Different Types Of ITR Forms, From A.Y. 2017-18 With Certain Changes

Government has change the some certain things in the ITR Forms, from A.Y. 2017-18. Some ITR form has been merged or replaced with other ITR form.New Types of ITR Form are as follows to applicable to assesses.

1. ITR-1 (Sahaj) For Individual having income from-

• Salaries, Pension, 
• Income from One House property, 
• Income from Other Sources (except lottery, winning & horse race)
• Having agriculture income below or equal to Rs. 5,000/-

2. ITR-2 (ITR-2, 2A & 3 merged in ITR-2) For Individual & HUF having income from-

• Salaries, Pension, 
• Income from House Property can be more than One,
• Share of partner Income from Firm,
• Income From Capital Gain,
• Income from Other Source, 
• Foreign Income If any,  
• Having agriculture income more than Rs. 5,000/-

3. ITR-3 (Existing ITR-4 replaced with ITR-3) For Individual & HUF having income from-

• Salaries, Pension, 
• Income from House Property can be more than One,
• Income from Proprietary Business Or Professions 
• Share of partner Income from Firm, 
• Income From Capital Gain,
• Income from Other Source, 
• Foreign Income If any,  
• Having agriculture income more than Rs. 5,000/-

4. ITR-4 (Sugam)(ITR-4S now ITR-4 Sugam) For Individual having income from-

• Income from Presumptive Business Or Profession covered under section- 44AD, 44ADA & 44AE,
• Income from One House property, 
• No Capital Gain,
• Income from Other Sources (except lottery, winning & horse race)
• Having agriculture income below or equal to Rs. 5,000/-
• No Foreign Income,If Any

5. ITR-5 For the Following Entities-

• Firms,
• Body Of Individuals (BOI),
• Limited Liability Partnership (LLP),
• Association Of Persons (AOP),
• Artifical Judicial Persons,
• Local Authorities,
• Co-Operative Societies.

6. ITR-6 Applicable to-

• For Companies except those are claiming the exemption under section 11.

7. ITR-7 Applicable to-

• Section 139(4A)- Trust
• Section 139(4B)- Political Party
• Section 139(4C)- Fund/Medical institutions, News Agency, Any institutions or association covered under section 10(23A), Any institutions covered under section 10(23B), 
• Section 139(4D)- College/Universities or any such institutions. 

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List Of Services Under Reverse Charge In GST

                 The of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST Council is given below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

Click here to Download Service Under Reverse Charge as Approved By GST Council

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GST Rates Schedules Of Services

          The of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

Click here to Download GST Rates Schedules Of Services

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GST Rate Revised Schedule with Amendment/Addition

As per Discussion in GST Council Meeting held on 3rd June, 2017. Some Goods are amended in there respective schedule and added in different GST Rate Schedule. Rates are given in PDF format as below.

Click here to Download Amendments/Additions in GST Rate Revise Schedule

Click here to Download Addendum to the GST Rate Schedule For Goods Details

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GST Rates Schedules Of Goods

GST rates schedules for Goods approved in GST Council meeting which was held on 18 May, 2017 at Srinagar(Jammu & Kashmir), The rates of goods were discussed on the 14th GST Council meeting The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.

GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council. :- 

The rate structure for the following commodities is yet to be decided :-

1.      Biri wrapper leaves (tendu patta) – Ch. 14

2.      Biscuits – Ch.19 

3.      Biris – Ch. 24 

4.      Textiles – Ch. 50 to 63 

5.      Footwear – Ch. 64 

6.    Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin – Ch. 71
7.   Power driven Agricultural, horticultural, forestry, poultry keeping or bee-keeping machinery, Harvesting or threshing machinery, machines for cleaning, sorting or grading, machinery used in milling industry and parts thereof [8432, 8433, 8436 and 8437].

