Pay special attention to these things while filing ITR return, otherwise you will have to worry!

-


If you are planning to file your return in the coming days, you should know that there have been some changes in the ITR filing rules. If you are not aware of these changes then you can get into trouble even after paying taxes.

These five rules changed

1) Mention income from virtual digital assets

According to the informants, Virtual Digital Asset i.e. VDA includes crypto currency and this VDA attracts taxation, surcharge and cess at the rate of 30 percent. Hence you have to provide information like date of purchase or transfer of crypto currency, appropriate tax category etc. Apart from this you have to file ITR-2 and ITR-3.

2)Method of coming out of 115BAC

If an individual or a Hindu comes under undivided family, he can opt for an optional tax regime under 115BAC but once the individual stops paying tax under this section, he cannot avail it again. If you don't want to pay tax under 115BAC then you have to fill Form 10-IE on e-filing portal.

3) Mention of income from intraday trading is required

Intraday trading means both buying and selling of shares in one day, you also have to show this while filing tax. Such transactions are considered as speculative transactions. Hence capital gain business comes under that tax category. This time you will also find a new category of e-trading while filing taxes. Where you have to provide all the details of this type of intraday trading as well.

4) Donation reference number mandatory for 80G

A new column has been added in Table D in ITR form if registering under 80G while filing tax. In which the information of the ARN number given by the organization receiving the donation has to be given. Based on which 50 percent of the prescribed limit is deducted.

5) Disclosure of income is required

People who have taken retirement get a huge tax benefit under Rule 89A. Hence, it becomes necessary for these people to provide sufficient information about their income if they want to take advantage of this discount.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more