Know New ITR Come Into Effect. Details Here In 10 Points

Know New Income Tax Rules Come Into Effect. Details Here In 10 Points

new-itr-10-points

Aadhaar number will be a must while applying for PAN as well as filing of income tax returns. To curb black money, the limit on cash transactions has been set at Rs. 2 lakh.

The Parliament on Thursday approved the Finance Bill 2017. Starting April 1, 2017, some income tax laws will change. Finance Minister Arun Jaitley had announced a number of income tax changes in Budget 2017. In addition, some amendments were also introduced in the Finance Bill. Aadhaar number will be a must while applying for PAN as well as filing of income tax returns. To curb black money, the limit on cash transactions has been set at Rs. 2 lakh. From making tax filing simpler to some tweak in income tax rates, here are some of the changes that income tax payers should note:

1) The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh will get halved to 5 per cent from 10 per cent. However, rebate under Section 87A gets reduced from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh. This means tax savings of up to Rs. 7,700 for those with a taxable income between Rs. 3 lakh and Rs. 5 lakh. And for persons with taxable income between Rs. 5 lakh and Rs. 50 lakh, tax savings of Rs. 12,900.

2) A 10 per cent surcharge will be applicable for individuals having income ranging from Rs. 50 lakh to Rs. 1 crore (existing surcharge of 15 per cent will remain the same for individuals having income above Rs. 1 crore).

3) A simple one-page form will be introduced for filing tax return for individuals having a taxable income up to Rs. 5 lakh other than business income.

4) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme from Assessment Year 2018-19. This tax-saving scheme, announced in the Union Budget for financial year 2012-13, was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit.

5) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs. 50 lakh. Currently, tax officers can go back up to six years to scrutinise the books of accounts of assessees. Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs. 10,000 from Assessment Year 2018-19. However, if the total income of the person does not exceed Rs. 5 lakh, the fee payable under this section shall not exceed Rs. 1,000.

6) The holding period of a property for qualifying as long-term gains will be reduced to two years, from three years. This will help save tax if a property is sold within two years of buying. If a property is sold before two years, the profit from the transaction will be treated as short-term capital gains and will be taxed according to the slab rate applicable to him/her.

7) The government has cut down tax benefits borrowers enjoyed on properties let out on rent. As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get a deduction of Rs. 2 lakh on interest repayment on home loan. But now onwards on rented properties, the borrower can only claim a deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount above Rs. 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years.

8) Individuals will be required to deduct a 5 per cent TDS (tax deducted at source) for rental payments above Rs. 50,000 per month. Tax experts say that the move will ensure that persons who get a large rental income come into the tax net. It will be effective from June 1, 2017.

9) Partial withdrawals from National Pension System (NPS) will not attract tax. According to the proposed changes, NPS subscribers can withdraw 25 per cent of their contribution to the corpus for emergencies before retirement. Remember that withdrawal of up to 40 per cent of the corpus is tax-free on retirement.

10) Aadhaar number will be a must while applying for PAN as well as filing of income tax returns from July 1. To curb black money, the limit on cash transactions has been set at Rs. 2 lakh. The Finance Bill had originally proposed the cap at Rs. 3 lakh. If a person receives any sum in contravention of the tax law, he/she will be liable to pay, by way of penalty, a sum equal to the amount.

