What is going to change for income tax payers from today?

 A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes?

As the new financial year brings new tax rules, taxpayers should bear in mind that the deadline for filing late income tax returns for Assessment Year 2021-22 was March 31. If an assessee missed this deadline, he or she will have to pay a penalty and interest, and may even face imprisonment for violation. Further, not linking PAN with Aadhaar from today will carry a penalty. Rs 500 will be charged if it’s linked within three months from today and Rs 1,000 if done thereafter. Although the PAN will remain operative, linking it to Aadhaar will cost you money and if left unlinked beyond March 31, 2023, PAN will become inoperative.

Perhaps the most important tax rule that’s coming into effect today is the flat 30% tax on gains from the transfer of virtual digital assets, including cryptocurrencies and non-fungible tokens. A new provision allows individuals to file an updated return for errors or mistakes within two years from the end of the relevant assessment year on payment of a penalty. Both these provisions come with certain riders. The surcharge on long-term capital gains on all types of assets will be capped at 15% from today…Read More

12 documents you need to file your income tax return this year

From Form 16 to tax saving investment proofs, a list of documents you need to have by your side while filing ITR

Annual expense form (ITR) recording season has started for FY 2018-19. Try not to trust that the last date will record your ITR i.e 31 July 2019, it is smarter to keep all the required reports cutting-edge and helpful. This will guarantee a smooth sail when you record your profits.

Documents’ Checklist for  ITR filing

Given underneath is a rundown of the considerable number of reports that might be required while recording ITR for the monetary year (FY) 2018-19. Citizens can investigate every one of these pointers and keep them prepared in the event that they are material.

Structure 16

Structure 16 is a TDS declaration given by a business. It gives the point by point separation of the compensation and the expense deducted on it. On the off chance that the business has deducted charge from the compensation, it is compulsory to give Form 16.

The new configuration of structure 16 is in a state of harmony with the ITR-1 and ITR-2 structures endorsed for the money related year 2018-19. Structure 16 incorporates 2 sections—Part An and Part B. Section A has the subtleties, for example, the assessment deducted from the compensation by the business, Permanent Account Number (PAN) of the representative, and PAN and TAN of the business. Correspondingly, Part B comprises of the data in regards to compensation separation, for example, exclusion stipends and perquisites.

The citizens can utilize the subtleties from the Form 16 while documenting their profits physically. Or disaster will be imminent, they can simply transfer Form 16 on an online stage and do away the documenting right.