{"id":214,"date":"2018-04-06T19:44:43","date_gmt":"2018-04-06T14:14:43","guid":{"rendered":"http:\/\/laqshya.in\/blog\/?p=214"},"modified":"2018-04-06T19:51:53","modified_gmt":"2018-04-06T14:21:53","slug":"important-changes-related-to-income-tax","status":"publish","type":"post","link":"https:\/\/laqshya.in\/blog\/important-changes-related-to-income-tax\/","title":{"rendered":"Important Changes Related To Income Tax"},"content":{"rendered":"\n<!-- Facebook Like Button Vivacity Infotech BEGIN -->\n<div class=\"fb-like\" data-href=\"https:\/\/laqshya.in\/blog\/important-changes-related-to-income-tax\/\" data-layout=\"standard\" data-action=\"like\" data-show-faces=\"false\" data-size=\"small\" data-width=\"450\" data-share=\"\" ><\/div>\n<!-- Facebook Like Button Vivacity Infotech END -->\n<h4>Changes For Salaried Individuals<\/h4>\n<p>The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.<\/p>\n<p>Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs 50 lakh and one house property.<\/p>\n<p>Further, those paying tax under the government\u2019s presumptive taxation scheme will have to provide their GSTIN and details of their turnover reported under GST, as the government seeks to check tax evasion among these entities by linking their direct and indirect tax data.<\/p>\n<p>Businesses with a turnover of less than Rs. 2 crore can do away with the requirement of maintaining books of accounts and instead pay a tax on the basis of a certain percentage of their turnover.<\/p>\n<p>GSTIN number now has to be mentioned in ITR-4 filled by businesses and professionals claiming presumptive income. They also have to quote gross receipts as per GST returns. Also, partners in firms will now have to file ITR-3 instead of ITR-2<\/p>\n<p>The tax department has also given an option to taxpayers above the age of 80 and those earning income up to Rs 5 lakh and not claiming refunds to fill ITR-1 and ITR-4 in paper form.<\/p>\n<p>E taxation scheme will have to provide their GSTIN number and details of their turnover reported under GST.<\/p>\n<h4>Changes For Non-Resident Indians<\/h4>\n<p>The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.<\/p>\n<p>However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.<\/p>\n<h4>Changes For Pensioners<\/h4>\n<p>The Finance Act, 2018 has amended Section 16 of the Income-tax Act, 1961(&#8220;the Act&#8221;) to provide that a taxpayer having income chargeable under the head &#8220;Salaries&#8221; shall be allowed a deduction of Rs 40,000\/- or the amount of salary, whichever is less, for computing his taxable income. Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000\/- or the amount of pension, whichever is less, under Section 16 of the Act,&#8221;.<\/p>\n<p>Pensioners are eligible for standard deduction up to Rs 40,000 from their taxable income, the government clarified on Thursday. Earlier, Budget 2018 had amended the Finance Act and provided a standard deduction of Rs 40,000 to all salaried individuals in their taxable income.<\/p>\n<p>\u2013END OF ARTICLE\u2013<\/p>\n<p>Laqshya Institute of Skills Training ( www.laqshya.in ) is one of the pioneer institute providing quality practical training in the field of IT &amp; Non-IT Sector. Our specialised training programs are most suitable for Fresher Students (Internship Programs) as well as for Working Professionals (Practical Training Programs).<\/p>\n<h5>Following are our Contact Details for Enquiry &amp; Visit :<\/h5>\n<h5>Helpline : 8976789830 | 8080480427 | 022-28114695<br \/>\nWeb: www.laqshya.in | Email: info@laqshya.in<\/h5>\n<p>[caldera_form_modal id=&#8221;CF5a9d06808187c&#8221; type=&#8221;button&#8221;]Mumbai Broucher[\/caldera_form_modal]\u00a0\u00a0\u00a0 [caldera_form_modal id=&#8221;CF5a9d39c1e529d&#8221; type=&#8221;button&#8221;]Pune Broucher[\/caldera_form_modal]<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changes For Salaried Individuals The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-214","post","type-post","status-publish","format-standard","hentry","category-latest-updates-on-taxation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Important Changes Related To Income Tax - Laqshya Institute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/laqshya.in\/blog\/important-changes-related-to-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Important Changes Related To Income Tax - Laqshya Institute\" \/>\n<meta property=\"og:description\" content=\"Changes For Salaried Individuals The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. 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