Click here to Download GST Rates Schedule

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ICAI New CA Syllabus-Foundation, Intermediate & Final

CA Final Course Syllabus
In Final there are total 8 Papers in 2 groups separately

Group I
Paper 1 - Financial Reporting (100 marks)
Paper 2 - Strategic Financial Reporting (100 marks)
Paper 3 - Advanced Auditing & Professional Ethics (100 marks)
Paper 4 - Corporate & Economics Laws (100 marks )*
Note-
Paper 4 have two parts
            Part I- Corporate Laws having 70 marks
            Part II- Economics Laws having 30 marks

Group II
Paper 5 - Strategic Cost Management & Performance Evaluation (100 marks)
Paper 6 - Elective Papers (100 marks)*
Paper 7 - Direct Tax Laws & International Taxation (100 marks)*
Paper 8 - Indirect Tax Laws (100 marks )
Note-
1. Paper 6 allows to the student to select their paper as per there choice, In this CA Institute give a option to select any One paper out of Six papers. Papers are -
        a. Risk Management
        b. International Taxation
        c. Economics Laws
        d. Financial Services & Capital Markets
        e. Global Financial Reporting Standards
        f. Multidisciplinary Case Study
2. Paper 7 have two parts
            Part I- Direct Tax Laws having 70 marks
            Part II- International Taxation having 30 marks

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Rent Free Accommodation (RFA)

Sometime, Employer provide the facility of Rent Free Accommodation to there Employee, But such facility is nor fully taxable or not fully exempted from the tax, There are condition regarding the taxability  under the head of Income From Salary under section 17.

There are two types Accommodation provided to there Employee
a. Unfurnished Accommodation
b. Furnished Accommodation

A. Under the Unfurnished accommodation, following are condition of taxability
1. Accommodation owned by the Employer, means company or employer have own accommodation provided to there employee. Under this amount taxable on the basis of Population:-

          Population                                    Accommodation Owned by Employer

•  Above 25 lakhs                                   15% of Salary
• 10 lakhs-25 lakhs                                 10% of Salary
• Below 10 lakhs                                    7.5% of Salary

2. Accommodation taken on rent or lease by the employer or company and than provided to there employee.

          Population                                    Accommodation taken on rent or lease by Employer

• 15% of Salary or Rent paid by employer, whichever is lower

B. Under the Furnished accommodation, following are condition of taxability

• Compute Value of Unfurnished Accommodation               xxx
• Add:- 10% of Cost of Furniture                                          xxx
•           Value of Furnished Accommodation            xxx

Salary means:-

• Basic Salary
• D.A.(forming part or retirement)
• D.P.(forming part or retirement)
• All Taxable Allowance:- Bonus, Medical Allowance & etc.

For Example:-

A. If Employer have own accommodation:-

Mr A.have basic salary of Rs. 15000 p.m., D.A.(forming part or retirement)  Rs. 5000 p.m., & taxable allowance Rs. 5000 p.m. & provide the accommodation in mumbai

Ans :- Salary of Mr A have Rs. 25000 p.m. & Rs. 3,00,000 p.a., than 15% of Salary

           Rs. 45,000/- will be value of taxable perquisite

B. If accommodation taken on rent or lease by employer:-

Mr A.have basic salary of Rs. 15000 p.m., D.A.(forming part or retirement)  Rs. 5000 p.m., & taxable allowance Rs. 5000 p.m. & provide the accommodation by employer taken on rent of Rs 3,500/- p.m. in mumbai.

Ans :- 1. Salary of Mr A have Rs. 25000 p.m. & Rs. 3,00,000 p.a., than 15% of Salary

               Rs. 45,000/- 

           2. Rent paid by employer 42,000/- p.a.

                    15% of salary or Rent paid, whichever is lower 

                   Rs. 42,000/- will be value of taxable perquisite

* If any amount of rent paid by the employee, In any case than such amount of rent paid by employee will be less from the value of taxable perquisite, as a amount reimbursed to the employer.

                                                                                                      

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CBDT extend the Due Date for furnishing Statement of Financial Transaction (SFT) 30th Jun

CBDT has been released the Press Release regarding the extend the Due Date of Statement Of Financial Transaction(SFT) to 30th June.

CBDT Extend the SFT Due Date, Click here to Download the Press Release

          The Statement of Financial Transactions under Rule 114E (5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or recorded, i.e for Assessment Year 2017-18 the last date for furnishing the said statement was 31st May 2017.

          Representations were received in the Board requesting for extension of the date of filing of the said statement of financial transactions on account of the teething problems arising and the volume of data to be compiled. In view of the said representations and in order to remove inconvenience and to facilitate ease of compliance, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Act, has extended the date of furnishing of the statement of financial transactions under Rule 114E (5) of the Rules, read with sub-section (1) of section 285BA of the Act for Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of persons throughout India who are liable to furnish the said statement.   

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