CBDT extends due date for filing of Income Tax Returns / Tax Audit Reports in Union Territory of Jammu and Kashmir and Ladakh

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The Central Board of Direct Taxes ( CBDT ) has extended due date for filing of Income Tax Returns / Tax Audit Reports to 30th November, 2019 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh.
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The Notification issued by CBDT said that, “On consideration of reports of disturbances in internet facility in certain areas of Jammu and Kashmir, the Central Board of Direct Taxes (CBDT) has extended the ‘due date’ for filing Income Tax Returns / Tax Audit Reports to 30th November, 2019 in respect of all categories of Income Tax Assessees in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh who were/are required to file the Income Tax Returns / Tax Audit Reports by the due date specified under Section 139 (1) of the Act read with order of CBDT under Section 119 of the Act.”
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The CBDT also clarified that, “ITRs filed by the certain categories of Income Tax assesses who were required to file ITRs by 31.08.2019, but have filed ITRs after 31.08.2019 till the date of issuance of this order shall be deemed to have been filed within the due date specified under Section 139 (1) of the Act read with CBDT’s order”.
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To Read the full text of the Order
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Income Tax Return filing Date Extended

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The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns to 31st August 2018 from this July 31st.
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As the due date has been coming closer, the Board had received several requests from the tax practitioners body and the Institute of Chartered Accountants of India (ICAI) requesting a due date extension due to several reasons.
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As per reports, over 1.46 crore income tax returns have been filed so far, of which 90.8 lakh have been filed by individuals with total income up to Rs 50 lakh.
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As per data released by the department, a total of over 7.94 lakh tax returns were alone filed on July 16, of which over 5.26 lakh was ITR-1 or Sahaj.
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Since there are penal consequences in delay in filing tax returns, the income tax department is under pressure to grant some more time to the taxpayers. Recently, the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers had been changed recently.
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The tax department usually allows an extension for a few days if the public faces any difficulty in meeting the deadline and a longer extension for assessees in states in case there are exceptional events like a natural calamity.
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Breaking: CBDT extends Due date for Filing of Income Tax Returns & Audit Reports

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The Central Government today extended the due date for Tax Audit and return filing under the provisions of Income Tax Act to October 15th. Earlier, the due date was September 30th.
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In an Order Issued by CBDT said that, On due consideration of representations from various stakeholders for extending the due date, the CBDT, hereby extends the due date for filing of income-tax returns as well as all reports of audit from 30th September 2018 to 15th October 2018.
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The CBDT also said that, However, there shall be no extension of the due date for purpose of Explanation 1 to section 234A (Interest for defaults in furnishing return ) of the Act and the assessee shall remain liable for payment of interest as per provisions of sec ion 234A of the Income Tax Act.
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No Due Date Extension for Income Tax Return Filing: CBDT

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The Central Board of Direct Taxes (CBDT), today clarified that the rumors spreading across in social media regarding extension in due date for non-tax audit cases is fake. The Income Tax department further clarified that there are no such plans to extend this deadline beyond 31st July, 2018.
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The CBDT missive said that the department has already received over 1 crore returns filed electronically.
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As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as follows: (a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) ten thousand rupees in any other case: Provided further that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
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“Therefore, the assessees are hereby asked to file their ITRs before the above due date to avoid the penalty,” the circular said.
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The Board had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5. The income Tax department has launched all the income tax forms for e-filing after more than a month of them being notified.
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The present circular is not a happy news for taxpayers and the tax professionals as they did not get sufficient time to prepare the returns.
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ACA SOURAV BAGARIA

All ITR Forms ready for E-Filing: Income Tax Dept

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The income Tax department has launched all the income tax forms for e-filing. This is after more than a month of them being notified.
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The Central Board of Direct Taxes (CBDT) had notified the new Income Tax Return forms for the P.Y 2017-18 || A.Y. 2018-19 on April 5.
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“All ITRs for AY 2018-19 are now available for e-filing,” the department said in a statement.
The tax department has launched the ITR forms gradually since April 5 as the taxpayers have been looking forward to file their returns before the stipulated deadline of July 31.
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All seven ITRs are to be filed electronically on the official web portal of the department -https://www.incometaxindiaefiling.gov.in – except for some category of taxpayers, the CBDT had said.
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The new ITR forms mandate the salaried class assesses to provide their salary breakup, and businessmen their GST number and turnover.
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In case of non-resident taxpayers, the requirement of furnishing details of “any one” foreign bank account has been provided for the purpose of credit of refund.
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The requirement of furnishing details of cash deposits made during a specified period (in the wake of the note ban of 2016) as provided in the ITR form for the AY 2017-18 has been “done away with” this time.
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The field to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID has been retained in the new forms.
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The CBDT had said individual taxpayers of 80 years or more at any time during the previous year or an individual or HUF, whose income does not exceed Rs 5 lakh and who has not claimed any refund, can file ITRs in the paper form, using the ITR-1 or ITR-4.
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Recently, the department has enabled ITR-1 which is largely used the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits, recurring deposits among others.
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The ITR-2 is used by individuals and Hindu Undivided Families (HUFs) who have income from any sources except income from profits and gains of business or profession, including NRIs.
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The persons having income from following sources are eligible to file ITR 3, i.e, (i) carrying on a business or profession, or (ii) Return may include income from House property, Salary/Pension and Income from other sources.
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A few days ago, ITR-4 for professionals and self-employed individuals who have opted for the presumptive income scheme was launched in the e-portal.
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ITR-5 has to be filed by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
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ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
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To DOWNLOAD ITR FORMS CLICK Below
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CBDT Released ITR 1 to ITR 7 forms for FY 2017-18 | AY 2018-19

ITR-5 and 7 ready for E-Filing

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The Income Tax department has today informed the taxpayers that ITR-5 and 6 has been enabled in the e-portal for filing. Till now, all Forms except ITR 6 are available now in the portal.
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“ITR 1, 2, 3, 4, 5 and 7 for AY 2018-19 is now available for e-Filing. ITR 6 will be available shortly,” a statement appeared in the income tax department today said.
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On April this year, The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19.
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ITR-5 has to be filed by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
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ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

• Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
• Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
• Return under section 139(4C) is required to be filed by every

1. scientific research association ;
2. news agency ;
3. association or institution referred to in section 10(23A);
4. institution referred to in section 10(23B);
5. fund or institution or university or other educational institution or any hospital or other medical institution.

• Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

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DOWNLOAD ITR 5 and ITR 7 From Below Links
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ITR-3 available in Income Tax Portal

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The Income Tax Department has enabled ITR-3 which is applicable for individual and HUF who have income from profits and gains from business or profession. A total of four ITR Forms including ITR-1, 2, 3 and 4 has been launched by the department so far.
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On April this year, The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19.
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Initially, ITR-1 which can be filed by an individual who is resident other than not ordinarily resident, having income up to Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.) has been enabled in the portal.
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ITR Form-2 has also been rationalized by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2.  The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
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The persons having income from following sources are eligible to file ITR 3, i.e, (i) carrying on a business or profession, or (ii) Return may include income from House property, Salary/Pension and Income from other sources.
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The following changes have been made in ITR-3 for the year 2018-19.

• In the general information tab an option to select section 115H (who is a non-resident Indian in any previous year, becomes assessable as a resident in India in respect of the total income of any subsequent year) has been added.
• In the Profit and Loss schedule, the GST related details have been added
• Limitation of maximum 40% depreciation in all depreciation related Schedules
• Partners of partnership firms as against ITR 2 will have to file their returns in ITR 3

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Due Date Compliance Calendar for the month of May 2018

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A. Due dates for Compliances under GST
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• 10-05-2018- Due date for filing GSTR -1 for the month of March 2018. Applicable for taxpayers with Annual Aggregate turnover More than 1.50 Crore (Rs. One Crore Fifty Lacs only)
  

• 31-05-2018- Due date for filing GSTR -1 for the month of April 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50 Crore (Rs. One Crore Fifty Lacs only)
  

• 20-05-2018- GSTR-3B for the m/o April. Also Pay due Tax till this date.
  

• 31-05-2018 – Due date of GSTR-6 (filed by an input service distributor) for the months from July 2017 to April 2018
  

• Time period for filing GSTR-2 & GSTR-3 for July 2017 – March 2018 will be subsequently notified.
  

• RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed
  

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B. Due dates for Compliance under Income tax

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• 07-05-2018- Due date for deposit of tax deducted/collected at source for the month of April 2018
  

• 15-05-2018 – Due date for furnishing of Form 24G by an office of the Government where TDS for the month of April, 2018 has been paid without the production of a challan
  

• 15-05-2018- Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March 2018
  

• 15-05-2018 – Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March 2018
  

• 15-05-2018 – Quarterly statement of TCS deposited for the quarter ending March 31, 2018
  

• 30-05-2018- Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2017-18
  

• 30-05-2018 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in m/o April 18.
  

• 30-05-2018 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IBin m/o April 18.
  

• 31 -05-2018 – Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
  

• 31-05-2018 – Quarterly statement of TDS deposited for the quarter ending March 31, 2018
  

• 31-05-2018 – Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BAof the Act respect of a financial year 2017-18.
  

• 31-05-2018 – Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA (1)(k)(in Form No. 61B) for calendar year 2017 by reporting financial institutions.
  

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C. Due dates for Compliances under ESI, PF Acts

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• 15-05-2018- PF Payment for m/o April 2018.
  

• 15-05-2018- ESIC Payment for m/o April 2018
  

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D. Companies Act

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• 01-05-2018 – Condonation of Delay Scheme 2018  [CODS-2018] allows Defaulting Companies to file its overdue documents which were due for filing.
• 31-05-2018 AOC-4 XBRL for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
• 30-05-2018 Annual return filling of LLP in form 11

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E. RBI Act
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30-05-2018 Non-deposit NBFC with specified asset size is required to submit the return on Financial indicators in NBS-8/NBS-9 respectively.
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REGARDS
ACA SOURAV BAGARIA

TDS RATES CHART FOR FY 2018-19 AY 2019-20

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TDS RATE CHART (FY: 2018-19 II AY: 2019-20)
SECTION	NATURE OF PAYMENT	Payment in Excess of **	TDS Rate for Individual (%)
192	Salary		As per the slab rates applicable to Assessee (30% if no valid PAN)
192A	Payment of accumulated balance due to an employee under Employees Provident Fund Scheme,1952. (w.e.f 01-06-15)	Rs. 50,000/-	10% (30% if no valid PAN)
193	Interest on securities a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; b) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; c) any security of the Central or State Government; d) interest on any other security	In case of security,at the time of payment  or credit , whichever is earlier, when the amount exceeds Rs. 10,000/- In case of debentures ,at the time of payment  or credit , whichever is earlier, when the amount exceeds Rs. 5,000/-	10% (20% if no valid PAN)
194	Dividend other than the dividend as referred to in Section 115O	Before making payment to’ shareholder, other than dividend declared U/s. 115O, when amount exceeds Rs. 2,500	10% (20% if no valid PAN)
194A	Interest other than Interest on Securities	Rs. 10,000/-p.a. (in case of Banks) Rs. 5000/- p.a. (in case of others) Rs. 50000/- p.a. (in case of Senior Citizen) {Applicable from 01.04.18}	10% (20% if no valid PAN)
194B	Winning from Lotteries ,Crossword Puzzles, card games & other games  of any sort	Rs. 10,000/- p.a.	30% (30% if no valid PAN)
194BB	Winnings from horse races	Rs. 10,000/- p.a.	30% (30% if no valid PAN)
194C	Payment to Contractors & sub contractors	30,000 (per payment) or 1,00,000 p.a.	For individuals /HUF 1% – (20% if no Valid PAN) For Others- 2% – (20% if no Valid PAN)
194D	Insurance Commission	Rs. 15,000/-	5% (20% if no valid PAN)
194DA	Payment under life insurance policy (including bonus)	Rs.1,00,000/- p.a.	1% (20% if no valid PAN)
194E	Payment to Non-Resident Sportsmen or Sports Association	Any Amount	20% (20% if no valid PAN)
194EE	Payment in respect of deposit under National Savings scheme (NSS)	Rs. 2,500/-	10% (20% if no valid PAN)
194F	Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India	Any Amount	20% (20% if no valid PAN)
194G	Commission on sale of lottery tickets	Rs. 1,000/-	5% (20% if no valid PAN) 10% in case of company
194H	Payment of commission brokerage	Rs. 15,000/-p.a.	5% (20% if no valid PAN)
194I	Rent – Plant & Machinery or Equipments	Rs. 1,80,000/-p.a.	2% (20% if no valid PAN)
194I	Rent – Land & Building	Rs. 1,80,000/-p.a.	10% (20% if no valid PAN)
194IA	Payment on transfer of certain immovable property other than agriculture land.	Rs. 50 lacs	1% (20% if no valid PAN)
194IB	Rent payable by an individual or HUF not covered u/s. 194I (W.E.F. from 01.06.2017)	Threshold limit Rs. 50,000/- per month. Tax shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy if the property is vacated during the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.	5%
194J	Any sum paid by way of a) professional fees b) technical fees c) royalty d) remuneration /fees / commission to a director e)For not carrying out any activity in relation to any business f) For not sharing any know-how, patent, copyright etc.	Rs. 30,000/- p.a.	For call center operator (only business) –  2% For others 10 % (20%if no valid PAN) Wef 01.06.2017
194LA	Payment on transfer of certain immovable property other than agricultural land	Rs. 2,50,000 p.a.	10% (Concessional rate of TDS is only available on interest payment for borrowings made before the 1st July, 2020. (20% if no valid PAN)
195	Payment made to Non-Residents	As per rates prescribed under income tax or DTAA
-By ACA SOURAV BAGARIA

