Google ad

Monday, June 26, 2017

How to file IT return online in India and Ten facts to know about filing income tax return this year

    Image result for income tax returns
       
How to file IT return online in India? 
Filing of Income tax return online is very easy now a days and most of the IT payers in India adopt the method  of filing the IT returns online.

The first criteria for filing IT returns online is to create a Profile in the Website for filing Income Tax return online. PAN number of the IT payer is the User ID.User has to create a Password and remember it.


After login to the site, the user has to follow the steps given in the following link for filing IT return online by anyone  of the two methods mentioned therein.

Ten facts to know about filing income tax return this year

Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

1.Due date for filing return
The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

2.Mandatory return filing
It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO, ClearTax.in.

3.Change in law w.r.t. revised return
Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

4.Linking of Aadhaar card with PAN
Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. 
Image result for linking of aadhaar card with pan number
An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

5.Dividend Tax
There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

6.Return filing mandatory even if TDS deducted
There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

7.TDS and Form 26AS
Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

8.Savings Bank Interest Income
Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

9.Schedule AL
A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

10.E-Verification of Income Tax Returns
It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

Friday, May 26, 2017

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18) and Eligible deductions

Image result for INCOME TAX

How Income Tax is charged in India?

Income tax in India is charged based on one’s income, more the income more the tax. India has four  income slabs or groups.Tax slabs keep on changing from year to year. Over and above tax, surcharge and education cess is also charged.  These are announced in budget by the Finance Minister every year.

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18)

New Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on the Finance Budget introduced by the Hon’ble Finance Minister on February 01, 2017. 

While the income tax slabs have been kept unchanged, some interesting changes have been made which will have an impact on the tax liability of Individuals.
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19)

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 – Rs. 500,0005% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 12,500 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,12,500 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000
Surcharge :
  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Rebate Reduced

The income tax rebate continues but it is reduced now. The income tax rebate came down to 2,500. Last year it was ₹5000. Not only the reduction, the threshold for this rebate also came down. Now, the income upto 3.5 lacs is eligible for this rebate. Earlier, income upto ₹5 lac was eligible for the income tax rebate.
Because of this provision, those who earns up to Rs 3 lacs are not required to pay any tax. Rather, if a person uses the all available deductions, the income up to Rs 5 lacs can become tax-free.
Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

To avail the benefit of senior citizen’s income  tax slab of 2017-18, one should be born on or after 1st April 1937 but before 1st April 1957. These dates are applicable for the income tax slab rate of the financial year 2017-18.

Income Tax SlabIncome Tax Rate
Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,001 – Rs. 500,0005% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Education Cess

Senior citizens are also required to pay education cess similar to other individuals. The 3% cess is charged on the income tax of senior citizens. Due to this the effective income tax slab rate increases.

Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

The senior citizens of above the age of 80 gets maximum tax concession from the government. They get this concession considering increased medical and healthcare expenses.
To get the benefit of this income tax slab rate, one should be born before 1st April 1937.
Income Tax SlabIncome Tax Rate
Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :
Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 2,50,000/-.NIL
ii.Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.Where the taxable income exceeds Rs. 10,00,000/-.Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
  

List of Income Tax Exemptions FY 2017-18 / AY 2018-19 (Chapter VI-A deductions list)

Income tax deductions list Income tax exemptions tax benefits Fy 2017-18 AY 2018-19 Section 80c limit 80D 80E NPS Home loan interest loss

For full details of Income Tax exemptions click the following link:

Sources:

To know about Income tax for Individuals for the Annual Year 2017-18(Financial year 2016-17) and Eligible deductions click the link given below

Saturday, April 15, 2017

Autism spectrum disorder

Image result for types of autism
Autism(Autism spectrum disorder (ASD) is a neurodevelopmental disorder characterized by impaired social interactionverbal and non-verbal communication, and restricted and repetitive behavior. 
Autism spectrum disorder (ASD) and autism are both general terms for a group of complex disorders of brain development.
Parents usually notice signs in the first two years of their child's life. These signs often develop gradually, though some children with autism reach their developmental milestones at a normal pace and then regress. The diagnostic criteria require that symptoms become apparent in early childhood, typically before age three.
Autism’s most-obvious signs tend to appear between 2 and 3 years of age. In some cases, it can be diagnosed as early as 18 months. Some developmental delays associated with autism can be identified and addressed even earlier. Autism Speaks urges parents with concerns to seek evaluation without delay, as early intervention can improve outcomes.
Types of ASD
There are three different types of Autism Spectrum Disorders:
Image result for types of autism
  • Autistic Disorder (also called "classic" autism)This is what most people think of when hearing the word "autism."  People with autistic disorder usually have significant language delays, social and communication challenges, and unusual behaviors and interests. Many people with autistic disorder also have intellectual disability.
  • Asperger SyndromePeople with Asperger syndrome usually have some milder symptoms of autistic disorder.  They might have social challenges and unusual behaviors and interests.  However, they typically do not have problems with language or intellectual disability.
  • Pervasive Developmental Disorder – Not Otherwise Specified (PDD-NOS; also called "atypical autism")People who meet some of the criteria for autistic disorder or Asperger syndrome, but not all, may be diagnosed with PDD-NOS. People with PDD-NOS usually have fewer and milder symptoms than those with autistic disorder.  The symptoms might cause only social and communication challenges.
Signs and Symptoms of autism
ASDs begin before the age of 3 and last throughout a person's life, although symptoms may improve over time. Some children with an ASD show hints of future problems within the first few months of life. In others, symptoms might not show up until 24 months or later. Some children with an ASD seem to develop normally until around 18 to 24 months of age and then they stop gaining new skills, or they lose the skills they once had.
A person with an ASD might:
  • Not respond to their name by 12 months
  • Not point at objects to show interest (point at an airplane flying over) by 14 months
  • Not play "pretend" games (pretend to "feed" a doll) by 18 months
  • Avoid eye contact and want to be alone
  • Have trouble understanding other people's feelings or talking about their own feelings
  • Have delayed speech and language skills
  • Repeat words or phrases over and over (echolalia)
  • Give unrelated answers to questions
  • Get upset by minor changes
  • Have obsessive interests
  • Flap their hands, rock their body, or spin in circles
  • Have unusual reactions to the way things sound, smell, taste, look, or feel
Causes of Autism:
Autism is due to a combination of genetic and environmental factors. Some cases are strongly associated with certain infections during pregnancy including rubella and use of alcohol or cocaine. 
Controversies surround other proposed environmental causes; for example, the vaccine hypotheses, which have since been disproven. 
Autism affects information processing in the brain by altering how nerve cells and their synapses connect and organize; how this occurs is not well understood.
Is there any medical cure for Autism?
We know that autism is a complex, neurological, developmental disorder, which affects the way the brain processes information, the cause of which is still unknown. Since we do not know what causes autism, we do not have a way to fix (cure) it.
At present, there is no cure for autism: there is no medication, no pills, no injections which can make the autism go away. Of course, as a parent you may read or hear about many claims of cures for autism. This may be more so in the last few years with the emergence of the internet as a 'bazaar' spreading some truly bizarre promises of cure. Being an invisible condition, it is easy for parents to be swayed to the 'right treatment' that would make their child's autism somehow 'go away'. 
Treatments for Autism:

Autism is not an illness that can be treated or 'fixed'. Instead, as mentioned earlier, it is a neurological condition, wherein one needs to teach the individual to reach his/her maximum potential using intervention and management strategies that would work most effectively with their unique learning style.
The most effective and well-documented intervention or management option for individuals with autism is a structured behavioural training programme. This intervention is based on understanding the unique learning styles of individuals with autism, making accommodations for the same, and using and adapting behavioural principles to teach.
The focus needs to remain at all times on the core areas of difficulty, i.e. communication and social understanding. Teaching appropriate play and leisure skills, and self-help skills, are equally important. Autistic children can make significant progress if the intervention is appropriate and consistent and hence, a combination of a good school and parent training is the best intervention strategy.
Early intervention, before the child is five, is especially crucial to the child's progress. This is why an early and accurate diagnosis is so important. Autistic children grow to become autistic adults, and there is a particular need for focus on teaching every skill to independence, and to provide meaningful outlets for social interaction and employment where possible.
Some of the scientifically proven effective intervention techniques include:
Treatment and Education of Autistic and related Communication handicapped CHildren Method (TEACCH) emphasizes on using skills that children already possess to enable them to become independent. Organizing the physical environment, developing schedules and work systems, making expectations clear and explicit, and visual materials are effective in developing skills and allowing people with autism to be independent of direct adult prompting.
Applied Behaviour Analysis (ABA) emphasizes on one-to-one sessions in discrete trial training (DTT) to develop cognitive, social, behavioral, fine motor, play, social and self-help skills. The technique involves structured presentation of tasks from most simple to more complex, breaking them down into small sub-skills, and then teaching each sub-skill intensely, one at a time. It involves repeated practices with prompting and fading of prompts to ensure success. It uses rewards or reinforcement to help shape and maintain desired behaviours and skills.
Verbal Behavior Analysis (VBA) is an addition to ABA and is also based on breaking down and teaching language in functional units unlike the teaching of language based on grammar. In addition to teaching at the table, teaching in (and with) the natural environment (NET) is important.
Picture Exchange Communication Systems (PECS) is built on the fact that non-verbal children with autism may attempt to spontaneously use objects to communicate. 
Image result for autistic child
People with autism tend to be visual learners, and a visual means of communication can help them to understand and use the process of communication. PECS aims to teach spontaneous social-communication skills by means of symbols or pictures and the teaching relies on behavioural principles, particularly reinforcement techniques. Behavioural strategies are employed to teach the person to use functional communicative behaviours to request desired objects. The requesting behaviour is reinforced by the receipt of the desired item.
All people with autism can and do make significant progress. They become more responsive to others as they learn to understand the world around them if the intervention that they receive is appropriate, consistent and autism friendly.
Can Autistic Children attend regular schools:
There are a number of autistic children who have been integrated into regular schools. The chances depend on several factors. The most important are the individual capacity and functioning levels of the child, how early diagnosis was received, and thereafter the kind and the appropriateness of the early intervention provided to the child.
Though some children with autism can learn like their typically developing peers, most have different learning styles and the therefore teaching styles also need to be different. Most children with autism may require some accommodations in the teaching style/ environment for them to be able to learn better and to keep the schooling a positive experience. Sometimes simple changes in existing classroom techniques and environmental adaptations make teaching autism-friendly. However, in some schools this may not be understood and therefore children with autism face difficulties and many may have to drop out of mainstream classrooms after grades four or five.
Organizations that cater to the needs of children and adults on the autism spectrum:
There are several organisations all over the world who are taking care the needs of children and adults on the austism spectrum. In India there are 22 such organisations located in major cities. From speech therapy to music therapy, these organizations are using various methods to bring a behavioural change and are doing some amazing work in this field.
I give below the link for the site listing out the organisations
Donate to the Organisations which help autistic children
We can donate to various organisations which help autistic children in different ways. Such  donations are tax deductible.
Sources:
Pictures: Google images