Presumptive Tax Payer Identification Number: Fill & Download for Free

Here are some points you can read up on. Curtoesy a friend on whatsappBudget 2016--Key Takeaways --- relief to small tax payersRebate of rs 5000 from 2000 for income below 50000- presumptive taxation for business limit increased to 2cr- presumptive income for professionals - profit being 50% of turnover - limit 50L- phasing out of exemptions- additional depreciation to be curtailed, r&d benefit to be curtailed to 150%- new mfg companies taxedd at @25%, if no profit linked deduction- business with turnover less than 5cr to be taxed at 29% from next year- 10% income in respect of patent registered in India- long term capital gain term for unlisted shared down to 2 years- poem to be deferred by 1 year- country by country reporting applicable for company having turnover of 750 billion euro- no change in exemption limit for individuals- General anti avoidance time to be implemented from April 1, 2017- first time home buyer - additional interest deduction subject to limits- if income from dividend greater than 10 lakh, additional tax @10%- surcharge @15% up from 12% for super rich - income exceeding 1cr- infrastructure cess on cars- excise duty on jewellery and silver items without input credit- excise duty on branded garments exceeding rs. 1000- excise duty increased on tobacco products by 10 to 15%- limited period compliance window for domestic resident @ 45% of undisclosed income 1 St June to 30 September 2016- 3 lakh case pending before first appellate authority, new scheme for reduction of litigation (eligible under both direct and indirect tax)- dispute amendment for cases affected by retrospective amendment- penalty rates changed from 50% & 200% in specified circumstances- disallowance u/s 14A - rule 8d to be modified to not increase expenditure incurred- recommendation of eashwar committee accepted- TDs provision rationalised- 206AA not apply if non resident has tax identification number (in absence of pan)- scope of e-assessment to be widened- interest u/s 244A - interest rate hiked to 9% from 6% - officer to be held accountable.

Key changes in the income tax forms applicable to individual assessee:1. Section 80G changesWhile there are no changes with respect to reporting of income eligible for benefit under Section 80C of the Income Tax Act, cash and non-cash donations eligible for deduction under Section 80G/80GGA need to be reported, say tax experts. The forms seek bifurcation between donation in cash and other mode for Section 80G deduction purposes.2. Income tax forms - changes applicable to company directorsIndividuals serving as a director in a company can no longer file the income tax return using Form ITR-1 or Form ITR-2. Such individuals will be required to furnish details such as the company's Permanent Account Number (PAN) and Director Identification Number (DIN), and mention whether the shares are listed or unlisted. Additionally, details on investments and transactions undertaken in relation to such shares will also be required.3. Changes with respect to agricultural incomeIn case of taxpayers earning agricultural income exceeding Rs. 5 lakh, additional details of the agricultural land need to be provided such as name of district, land area, whether land is owned or leased, whether the land is irrigated or rain-fed.4. Changes with respect to unlisted company sharesIncome tax assesses will be required to furnish details of the investments held, acquired or transferred in unlisted equity shares during the financial year.An individual/HUF (Hindu Undivided Family) holding unlisted shares needs to disclose name of the company, opening number of shares, cost, details of shares acquired & sold during the year and closing number of shares and cost.5. Restrictions on ITR-1 and ITR-4Form ITR-1 - also known as "Sahaj" - cannot be used by an individual serving as director of a company, having investments in unlisted equity shares, or having income on which TDS (tax deducted at source) has been deducted in another person's hands.Form ITR-4 - or "Sugam" - cannot be used by individuals or HUFs non-resident, ordinarily resident, non-resident partnership firms, directors of companies or persons having investment in unlisted equity shares or having more than one house property.6. Changes applicable to NRIsIndividual taxpayers are now required to select the applicable residential status rule based on the actual physical stay of the individual tax payer, say experts.Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO) qualifying as non-resident are required to report the actual numbers of days of stay in the country in the relevant financial year as well as preceding four years Also, individuals qualifying as NRI need to report the jurisdiction of residence and Taxpayer Identification Number, he adds.7. Changes with respect to sale of capital assets (immovable property)In case of sale of immovable property during financial year 2018-19, details such as name, PAN, percentage share, the value of sale and address of the buyer need to be furnished.8. ITR-1 is the simplest form of income-tax return to be filed by an individual taxpayer who earns income from salary/pension, from one house property and from other sources. Further, annual taxable income of the individual taxpayer should not exceed Rs. 50 lakhs and his total income should not include any income from betting, gambling, etc. Unlike last year, the new ITR-1 requires detailed calculation of income from salary and from house property, which was restricted to single figure till last year.9. The new ITR-1 form has been withdrawn for a non-resident. Therefore, a non-resident will have to choose either from ITR-2 or ITR-3 to file his return of income for the Assessment Year 2018-19.10. In case a taxpayer opts for presumptive taxation scheme under section 44AD, 44ADA or 44AE, he will have to file the return of income in form ITR 4. The old ITR 4 sought only 4 financial particulars of the business, a) total creditors, (b) total debtors, (c) total stock-in-trade and (d) cash balance. The new ITR 4 form seeks details of 14 financial particulars of business such as amount of secured/unsecured loans, advances, fixed assets, capital account, etc.11. The new ITR 4 requires a taxpayer to provide the aggregate turnover reported by him in GST Returns. This additional information has been sought to end the wrong practice of reporting different turnovers in erstwhile sales tax return and income-tax return. If any difference is found in turnover reported in GST return and ITR, presumptive taxpayers can expect a notice from the Dept. to explain the mismatch in turnover.12. The new ITR Forms introduce specific columns to report each capital gain exemption separately. Details of each capital gains exemption under Sections 54, 54B, 54EC, 54EE, 54F, 54GB and 115F shall be reported in its applicable column now. Further, a taxpayer availing of these capital gains exemptions is required to mention the date of transfer of original capital asset which was missing in earlier ITR Forms.13. In the case of capital gain arising on transfer of unquoted shares, it would now be mandatory for the investors to obtain the valuation report. To ensure that investors correctly report the capital gains from unlisted shares, the new ITR Forms require the taxpayer to provide figures of actual sales consideration and FMV as determined by a Merchant Banker or CA.14. Until last year, if a taxpayer failed to file the ITR before end of assessment year, penalty under Section 271F could be imposed by the Assessing Officer only after initiating the penalty proceedings. After omission of this penalty provision by the Finance Act, 2017, late fees are levied under Section 234F if taxpayer does not furnish the ITR in time. The taxpayer shall now be required to pay late filing fees under section 234F along with interest under section 234A, 234B and 234C before filing the ITR.15. For the Assessment Year 2018-19, an individual or an HUF, who is a partner in a firm, shall be required to file his ITR in Form ITR 3 only. Last year the partners were required to file return in ITR 2.16. After enactment of GST Act, the new ITR forms have introduced new columns to report CGST, SGST, IGST and UTGST paid by, or refunded to, assessee during the Financial Year.17. Individual taxpayers who are filing income-tax return in Form ITR 2 or ITR 3 or ITR 4 aren't required to mention the gender, i.e., male or female or transgender, as the column of gender has been removed.CLICK HERE TO READ all the tax-related updates for the month of April 2019.