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ITR-1
Who is Eligible to File ITR 1 for AY 2019-20?
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
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Under Section 192 of the taxation Act, each leader who is paying a remuneration financial gain to his worker is needed to deduct TDS from the earnings financial gain if it exceeds the fundamental exemption limit.
Due to this mandate, each leader is tasked with deducting tax at supply (TDS) from {the worker |the worker}'s earnings before crediting constant to the employee. Since TDS deduction is mandatory, it's necessary to grasp the speed of such deduction and the way such deduction happens.
Here's everything you would like to grasp concerning however TDS on salaries work.
Accounting and Taxation training in nagpur visit: www.aiatindia.com
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House rent allowance (HRA) is one in every of the most usually received allowances by the salaried category. If you are paying rent for accommodation to a landlord which can mean your parents also, then you are eligible to claim tax exemption for the rent paid.
In a departure from the previous year, this year ITR-1 is in sync with the Form-16 received by salaried persons from employers as a TDS certificate. Therefore, it is easier to claim the HRA exemption as you are required to copy the details from the Form-16 and paste it in ITR-1.
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1. What is TDS?
Tax deducted at source (TDS) is one in all the ways that to gather tax supported sure percentages on the amount collectable by the receiver on goods/services. The collected tax could be a revenue for the government.
2. Who can be liable to deduct TDS under GST law?
A department or an establishment of the Central Government or State Government; or
Local authority; or
Governmental agencies; or
Such persons or category of persons as may be notified by the Government.
As per the most recent Notification dated 13th Sep 2018, the following entities also need to deduct
for best accounting and taxation classes in nagpur,visit www.aiatindia.com
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For the salaried, Form 16 is a basic document used for filing their income tax returns (ITR). Filing one's ITR without Form 16 seems almost impossible for most salaried individuals.
However, there could be times when you do not get Form 16 for the year. It could be because your employer is closing his business or maybe you have changed jobs during the year without completing proper exit formalities. Now, even if you don't have Form 16, there are several documents you can use as reference to file your return.
for best accounting and taxation classes in nagpur,
visit: www.aiatindia.com
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In its first meeting under new Finance Minister Nirmala Sitharaman, the GST Council has extended the deadline for filing annual returns by two months. The all-powerful council decided to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. The earlier deadline to file these returns was June 30, 2019.
For best accounting and taxation classes in nagpur visit www.aiatindia.com
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The last step in filing your taxation come (ITR) is to verify it. If you have got filed your ITR however haven't verified it, then the come won't be thought-about valid in keeping with taxation laws.
Once you have got uploaded your ITR on the e-filing web site, you get a hundred and twenty days to verify your come. There are 6 ways that to verify your taxation come. Out of those, 5 ar electronic ways and one may be a physical technique. These ways are often used provided that you're filing tax returns that aren't needed to be audited, i.e., sometimes ITR-1, ITR-2 and ITR-4 for FY 2018-19. However, if you're filing your tax returns that are needed to be audited, then you have got to verify it victimization the Digital Signature Certificate.
For best accounting and taxation classes in nagpur visit www.aiatindia.com
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As proposed by the GST Council, a trial run of the new return filing mechanism called the GST 2.0 is expected to be launched starting July 2019. A full-scale launch is likely to begin in a phased manner starting in October 2019.
Under the new return system, there is one basic return and 2 annexures.
FORM GST RET-1 this return form has details of the supplies made. To be filed monthly (Small taxpayers with annual turnover up to Rs 5 crore, will have the option to file returns quarterly.)
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What is GSTR 3B?
GSTR-3B could be a monthly self-declaration that needs to be filed a registered dealer from July 2019 until March 2020. Points to Note:
You want to file a separate GSTR-3B for every GSTIN you have got
Liabilities of GSTR-3B should be paid by the last date of filing GSTR-3B for that month
GSTR-3B can not be revised
Who ought to file GSTR 3B?
Every person World Health Organization has registered for GST should file the come GSTR-3B as well as nill returns.
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July 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR when the point in time you may need to pay late filing fees of up to Rs 10000.
Now, everybody should file ITRs digitally apart from super senior voters (i.e., aged 80 years and above) who are allowed to file their ITR in paper format.
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What is GSTR-1?
GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer.
It contains details of all outward provides i.e sales.
The return has a total of 13 sections.
Who should file GSTR-1?
Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.
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If the individual or entity makes a class A offence on more than 3 occasions then it'll not be generally combined.
The revised guidelines issued by the income tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means a private or associate entity wouldn't be able to go away by simply paying the tax demand, penalty and interest. The new tips can kick in from Gregorian calendar month seventeen. it'll be applicable to any or all cases for combining received on or once this date.
Read More: aiatindia.com
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India's Best Accounting and Taxation Training with GST, Income Tax,TDS, PF, ESIC, P- Tax, Tally ERP 9, Excel, Tally ERP9 with Placement Support in Accounts
Visit: www.aiatindia.com
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