COMMENTS

Defence$type=complex$count=4$ico=1

7th CPC$type=list$m=0$cate=0$sn=0$rm=0$c=5

Name

'Aaykar Setu' mobile app,1,5th cpc,6,6th cpc,8,7th CPC,408,7th CPC Arrears,4,7th CPC Arrers,8,7th CPC Hindi News,13,7th CPC News,73,7th Pay Commission,219,Aadhaar,23,acpin,1,ad-hoc bonus,4,ad-hoc staff,1,additional hra,1,admit card,1,advance salary,1,AGEY,1,aicpin,10,aigdsu news,6,AIIMS,2,ailtc railways,7,aipr,3,Air Force,13,Air India,5,air india ltc 80 fare,4,Air Travel,7,Aircel,1,airf,18,Airlines,1,Airtel,4,alcohol policy,1,all india,5,Allowances,125,Amazon Ofers,1,Andhra Pradesh,1,Andhra Pradesh govt employee,1,anomaly committee,1,aoc,1,apar,1,app download,1,Apple iPhone,3,Assam,4,Assistant Jobs,1,Bank,31,bank da,3,bank holidays,1,Bank Policies,19,banknotes,1,Bihar,9,Bihar 7th CPC,3,bihar govt employee,1,Bollywood,4,bonous,1,bonus,6,breakdown allowance,2,Breaking News,139,BRICS,1,Bsnl,12,BSNLMRS Hospitals,1,budget,4,Business,84,ca exam pattern,1,Cabinet News,41,cadre restructuring,3,cadre review,13,CAG Report,3,CAPO News,4,Career,56,career progression,1,casual labour,3,casual leave,3,cat Judgement,4,cat order,3,CBDT,12,CBEC,4,CBSE,7,ccs master circular,1,ccs pension rules,2,ccs rules,4,ccsrp rule,1,cda rules,2,cgda,26,cgegis table,6,CGHS,88,cghs agartala,1,cghs ahmedabad,1,cghs allahabad,1,cghs bengaluru,2,cghs bhopal,1,cghs bhubaneswar,1,cghs chandigarh,1,Cghs Chennai,1,cghs dehradun,1,cghs delhi,3,cghs guwahati,1,cghs hyderabad,1,cghs indore,1,cghs jabalpur,1,cghs jaipur,1,cghs kanpur,2,cghs karnataka,1,cghs kerala,1,cghs kolkata,1,cghs lucknow,1,cghs meerut,2,cghs mumbai,1,cghs nagpur,1,cghs patna,2,cghs pune,1,cghs ranchi,2,cghs shillong,1,cghs trivandrum,2,cghs uttrakhand,1,chandigarh,1,chhattisgarh,1,child care leave,2,children education allowance,7,China,1,cisf,1,come & play scheme,1,compassionate ground appointment,5,Compensation Policy,3,composite allowance,1,condiment allowance,3,Condiment expenditure,2,confedration,1,consatant attendance allowance,1,contract labour,7,Conveyance Allowance,3,cpao order,21,cpf,1,cpgrams,3,cpiiw,4,cpse,70,cpse employees,8,cpse guidelines,29,cpse pay revision,2,cpse pension,5,CPSEs Pay,20,Cricket,4,cris,3,CRPF,1,CS(MA) Rules,5,csd,2,csd price list,1,Current Affairs,308,cvc circular,2,d el ed,1,daily officiating allowance,3,dearness allowances,49,dearness relief,18,Defence,236,Delhi,2,delhi govt employee,2,delhi high court,1,dental doctor,1,dept of post order,43,deputation,3,deputation allowance,4,desw,2,desw order,5,disability pension,5,dlc,2,Doctor Jobs,12,doe order,24,doppw order,8,DoPT Order,127,dot order,10,Download MedWatch App,1,Download MyMSME App,1,Download MyMSME App Celebrating Yoga,1,Download NEW ITR FORM,2,Download Swachh Bharat App,1,dpe om,34,dress allowance,5,dress code,1,EC,1,echs,24,ecil,1,EDUACTION,75,Education,7,educational qualification,1,Egineer Jobs,1,Election Commission,1,Employment,6,Entertainment,2,EPFO,25,ESIC,4,eview committee for nps,1,EVM,1,Ex-Servicemen,6,exam,2,exempt from tax,1,expected da,11,extra work allowance,1,Extraordinary Pension,1,Facebook,8,fact jobs,1,Family Pension,95,FAQ,2,Featured,79,festivals,1,FIFA,1,File ITR,23,Fin Min Orders,66,Finance,8,Fixed Medical Allowance,7,Flipkart,2,Football,3,FREQUENTLY ASKED QUESTIONS ON GST,1,Games,12,Ganes,2,gazette notification,13,gdce instructions,3,gds,1,gds arrears,9,gds da,11,gds employees news,19,gds pay,15,gds report,18,gfr,1,GOI News,570,Goods and Services Tax,50,Goods and Services Tex,1,Google,10,government of karnataka,1,Govt Jobs,11,govt of assam,2,govt of assam pensioner,1,govt of assam staff,1,govt of chhattisgarh,1,Govt Project,324,Govt Staff News,1133,Govt Yojna,257,gpf interest rate,1,GPF Rules,12,GPRA,4,gratuity,6,group A,1,Group D,1,Gst,61,GST Rates Finder app,1,Hardship Allowance,1,Haryana Govt Employees,2,Haryana Govt order,2,hba rules,9,Health,25,High Court Judgement,3,high court order,2,hill area allowance,1,holiday list,11,Hollywood,2,honorarium,1,hpca,1,hr allowances,1,hra,2,HRA Allowances,39,iba,6,iba dr,1,ibps,2,icsil,1,ida cpse,15,income tax,23,independence day,1,India,3,India Post,15,Indian Airforce,49,Indian Army,68,Indian Navy,63,indian railway,10,IOCL Jobs,1,IRCTC,8,irms,1,irtsa,2,Island Special Duty Allowance,1,ISRO,1,iti ltd,1,ITR,32,j&k govt employees,3,j&k govt pensioners,1,Japan,1,Jharkhand,3,Jio