Filing Income Tax Return can be a tough task and there are chances that you will have to pay a heavy penalty in case you don’t file your Income Tax Return on time. That’s the reason why you must start filing your Income Tax Return now and here are the things you must know once you start the process: -
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Tax Rules and the latest changes in it
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Before you start filing your Income Tax Return for the Assessment Year 2018-19 or Financial Year 2017-18, there are various chances in ITR Forms, Tax slabs etc that must keep in mind. The slab rate that is applicable for the individuals who are earning a taxable income from Rs.2.5lakh to Rs.5lakh has done down from 10% to 5%. The Government of India has restricted the benefit of set-off loss from house property to a maximum Rs 2 lakh per financial year and the balance loss can be carried forward to next eight years.
Filing Income Tax Return
The holding period for capital gains that is supposed to be considered on the immovable property has been reduced from three years to two years, moreover the year 2001 will be considered as the base year for calculating the capital gains.
· Major changes in ITR Forms
ITR 1 is the form that is used by a maximum number of taxpayers and now the taxpayers will have to mention the detailed calculation of their income from salary and house property in this Form. Till last year, if an individual or Hindu Undivided Family (HUF) was a partner in a firm, ITR-2 could be used if they didn’t have any other business income, now the taxpayers will have to file ITR 3
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