Wednesday, 11 April 2018
Tuesday, 10 April 2018
Monday, 9 April 2018
CHANGES IN INCOME TAX FORMS AY 2018-19 FY 2017-18
Income Tax department has notified the New ITR form for Ay 2018-19 Fy
2017-18.In new forms 25 specific changes has been made to enable Income
tax department to get more information from Taxpayers.
- (i) an Individual of the age of 80 years or more at any time during the previous year; or
- (ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
Main changes has been covered as under.
1. Changes in Salary details in ITR-1.
Earlier only taxable salary is required to be filed under the head of
salary income in Income Tax return .But now more details has been asked
to be filed under salary Income. in our view this step has been taken
keeping in view of fraudulent refund claimed by the salaried person in
Mumbai and Bangaluru .
New columns in salary head in ITR has been added as under
- i Salary (excluding all allowances, perquisites and profit in lieu of salary)
- ii Allowances not exempt
- iii Value of perquisites
- iv Profit in lieu of salary
- v Deductions u/s 16
Filling of above details are not very difficult for salaried persons but
it will be confusing for few as many salaried person are not aware of
what is to be included under Profit in lieu of salary or Value of
perquisites and deduction u/s 16.
In our view all such information is provided in Form 16 itself except
allowance not exempt.So my suggestion to govt is that govt should also
amend form 16 so that it also shows the value of allowances not exempt.
2. Changes in Income under the head House property.
More details are required to be filled under this head in Income tax
return form ITR-2 also. Now following information is required to filled
for income from house property
- i Gross rent received/ receivable/ letable value
- ii Tax paid to local authorities
- iii Annual Value (i – ii)
- iv 30% of Annual Value
- v Interest payable on borrowed capital
- vi Income chargeable under the head ‘House Property’ (iii – iv – v)
All the columns explained in above in 1 and 2 was required to be filed
in ITR-2 but now it has been insterted in ITR-1 also. So ITR-1(sahaj) is
no more "Sahaj"(easy) Now.
3. The columns explained at Sr no 1 and 2 has also been inserted in ITR-4 return for presumptive income scheme also called as Sugam.
3. The columns explained at Sr no 1 and 2 has also been inserted in ITR-4 return for presumptive income scheme also called as Sugam.
4.Non resident is required to file ITR-2 in case of no income from
business and profession and can not file return on ITR-1 .Further he has
to provide details of bank account to get refund from income tax
department.
5. New Column of Fees under section 234F has been inserted in all relevant ITR. In ITR -1 it is given at D10 Fee u/s 234F
The Finance Act, 2017 vide section 234F levied
fees of Rs.5,000 in case where return is furnished after the due date
but on or before 31st December of the relevant assessment year and
Rs.10,000, in other cases. However, it is also provided to restrict the
fees to Rs.1,000, where the total income does not exceed five lakh
rupees.
Sunday, 8 April 2018
Friday, 30 March 2018
Educational Concession to the Children of Armed Forces Officers/ PBORS missing/disabled/killed in action: DESW Order
No. 6(l)/2009/Edu. Concession/ D(Res-II)
Government of India
Ministry of Defence
Department of Ex-Servicemen Welfare
Room No. 237, ‘B’ Wing
Sena Bhawan, New Delhi
Dated: 23rd March, 2018
To, The Chief of the Army Staff,
The Chief of the Naval Staff,
The Chief of the Air Staff,
The Director General, Indian Coast Guard.
Subject : Grant of Educational Concession to the Children of Armed Forces Officers/Personnel Below Officer Ranks PBORS) missing/disabled/killed in action.
In continuation of this
Department’s letter of even no. dt 13.09.2017 on above subject (copy
enclosed), it has been decided with the approval of competent authority
that the cap of Rs. 10,000/- imposed on the combined amount of Tuition
Fees and Hostel Charges vide para-5 of a above order is removed and the
Educational Concession will continue to be admissible without the cap of
Rs. 10,000/-per month.
3. This issues with the concurrence of Ministry of Defence (Fin/Pen) vide their ID No. 10(23)/09/Fin/Pen dt. 23.03.2018.
Encl: As above
(Santosh)
Joint Secretary to the Government of India
Thursday, 22 March 2018
7th Pay Commission: No Salary Hike as Govt Rejects Reports on Increase in Minimum Pay, Fitment Factor
The 7th Pay Commission had
recommended a hike of 14.27 per cent in basic pay of central government
employees, raising minimum pay from Rs 7,000 to Rs 18,000. The
government approved the recommendations of the 7th Pay Commission
despite resentment among central government employees, who have
been a hike in minimum pay from Rs 18,000 to Rs 26,000 and fitment
factor 3.68 times from 2.57 times.
There
had been reports that the government was mulling to raise minimum pay
to Rs 21,000 and fitment factor 3.00. However, the government has now
clarified that no such proposal was being considered.
Sunday, 18 March 2018
DOPT ORDER – Extending the scope of Anomaly definition – 7th CPC
No.11/2/2016-JCA
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training
Establishment {JCA} Section
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training
Establishment {JCA} Section
North Block, New Delhi
Dated the 14th March, 2018
Dated the 14th March, 2018
OFFICE MEMORANDUM
Subject:
Setting up of Anomaly Committee to settle the anomalies arising out of
the implementation of the Seventh Pay Commission's recommendations —
extending the scope of definition regarding.
The undersigned is directed to refer to DoPT's Office Memorandum of even number dated 20/02/2017 on
the subject as cited above, and to incorporate the following further
modification in the definition of what would constitute an anomaly:
"where
the amount of revised allowance is less than the existing rate or any
other anomaly observed while implementing the revised allowance"
2. With the incorporation of the above para in the OM, the definition of anomaly will read as follows:-
(1) Definition of Anomaly
Anomaly will include the following cases
a)
Where the Official Side and the Staff Side are of the opinion that any
recommendation is in contravention of the principle or the policy
enunciated by the Seventh Central Pay Commission itself without the
Commission assigning any reason;
b)
Where the maximum of the Level in the Pay Matrix corresponding to the
applicable Grade Pay in the Pay Band under the pre-revised structure as
notified vide CCS(RP) Rules 2016, is less than the amount an employee is
entitled to be fixed at, as per the formula for fixation of pay
contained in the said Rules;
c)
Where the Official side and the Staff Side are of the opinion that the
vertical and horizontal relatiyities have been disturbed as a result of
the 7th Central Pay Commission to give rise to anomalous situation.
d)
Where the amount of revised allowance is less than the existing rate or
any other anomaly observed while implementing the revised allowance
3.
The rest of the contents of the OM issued by DoPT under reference no.
No. 11/2/2016-JCA dated 16.08.2016 shall remain unchanged.
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