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5 THINGS YOU SHOULD READ BEFORE DOCUMENTING ITR FOR AY 2019-20

The Indian tax authorities as of late issued the notice that various ITR forms for Assessment Year 2019-20 (AY 2019-20) are presently accessible on the income tax e-filing website. Coming up next are some key things that you have to remember about ITR e-filing for AY 2019-20. 

New ITR Form 1 Rules for AY 2019-20 For AY 2019-20, the Central Board of Direct Taxes has advised that ITR Form 1 (SAHAJ) can never again be documented by organization chiefs just as those with shareholdings in unlisted organizations. This is in addition that ITR Form 1 is at any rate not applicable if there should be an occurrence of tax assessee with yearly pay exceeding Rs. 50 Lakhs. Remember to check which ITR form to use before you file ITR online.

Know the Amount of Tax Relief Applicable u/s 87A If your net taxable income for FY 2018-19 surpasses Rs. 3.5 Lakhs, you don't meet all the requirements for the expense discount u/s 87A. Guarantee that you factor this and figure your tax liability in like manner before filing your ITR for the present AY.

Standard Deduction The standard reasoning has been expanded to Rs. 50,000 every year independent of all out pay. This change, be that as it may, is relevant just from AY 2020-21. This advantage just applies to salaried representatives and those accepting pay from benefits. Self employed people/professionals can't guarantee the advantage of the standard reasoning.

Upgraded Senior Citizen Benefits U/s 80 TTB, the TDS edge for total premium profit from FDs as well as savings deposits at banks, post office, and co-operative banks have been expanded to Rs. 50,000 yearly. However, remember that you will need to pronounce it as interest income and if applicable, accordingly pay tax on it. Then again, you don't need to apply for refunds if the interest earned by you for the fiscal is lower than the threshold sum. The increased deduction u/s 80D for medical insurance premium, diagnostic tests, restorative medicines, and so forth has been expanded up to Rs. 50,000 for the present AY.


Guarantee Timely Filing and Avoid Penalties Formally the last date for recording annual government forms on schedule for AY 2019-20 is 31st July 2019. While generally this has been reached out by as long as a month (due date was stretched out to 31st August 2018 for AY 2018-19). Filing your ITR past the due date includes a scope of punishments. This includes penal interest rate applicable to deferred income tax payments which might be an aftereffect of delayed ITR filing. The current penal interest rate is 1% of the amount of tax paid late u/s 234B of the Income Tax Act. This penal interest is relevant if one of the accompanying conditions is met:  Assessed tax liability for the financial is over 90% of absolute TDS/advance tax paid  No advance tax was paid despite the fact that it was relevant to the income tax assesses

As of FY 2017-18 (AY 2018-19), another punishment for late ITR filing has additionally been presented through the recently embedded Section 234F. The equivalent late ITR filing expenses are additionally relevant to those submitting postponed returns in AY 2019-20. Contact RNS Associates for CA in Dehradun to help you with your taxes.

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CA in Dehradun: ITR Process  

Contact CA in dehradun to know 5 things that should be read before documenting any ITR for ay 2019-20. CA in Dehradun helping others to know...

CA in Dehradun: ITR Process  

Contact CA in dehradun to know 5 things that should be read before documenting any ITR for ay 2019-20. CA in Dehradun helping others to know...

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