Kumar, Yadav & Co., The Chartered Accountants (CA Firm)

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New slab rate for income tax 2017-18 income:
Till 2.5L - NIL
2.5L - 5L - 5%(rebate of rs.12500 for income above 5 lac.)
5L - 10L - 20%
Over 10L - 30%
Surcharge of 10% for income from rs.50l to 1cr and 15 % above 1cr.
87A rebate reduced to 2500 fr income upto rs.350000.

Just for fun..

She : Darling, how much do you love me ?
He : 82%
She: Huh, why it is not 100%
He : 18% GST is applicable on all transactions.😜😂😉😃

Heavy income tax surveys may be conducted from Monday onwards in all trades due to failure of disclosure scheme.Total staff is instructed to be in field and not to attend office and visit major dealers of all trades.

Requested not to keep loose papers and unaccounted money. Complete your accounts. Delete old mails having financial implications.

*Circular No.13 dt.31/08/2016*extending the Q1 2016-17 Dvat returns in Form16,Form17 & Form48 upto 10/09/2016 is enclosed.
TEAM KYC

*How to Maintain Safe Distance from Income Tax Department ?*
Do you want to keep an Arm’s Length Distance from the Income Tax Department?
Obviously the Answer is YES!!! But the question here is HOW???

*Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel ?*
1) Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account.
2) Making Credit Card Payments of more than Rs.2 Lacs p.a.
3) Investment in Mutual Fund Units worth more than Rs. 2 Lacs.
4) Investment in Debentures/ Bonds, amounting more than Rs. 5 Lacs
5) Investment in Shares worth more than Rs. 1 Lakh.
6) Investment in Gold ETF worth more than Rs. 1 Lakh.
7) Investment in RBI Bonds worth more than Rs. 5 Lacs.
8) Purchase / Sale of any Immovable Property exceeding Rs.30 Lacs.
9) Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods/ services.
10) Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account.
The Next question which may strike us, is

*How does the Income tax Personnel get to know about all these activities ?*
To keep an eye on such high value transactions of the tax payers, the IT Department has developed a statement of financial transactions called Annual Information Report (AIR).
On the basis of this AIR, the department shortlists their targets and further sends them a notice.

*What do you mean by a Annual Information Report ?*
Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285 BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year.

*Who provides the high value transaction information to prepare the AIR ?*
☆ Banks
☆ Mutual Fund Companies
☆ Companies Issuing Bonds/ Debentures
☆ Companies issuing shares
☆ Credit Card Companies
☆ Sub- registrar offices on real estate deals.

*How can I trace my High Value Transactions reported under AIR ?*
The assesse can trace his/ her high value transactions reported under AIR, in their 26AS Report under AIR section. Any transaction of the assesse which has been categorized as a High Value Transaction, will be reflected therein.

In the end, one last question which everyone might have.
*How to avoid receiving a notice from the IT department ?*
The most important step is to file your Income Tax returns on time and file them correctly.
Always re-check your Tax Credit with the 26AS statement.
Disclose all your Taxable as well as Exempt income under the right head.

Chartered Accountant :

Just two words…. But they give you a million things… Two words which symbolize one of the most respected professions in the country…. Two words which give you respect.. from others and from yourself… Two words which give you Grandeur.. which give you Recognition… which give you Knowledge…. and which give you a Career like no other. Money just seems to be a By-Product. Two words that take away a part of your youth with them…make you slog hard …even make you cry… but when you achieve them… they multiply the returns and give you back. Two words that define a way of life…. Two words which signify such a unique profession that even if you complete half of it, the world recognizes you (That doesn’t happen anywhere else)…Two words that represent the only profession where even if you leave the profession, success follows you.. be it Acting, Business, Politics.. or whatever.

Happy Chartered Accountants Day !!

Withdrawal of Form DS1 from Delhi

Knowledge Update

IMPORTANT ANNOUNCEMENT FOR SALARIED EMPLOYEES:

SUBMIT PROOF FOR LTA, HRA CLAIMS:

The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims. Let us understand this in detail:-

1) Why this Rule?

The main reason behind introducing this rule is to plug the loopholes under tax laws by tightening the entire procedure for claiming these tax exemptions. This becomes more important because there was no standard or prescribed format until now for filing these declarations. And in the Budget 2015, the Finance Act had already introduced Section 192(2D) of the Income Tax Act mandating employers to collect all necessary evidences, but the rules and form were yet to be prescribed. The same has been done now.

2) What is this form about?

The declaration needs to be filed for claiming deductions in a prescribed form i.e. Form 12 BB as set up under rule 26C.

3) What is the obligation on the Employer?

Earlier the employers were not under any statutory obligations for collecting bills or other proofs in order to prove the fact that their employees have actually utilized the money they are claiming towards these claims.

But, the current amendment with the introduction of this rule will now make all the employers obligated to collect all the relevant information in the prescribed format apart from collecting the proof of evidence, before they can allow the respective benefits under various tax benefits to the employees.

Details needed to furnish LTA, LTC and HRA claims

The circular as issued by the government has not specified the documents required to be submitted for claiming deductions but the existing documents that employees used to provide should hold good.

Following are the documents which are required to claim these benefits:-

● HRA:

As per the notification issued by the government, a person claiming HRA (Housing Rent Allowance) for over Rs. 1 lakh needs to furnish name, address and PAN i.e. Permanent Account Number of the landlord, apart from giving the rent receipts. With this the government can start tracking the fraudulent claims and can also verify whether the rent received by the landlord has been duly disclosed in their tax-return.

● LTA/LTC:

To claim LTA (Leave Travel Allowance) or LTC (Leave Travel Concession), people need to provide the evidence of expenditure, and submit boarding pass and tickets for claiming LTA or LTC.

● Housing Loan:

To claim deduction on the interest on a housing loan, people need to provide PAN of the lender and their name and address.

●Deductions u/s Chapter VI-A

People need to submit relevant proof for claiming deductions under chapters VIA(A) and VI-A that cover Sections 80C, 80CCC, 80CCD, 80E, 80G, 80TTA. Sections 80CCC, 80CCD and section 80C allow a deduction of Rs. 1.5 lakhs on specified investments.

4) What will be the impact of this new Rule?

The new rule and the forms will make it really easy for both the taxpayer and the employer because it brings standardization which will help employees and employers both. Moreover from the government's point of view, the new format will ensure collection and maintenance of information, and will assist them in streamlining their assessment process and curb the malpractice of fake claims.

5) When will this rule come into effect?

The rules will be applicable from June 1, 2016