ITR 1, 2 & 4 for AY 2019-20 is now available for E-filing.

Dear Tax Payers,

ITR 1, 2 & 4 is available for the Assessment year 2019-20 for E-filing and other returns will be available shortly. (As mentioned by IT department).

All about the returns you have to know.

ITR

Description

Online

Offline

ITR 1

For Individuals having Income from Salaries, one house property, other sources (Interest etc.)

 and having total income upto Rs.50 lakh

Yes

Yes

ITR 2

For Individuals and HUFs not carrying out business or profession under any proprietorship

No

Yes

ITR 3

For individuals and HUFs having income from a proprietary business or profession

No

Yes

ITR 4

For presumptive income from Business & Profession

Yes

Yes

ITR 5

For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

No

Yes

ITR 6

For Companies other than companies claiming exemption under section 11

No

Yes

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B)

or 139(4C) or 139(4D) or 139(4E) or 139(4F)

No

Yes

For filing income tax retunrs or any clarifications contact us at bcaconsultancy22@gmail.com

For any suggestions or commets use the commets box or send us mail at bcaconsultancy22@gmail.com

GO GREEN

Clarification regarding the PAN linking to AADHAAR card

CBDT Issues Clarification Regarding  linkinf of PAN to AADHAAR card.

As per Press relase issued by CBDT,

It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted.

 Notwithstanding the last date of intimating/linking of Aadhaar Number with PAN being 30.09.2019, it is also made clear that w.e.f. 01.04.2019, it is mandatory to quote and link Aadhaar number while filing the return of income, unless specifically exempted.

As per the press realse, CBDT clarifies that the due date for linking AADHAAR card to PAN is extented till 30.09.2019 however it is mandatory to quote AADHAAR number for filling income tax returns which filled from 01.04.2019.

Contact us for any clarifications at bcaconsultancy22@gmail.com


GO GREEN.

Want to Know how to reduce your Income Tax. Have eye on this.

Hello Everbody

If you are a person having some income  you must  looking at your income tax by this time because already 31^st march is over. So here we are presenting some of exemptions and deductions  you can get under income tax act from your income.

First i will discuss about basics you must know before filling the income tax return

We belive that you were aware that there will  salb rates for income tax computation

These slab rates are different for persons based on their age.

Here we can classify all under three categories

1         1)       Persons whose age is less than 60 years

2         2)      Persons whose age is more than 60 years but less than 80 years(Senior citizens)

3         3)      Persons who are above 80 years.(Super senior citizens)

So based on above category the Tax amount will be calculated

The tax rates for different  age groups will be like this

`

Income/Age	Upto 60 Years	Upto  80 Years	Above 80 Years
0-2,50,000 p.a	0%	0%	0%
2,50,000-300000p.a	5%(rebateof 2,500/-)	0%	0%
3,00,000-5L p.a	5%	5%	0%
5L-10L p.a	20%	20%	20%

• Above 10L everybody should pay 30% of tax on total income

• Along with the tax amount 4% cess on tax amount should be paid.

• The benefit avalible for small assesses is rebate under U/S 87A

       If a person is resident in india and his total income less deductions is less than 3,50,000 than               rebate of Rs2,500/- or tax payable which ever is lower is allowed

The above provisions are all applicable for the FY 17-18(AY 18-19).

 Any quries regarding Tax or need expert advise contact us at bcaconsultancy22@gmail.com

Exemptions and deductions we will post soon.

Thanks for reading.

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