NAM & Associates

Dear All,



The Financial Year 2017-18 has ended. Now it is time to prepare for filing Income Tax Returns.



Last Date of filing IT Return-

Ø 31 July for all except following

Ø 30 september- if you are covered under tax audit

HEAVY PENALTY FROM THIS YEAR- be careful

If ITR for AY 2017-18 is filed after due date (31st July for individuals without audit, 30th Sept for other persons) but before 31st Dec of the Assessment year (31-12-2018) in case of Assessment year 2018-19)
· Then Penalty of Rs.5000/- will be levied – After 31 July Till 31 Dec

· And If ITR is filed after 31st Dec then Rs.10000 will be levied as penalty. – After 31 Dec

Businesses- If You are not covered under TAX AUDIT



Ø Prepare your Profit and loss account and Balance sheet , reconcile all bank accounts, all GST, Vat , service tax returns ,

Ø The last date is 31 July, you must contact us immediately



Business with TAX Audit



Ø Complete all your accounts, tallied with bank , GST, VAT, service tax, Excise ,third parties,stocks etc

What are the documents required-

For Salaried Employees -

ü Form-16 issued by your employer

Documents related to interest income

ü Bank statement/passbook for interest on savings account.

ü Interest income statement for fixed deposits.

ü TDS certificate issued by banks and others.

Section 80 Investments, Keep these documents at hand to claim the following expenses as deductions -

ü Your contribution to Provident Fund

ü Your children’s school fees, Tuition Fees Receipt

ü Life insurance premium payment

ü Stamp-duty and registration charges

ü Principal repayment on your home loan, Home loan statement

ü The maximum amount that can be claimed under Section 80C is Rs.1,50,000 to 2,00,000

ü PPF receipts

ü ELSS Receipts

ü Sukanya Samriddhi Account passbook

ü NSC

Other Investment Documents

ü Interest paid on housing loan. Interest on housing loan is eligible for tax saving. This is for a self-occupied house.

ü Education loan interest payments.

ü Stock trading statement. The stock trades that were made during the year may be taxed under Capital Gain.

Form 16A

This form is issued by the tax deductors, other than the employer. There may be some payments which are given to you after the TDS. For example, any commission or bank interest is given to your after the tax deduction. You should have this TDS details with you, The deductors give these details in form 16A. If you have not got it, ask to the deductor.



Bank Passbook/ Statements

You are required to fill the bank account details in the income tax return. Therefore, you should keep all the passbook before filing income tax return. Since, interest earnings of more than 10,000 is also taxable, you should also calculate it. The aggregate interest income should be entered in the other income column.

Fixed Deposit Statement

You may not get the passbook of a fixed deposit, but the interest income on fixed deposit is also taxable. Therefore, you must have the value of interest earning of FD or RD of the given financial year.

Proof To Avail Exemptions

There are some allowances and perks which are not part of your taxable income. But you are required to give the proof of actual expense.

House Rent Receipt for HRA

Medical Expense Receipts

Tickets For LTA

Proof of Investment under Section 80D

The medical insurance premium of self, family and parents are also eligible for tax deduction under section 80D. It is over and above the 80C limit. You should keep the Premium receipt to claim this tax benefit.

There may be requirement of other documents depends on each case, above list is only a genral indicative list. More documents may be required as per income, business , deductions, exemptions and other details.

Feel free to call us @ 0731-4250991 or Reach at Registered Address

NAM & Associates Practicing Chartered Accountant Firm

How your financial life is going to change completely from April 1
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All taxpayers will pay a bit of more tax due to hike in and education cess. Budget 2018 had proposed to hike cess on income tax from 3% to 4%.
From today, a large number of Indians will see significant changes in their financial life. April 1 is the first day of the next financial year, 2018-19. The Budget proposals for the new financial year, announced on February 1, will come into force from tomorrow.
Below are the key changes which are going to affect individuals as well as companies:
All taxpayers
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All taxpayers will pay a bit of more tax due to hike in and education cess. Budget 2018 had proposed to hike cess on income tax from 3% to 4% thereby increasing the tax payable by all categories of tax payers. Due to this change, the tax liability for highest tax bracket (assuming Rs 15 lakh income) goes up by Rs 2,625. For the middle income tax payers (between Rs 5 lakh and Rs 10 lakh), tax liability increases by Rs 1,125, and for the lowest bracket (Rs 2.5 lakhs to Rs 5 lakhs) by Rs 125
Senior citizens
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If you have lots of money earning interest, you need not bother about tax as much as you used to. The exemption limit on income from interest for senior citizens will now be five times higher to Rs 50,000 per year. Those planning to upgrade or buy insurance will benefit from higher limit of deduction for health insurance premium and medical expenditure which has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.
Investors
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Investors will pay tax on long-term capital gains (LTCG) exceeding Rs 1 lakh from sale of shares. However, indexation benefit for computing tax liability on sale of shares listed after January 31 will be available.
The salaried and the pensioners
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The Budget proposed a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement. This will kick in from April 1. Presently, no tax is applicable on Rs 19,200 of transport allowance and medical expenditure of up to Rs 15,000. This has now been subsumed into the new standard deduction of Rs 40,000.
Small businesses
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If the turnover of your company is up to Rs 250 crore, you have a big reason to cheer. You will pay less corporate tax, at 25 per cent. As 99 per cent of the tax-filing companies fall in this bracket, this is really a big change.
All companies
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Every companies will have to adopt more detailed revenue recognition ways from April 1 as the government has notified a new accounting standard. Indian Accounting Standard (Ind AS) 115 would be effective from the new financial year, that is tomorrow. Once it is in force, the other two standards, Ind AS 18 and 11, which are related to revenue and construction contracts, would be withdrawn.
Drivers
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If you drive on national highways, get ready to pay more from April 1. National Highways Authority of India has revised its toll rates by 5 to 7 per cent. The rates have been revised on the basis of Wholesale Price Index (WPI) and may vary from one toll plaza to another in the same region.
Transporters
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The businesses that transport goods worth over Rs 50,000 from one state to another will have to carry an electronic or e-way bill from April 1. An anti-evasion measure that would help boost tax collections by clamping down on trade that currently happens on cash basis, the e-way bill provision of the Goods and Services Tax (GST) was introduced on February 1.