 3,00,000 to Rs. 5,00,000 5% 5%
3 Rs. 5,00,000 to Rs. 10,00,000 20% 20%
4 Above Rs. 10,00,000 30% 30%

Income tax slab rates for Super Senior Citizens:

Super Senior Citizen
(who is 80 years or more at any time during the previous year)
Net Income Range Income-tax Rate*
  2019-20 2018-19
1 Upto Rs. 5,00,000
2 Rs. 5,00,000 to Rs. 10,00,000 20% 20%
3 Above Rs. 10,00,000 30% 30%

Budget 2019: High point of propositions made in Income Tax

  • A domestic company whose total turnover or the gross receipt in the previous year 2017-2018 does not exceed Rs. 400 crore shall be taxable at the rate of 25%.
  • The new rate of surcharge for Individual, HUF, AOP, BOI and AJP shall be – 10% (for income of Rs. 50 lakhs to Rs. 1 crore), 15% (for income of Rs. 1 crore to Rs. 2 crores), 25% (for income of Rs. 2 crores to Rs. 5 crores) and 37% (for income exceeding 5 crores).
  •  If a person has linked his Aadhaar number with PAN, he may also furnish his Aadhaar number in place of PAN in the Income-tax return.
  •  PAN allotted to a person shall be deemed to be invalid, if he failed to intimate the Aadhaar to the Dept.
  • Section 80EEA is introduced to provide deduction of up to Rs. 1.50 lakhs for interest on loan taken from any financial institution for acquisition of a residential house property whose stamp duty value does not exceed Rs. 45 lakhs.
  • Section 80EEB is introduced to provide deduction of up to Rs. 1.5 lakhs in respect of interest on loan taken for purchase of an electric vehicle. 
  • Section 194N is introduced to provide for deduction of tax at source at the rate of 2% if aggregate of cash withdrawn during the financial year from any account maintained with a banking company or cooperative bank or post office exceeds Rs. 1 crore.
  • Application under Section 195(2) and 195(7) for lower or nil deduction of tax from sum paid or payable to non-residents person can be filed electronically.
  • Introduction of Section 194M that requires any individual or HUF (who is not required to deduct tax under Section 194C or 194J ) to deduct tax at source from sum paid to a contractor or professional if aggregate payment during the year exceeds Rs. 50 lakh. The tax can be deposited under this provision without any requirement to obtain TAN.
  • A taxpayer has been allowed to withdraw 60% of total amount from NPS as tax free. Currently, the exemption is allowed only up to 40% of the total corpus amount.

Last Date for Tax Filing FY 2018-19

Last date for filing Income Tax Returns for FY 2018-2019 for Individuals is 31st July 2019. (Applicable for income earned from 1 April 2018 to 31 March 2019.)

Tax payer CategoryLast Date for Tax Filing – FY 2018-19
Individual31st July, 2019
Body of Individuals (BOI)31st July, 2019
Hindu Undivided Family (HUF)31st July, 2019
Association of Persons (AOP)31st July 2019
Businesses (Requiring Audit)30th September 2019
Businesses (Requiring TP Report)30th November 2019

You can use TaxHills website or app to e-File your IT Returns easily.

Easy Advice For Foreign Brides – Some Thoughts

The Dirty Facts on Find a Bride Abroad

Each type is incredibly different from the mediocre, each kind of husband and wife contains its benefits in addition to risks. People generally fall in it tends regarding hiding their very own emotions anytime they have conflicting desires. Completely happy lovers are aware which the real relationship begins when the honeymoon is over. They will resist the temptation to attend cargo box at several intervals. Which is something a new healthier youthful few is conscious of.

What Everybody Dislikes About Find a Bride Abroad and Why

Initiate making love, even when you don’t want to. Sexual activity will change. The earlier you here  may have sex with a person, the more rapidly on the boat who they really are and the earlier you will get the ability to decide on whether they is really an excellent healthy available for you and your lifespan.

Find a Bride Abroad – Is it a Scam?

An individual who makes a excellent guardian to increase your sons or daughters may not actually be good with cash. Although considering any protector, you may also want to evaluate whether your designated guardian would definitely likewise have the ability to manage typically the youngster’s money. Understand what understand how to start once thinking about the way to select some sort of guardian or even what sorts of problems to contemplate, check out Top Considerations Once Identifying a Protector inside your Will.

You’ve worked with a lot of transsexual couples. The range of credit required to offer benefits for survivors depends upon the employee’s age while the individual dies. Just know there are lots of foolproof strategies to track down a stylish female associate without a lot of problems.

In some instances, arms discompose. The fingers will certainly finish up. Contented encounters don’t always have to be pictured to show the joyful time. Actual smiles is not going to typically start looking in the zoom lens. Everyone requires a embrace from time to time.

Why Almost Everything You’ve Learned About Find a Bride Abroad Is Wrong

Assembly couples may get even more complicated when you’re fresh to some sort of brand-new town or have children. Despite the fact that it is the exact same specific, the face has been evolved dramatically. Since when you are committed to the ideal personal, young or old, relationship ought to be entertaining, and that person medicine 1 you would like to perform enjoyable things together with. Even though standing near to the vehicle, the man noticed a girl moaning along with that screaming throughout discomfort.

Should you find things your lover does wrong, one could frequently locate some thing. Your lover could possibly be incredibly appealing, but looks might feasibly modify. It isn’t unreasonable that you just expect your lover to regulate her looks in addition to physical well-being precisely the same way you have to do. To make the decision you won’t be described as a real partner whilst you avoid feel like it is similar to his or her deciding that will there’ll be no chat because he isn’t a talker. If you obtain a good and top-quality companion, there’s likely a thing you are able to do that will didn’t be as well awfully tough. Being capable of clearly exhibit what you would need is an integral to some wholesome romantic relationship.

Not any taking cell phone calls in the center of a discussion or perhaps when individuals are browsing. After the occasion is correct, LOVE IT UPWARDS. The smaller moments associated with regular life are really the building blocks of connection. For anyone who is stealthy, you merely just might pull off some sort of drive surprise.

New Format of Form 16 for A.Y. 2019-20

The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition.

Several changes have been made in the format of the TDS certificate for the Assessment Year 2019-20, the new format of Form 16 will allow the Income Tax Department get a detailed break-up of the income and tax breaks claimed by a salaried person at the first instance itself. Moreover, if there is any discrepancy between the income and deductions shown in TDS certificate and the ITR filed by the taxpayer, it will be quite easy to spot it. This new format is likely to help the department digitize cross checking of figures too, as it takes away the leeway that companies earlier had in providing the break-up of income and deductions and fixes the format for providing necessary details.

The new Form 16 format was notified on 12th April 2019, by the Central Board Direct Taxes. The format mentioned in the notification will come into effect from 12th May 2019, which is well ahead of the last date to issue the TDS certificate to the salaried employees by Employers/ Tax Deductors. Therefore, those issuing Form 16 after this date will have to do so in the new format.

List of changes in Form 16 Format: –

  • The nature as well as amount of Tax-Exemption should be mentioned by Employer.
  • The Part B of form 16 has been amended to provide the section wise break-up of various exemptions allowed under section 10 of the Income Tax Act.
  • Form-16 will also contain the break-up of all the tax-related deductions under section 80C to 80U claimed by taxpayer from the salary paid to him/ her by your employer.
  • If a taxpayer has received salary from his/ her ex-employer or other employer during the previous year and same has been reported to the current employer for TDS purposes, then separate reporting is required in case of such a salary income new Form 16.
  • Standard deduction, announced in the Budget 2018, has also been introduced in Form16 under the head ‘Deduction under section 16’.
  • Now, income apart from salary is confined and can only be reported under Income from

House Property and Income from Other Sources.

GST Annual Return – GSTR 9 To Be Filed On or Before November 30th, 2019

Every taxpayer registered under Goods and Services Tax or GST is obligatory for GST Return filing. It is utmost important for the individuals to file annual GST return once in a year under GSTR-9 and GSTR-9A. Meanwhile, after a recent announcement by the Central Board of Indirect Taxes and Customs, taxpayers are requested to file their annual returns on or before November30th, 2019.

What is GSTR-9 Annual Return?

GSTR-9 is filed by the taxpayers who are registered under GST or opted for composition scheme. This form contains the particulars of supplies transactions under various heads like CGST, SGST and IGST during the year, as well as details of exports or imports. Apart from this, it includes all the essentials that are present in monthly/quarterly GST return filed by a taxpayer. Moreover, the GSTR-9 return is a summary of a business’s monthly or quarterly returns.

Who needs to file Annual Return in form GSTR-9?

Any registered taxpayer or a taxable person under GST must file GSTR-9.  However, the following are the persons who are not considered to file GSTR-9:

  • Non-resident taxable persons
  • Input service distributors
  • Person paying TDS
  • Casual Taxable person

What is last date to file GSTR-9?

A taxpayer is supposed to file GSTR-9 before or on 31st December of the financial year. Like, for the financial year 2017-18, the last date to file GSTR-9 is 30th November 2019. For the financial year 2018-19 the due date for filing GSTR-9 is 31st December 2019.

What is the penalty for late filing of gstr-9 form?

In case, GSTR-9 filing is not filed before the due date, then a penalty of INR 100 per day under CGST & INR 100 per day under SGST shall be imposed i.e. a total of INR 200 per day that will be calculated at a quarter percent of the taxpayer turnover in the state or union territory.  Also, if you are not filing your return on time, then, along with late fees, an interest has to be paid at the rate of 18 % per annum and hence, will be estimated by the taxpayer on amount of outstanding tax to be paid.

What are the different types of return under GSTR-9?

There are basically four types of return under GSTR-9:-

GSTR 9: This should be filed by the regular taxpayers who are filing GSTR 1, GSTR 2, GSTR 3.

GSTR 9 A: This should be filed by the persons registered under composition scheme under GST.

GSTR 9B: The same should be filed by the e-commerce operators who have filed GSTR 8 during the financial year.

GSTR 9 C: Taxpayers whose annual income is more that Rs, 2 crores during the FY is liable to file GSTR 9c. Along with this, these taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.

Can someone file GSTR 9 if he/she hasn’t filed GSTR 9A or GSTR 9B for a period?

No, Filing of GSTR 9A and GSTR 9B is mandatory before filing of GSTR 9.

Key changes in ITR-2 form for F.Y. 2018-19

As Income Tax Return filing is around the corner, the government authority is continuously notifying certain changes in the ITR forms. However, ITR-1 and ITR-4 form changes have been already announced. Whereas changes in the ITR-2 Form are also out for the assessment year 2019-20. These forms require new particulars or details to be filled in by taxpayers.  The new forms contain several additional disclosures, residential status and other requirements as compare to the previous year’s forms. Hence, before proceeding further, you should be careful about ITR filing for the financial year 2018-19.

Get a complete detail of the buyer to whom you have sold a property-

The foremost thing to keep in mind is if you’ve sold a property in the financial year 2018-19, then before filing ITR-2, you will have to mention the complete details of the buyer like buyer’s name, PAN, transaction price and the address of the property. The buyer information has to be provided irrespective whether the capital gains generated are of a long term or short term in nature.

Disclose your Investment details of unlisted companies-

As per the latest forms, if any individuals are holding directorships in unlisted companies shall not be eligible to file the Sahaj ITR-1. Therefore, you are required to disclose all the details of your investments in form ITR-2 for the assessment year 2019-20.

Residential Status in India for Individuals-

According to the newly introduced form ITR-2, individuals are required to provide their details of the residential status. Earlier, only residential status i.e resident or non-resident or Not Ordinarily Resident was to be provided. However, the after-tax authority has made certain changes, the taxpayers need to specify that they were in India for 182 days or more or stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year.

Who is eligible to file ITR 2?

If a taxpayer does not originate any income under the head Profits and Gains from Business and Profession, then its compulsory for him to file ITR Form 2. Thus, an individual having income from any of the following sources during the assessment year is eligible to file ITR Form 2:

  • You are a salaried individual or a pensioner
  • Income from Foreign Assets
  • Income from Capital Gains
  • Agricultural income exceeding Rs 5 lakh is now to be reported separately
  • Income from other sources such as winnings from lottery or other legal gambling, etc.
  • If the residential status of the individual/HUF is either Resident Non-Ordinarily Resident and Non-Resident