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**Surcharge, education cess and secondary and higher education cess will be added to the above tax rate, as applicable.
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Glimpse of New requirements in ITR forms for AY 2018-19

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This list is not detailed one and for guidance only. Please go through the ITRs as and when required.
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1. Additional disclosure requirements for Ind AS Compliant Companies.
[Applicable for ITR 6]
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2. Fees for late filing of return [Section 234F].
[Applicable for ITR 1 to 7]
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3. Require more details of salary and house property income.
[Applicable for ITR 1 and 4]
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4. Additional details to be furnished by taxpayers opting for presumptive scheme such as amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him.
[Applicable for ITR 4]
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5. Transfer of TDS Credit to Other Person.
[Applicable for ITR 2 to 7]
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6. Capital Gains in case of transfer of unquoted shares.
[Applicable for ITR 2, 3, 5, 6 and 7]
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7. Reporting of sum taxable as Gift.
[Applicable for ITR 2, 3, 5, 6 and 7]

8. Now Partners cannot use ITR 2.
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9. Revised Depreciation Schedule i.e. the highest rate of depreciation for any block of asset is restricted to 40%
[Applicable for ITR 3, 5 and 6]
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10. Details of business transactions with registered and unregistered suppliers under GST.
[Applicable for ITR 6]
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11. Assessee claiming DTAA relief is required to report more details.
[Applicable for ITR 2, 3, 5 and 6]
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12. Info relating to capital gains exemption to be furnished in detail.
[Applicable for ITR 2, 3, 5 and 6]
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13. Disallowance of expenses in case of TDS default (for residuary income).
[Applicable for ITR 2, 3, 5, 6 and 7]
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14. Taxability on remission of trading liability in case of 'Income from other source'.
[Applicable for ITR 2, 3, 5, 6 and 7]
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15. Income from transfer of Carbon Credits.
[Applicable for ITR 2, 3, 5, 6, 7]
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16. Impact on profit or loss due to ICDS deviation.
[Applicable for ITR 3, 5 and 6]
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17. Details of GST paid and refunded.
[Applicable for ITR 3, 5, and 6]
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18. Removal of 'Gender' from personal information.
[Applicable for ITR 2, 3 and 4]
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19. Details of foreign bank account of non-residents.
[Applicable for ITR 2, 3, 4, 5, 6 and 7]
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20. Reporting of CSR appropriations.
[Applicable for ITR 6]
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21. Break-up of payments/receipts in foreign currency.
[Applicable for ITR 6]
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22. Ownership information in case of unlisted company.
[Applicable for ITR 6]
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23. Trusts to disclose more information in ITR.
[Applicable for ITR 7]
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24. Details of fresh registration upon change of objects [Section 12A].
[Applicable for ITR 7]
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25. Taxability of Dividend in excess of Rs. 10 lakhs.[Section 115BBDA]
[Applicable for ITR 7]
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26. No deduction for corpus donations made to other institutions [Section 11].
[Applicable for ITR 7]
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27. Political Parties to confirm if cash donations are received [Section 13A].
[Applicable for ITR 7]
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REGARDS
ACA SOURAV BAGARIA