News,8,jkssb,1,jnv,7,Jobs,54,Jobs News,102,karnataka,1,kerala,4,Kerala Govt Employees,4,Kerala Govt Pensioners,2,Kolkata,1,KVS,40,kvs pension,2,labour Bureau,7,larsgess scheme,3,Latest,991,ldce,3,leave rules,1,lic pay,2,life certificate,1,life time arrear,1,Lok Sabha,141,LTC,38,ltc 80 air fare,6,Ltd Company Jobs,2,mAadhaar App,2,macp,32,Make in India,2,Market,1,Maruti Suzuki Dzire,1,maternity leave,6,medical card,1,Medical claims,4,Meghalaya Govt Employees,1,MERIT app,1,mes,1,MGNREGA,2,mha,1,mhfw order,14,mhrd order,1,Microsoft,1,Microsoft News,1,minimum wages,7,mod order,17,mohfw order,4,monetary allowance,3,MP,1,msp,2,mtnl,2,NABARD,1,Namami Gange,5,National,705,ncjcm,21,nda,2,ndmc,1,New Delhi,3,new TRCA matrix,5,nfir,62,NGT,1,night duty allowance,2,northern railway,1,Notification,1,npci,1,nps,35,nps updates,1,nursing allowance,2,nursing perssonsel,2,NVS,9,odisha,3,odisha govt employees,1,odisha govt pensioner,1,operation theater allowance,1,ordnance factory,1,orop,16,overtime allowance,6,PAN,6,pass rules,4,Passports,1,patna high court judgement,1,pay fixation,21,pay slip,1,pcda circular,41,pco allowance,2,pda lists,1,pdca circular,8,Pension,211,Pension Adalat,2,Pension Adalat Application Form,3,Pension faq,21,Pension revision,8,Pensioner,166,Pensioner associations,3,Pensioner Portal,12,pfrda,3,pgportal,3,pl bonous,12,PM Modi,26,PMAY,5,PMUY,1,PMVVY,1,Policies,387,Politics,36,post graduate allowance,1,post office,3,prcp in railway,4,President,2,Project Allowance,2,Promotions,22,Promotions policy,26,provisional pension,2,puducherry,1,Railway,372,railway servants pass rules,1,rajasthan govt employees,2,rajasthan govt pensioners,1,rajbhasha,1,Rajya Sabha,38,Rashtriya Swasthya Bima Yojana,1,ration money allowance,2,RBI,11,Real Madrid,1,Recruitment,6,recruitment rules,9,relhs,1,remote area allowance,1,remuneration,1,RERA Act,1,reservation criteria,11,rest rules,1,Result,5,retirement age,2,retirement benefits,1,review committee for nps,6,revised pay,25,revised pay matrix table,5,revised pension,3,revised vda,8,rilways,1,risk and hardship allowance,8,RS (RP) Rules,2,running staff,2,RUSA,1,s,1,SAARTHI App,1,SBI,11,SBI Rules,6,scholarship,1,Science,17,scova meeting,1,SEVA App,1,Seventh Central Pay Commission,149,SKILL INDIA Mission,1,small saving scheme,2,special allowance,3,Special LC Gate allowance,1,Sports,16,ssc jos,1,status of PPOs,2,storekeeping staff,1,strike,3,study allowance,1,study leave,1,Sukanya Samriddhi Account,2,Supreme Court,22,Supreme Court Judgement,17,Survey,1,syllabus,1,syndicate bank,1,Tarang Sanchar,1,Tax,22,tds deduction,3,teacher jobs,2,Tech,34,Telangana,1,telangana govt employees,1,Telcome,2,Telcome News,8,timely disposal of applications,1,TN Govt Employees,4,TN Govt Pensioners,3,tnusrb recruitment,1,Trade,1,trade unions,1,TRAI,1,training allowance,2,Transfer policy,25,transport allowance,4,Travelling Allowance,22,Trending Now,131,tripura govt employees,1,tripura govt pensioner,1,Trump,1,uan,1,Uber,1,ugc,1,uidai,1,UJALA Scheme,1,UP CM Yogi Adityanath,2,UP Govt Employees,1,upgradation of pay,2,uppsc,1,UPSC Jobs,2,USA,2,Uttar Pradesh,3,vrs,2,Weather,2,West Bengal,1,Whatsapp,2,Windows 10 OS,1,World,62,World Press Freedom Day,1,You Tube,2,
ltr
item
Param News: Central Government Employee News|Latest DOPT OM: Know New ITR Come Into Effect. Details Here In 10 Points
Know New ITR Come Into Effect. Details Here In 10 Points
Starting April 1, 2017, some income tax laws will change. Finance Minister Arun Jaitley had announced a number of income tax changes in Budget 2017. In addition, some amendments were also introduced in the Finance Bill. Aadhaar number will be a must while applying for PAN as well as filing of income tax returns.
https://1.bp.blogspot.com/-aJS2QKU9Ti8/WOCdmjZqiRI/AAAAAAAAAGQ/W49J5IVGiTEXivKn9ryShMATHc8dPGEqACLcB/s320/new-itr-10-points.png
https://1.bp.blogspot.com/-aJS2QKU9Ti8/WOCdmjZqiRI/AAAAAAAAAGQ/W49J5IVGiTEXivKn9ryShMATHc8dPGEqACLcB/s72-c/new-itr-10-points.png
Param News: Central Government Employee News|Latest DOPT OM
http://www.paramnews.com/2017/04/know-new-itr-come-into-effect-details.html
http://www.paramnews.com/
http://www.paramnews.com/
http://www.paramnews.com/2017/04/know-new-itr-come-into-effect-details.html
true
2671314941044517342
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy