Income Tax
- It is now mandatory to disclose the Aadhaar number while filing I-T returns.This is the most important amendment in the rules for filing I-T. Till last year, it was optional to disclose the Aadhaar number while filing the returns. Generally, the last date for filing I-T returns is 31 July. Therefore, it is advisable for tax payers to get their Aadhaar number at the earliest.
- Another important amendment that comes into effect from the financial year 2017-18, is theprovision of penalty in case the return is filed late.According to this provision, if the return is not filed till 31 December, the tax payer has to pay the penalty of Rs 5,000. If the tax payer files the return after 31 December, a penalty of Rs 10,000 will be imposed. However, the penalty has been restricted to Rs 1,000 for income of up to Rs 5 lakh.
- Only a one-page tax return form will be provided for salaried tax payers with income up to Rs 50 lakh. The source of their income can be their salary and rental income from only one house. If the tax payer has more sources of income, he cannot file his return through a one-page tax return form. Those earning up to Rs 5 lakh and filing return for the first time will be free from scrutiny
| Income Tax | Basics |
| Income Tax | Rates of Tax |
| Income Tax | Exemptions and Deductions |
| Income Tax | Salary Income |
| Income Tax | House Property Income |
| Income Tax | Profit and Gains of Business or Profession |
| Income Tax | Capital Gains |
| Income Tax | Capital Gains – Certain transactions not regarded as Transfer |
| Income Tax | Capital Gains – Specific Exemptions |
| Income Tax | Income from Other Sources |
| Income Tax | Clubbing of Income – Income of other person to be included |
| Income Tax | Set off and Carry forward of Losses |
| Income Tax | Payment of Taxes and Interest |
| Income Tax | Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) |
