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Dear Readers, We are pleased to present our Publication on Key Changes Introduced In ITR Forms For Assessment Year 2017-18.

Daily Tax Update

Hi Friends Greeting of the Day Quotes of the day: 1. Always listen to your elders not because they are always right but because they have more experience of being wrong. 2. All the problems are stuck between "Mind & Matter". If u don't "Mind", it doesn't "Matter”. Tax update 1. Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year. 2. Lok Sabha approved a bill to hike cess on luxury vehicles from 15 per cent to 25 per cent with a view to enhance funds to compensate states for revenue loss following the rollout of GST. 3. GST: Functionality to add up to 10,000 records at once in Table 7A of Form TRAN 1 is now available on the GST Portal. 4. GST: Functionality to track the Return Status (submitted/filed) or refund status on the GST Portal is now available for taxpayers post login. 5. GST: Both regular and those who opted for composition scheme now have the option to file their quarterly /monthly returns on GST portal. 6. The Insolvency Bankruptcy Board of India grants recognition to two Registered Valuer Organization’s, in pursuance to the Companies (Registered Valuers and Valuation) Rules, 2017. 7. Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 crores - GSTR-1 (Jul-Sep, 2017) – Due date Dec 31st, 2017 8. Monthly return for registered persons with aggregate turnover of more than Rs. 1.50 crores - GSTR-1 (Jul-Oct, 2017) – Due date Dec 31st, 2017. 9. Case Study: Exemption U/s. 11 to 13 cannot be claimed in absence of Registration u/s 12AA - Bulandshahr Development Authority Vs Addl. Commissioner of Income tax (ITAT Delhi) 10. Case Study: F&O Transactions on recognized Stock Exchange cannot be treated as Speculative Transaction - Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) For more information ,visit our website :-www.nkumarassociates.co.in Hope the information will assist you in your Professional endeavors. Thanks with Warm Regards Picture CA.Navin Kumar B.Com(H),CA N. Kumar & Associates Chartered Accountants B-5,Gurukrupa Business Center Plot No-309/2P,Opp.Kotak Bank Vapi Road , Silvassa (D. & N.H)-396230 Cont:-8511070470,9999846165 Email:- ca.nkumarassociates@gmail.com, info@nkumarassociates.co.in WebSite:- www.nkumarassociates.co.in

Hi Friends Greeting of the Day Quotes of the day: 1. Behavior is sometimes greater than knowledge. Because, there are many situations where knowledge fails, but behavior can handle everything. 2. Success in life comes when you simply refuse to give up with goals so strong that obstacles, failure and loss, only act as motivation. Tax update Assessees in Karnataka, Rajasthan & Uttarakhand generate e-way bill from www.ewaybill.nic.in. Others to use it after their state adopts it by 1.2.2018. Last date for filing return in Form GSTR-1 is 10th January, 2018. Quarterly Return July - Sep 2017 for registered persons having aggregate turnover up to 1.50 Crore rupees in the preceding FY or the current FY. Monthly for July-Nov exceeding 1.5 Crore rupees. GST Council will meet on 18 January in New Delhi to discuss on simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme. MCA on monday notified amendments to the Companies Act 2013, aimed at making the insolvency process more effective. SEBI is seeking “unit-based” taxation for products broadly classified as hedge funds as part of its proposals for the union budget. For more update ,visit our website :-www.nkumarassociates.co.in Hope the information will assist you in your Professional endeavors. Thanks with Warm Regards Picture CA.Navin Kumar B.Com(H),CA N. Kumar & Associates Chartered Accountants B-5,Gurukrupa Business Center Plot No-309/2P,Opp.Kotak Bank Vapi Road , Silvassa (D. & N.H)-396230 Cont:-8511070470,9999846165 Email:- ca.nkumarassociates@gmail.com, info@nkumarassociates.co.in WebSite:- www.nkumarassociates.co.in

Hi Friends Greeting of the Day Salient Features of Finance Bill, 2018 Ø No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax. However Education cess is being increased from 3 to 4 % to be known as Education and Health cess. Ø However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16. Ø Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn. Ø However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018. Ø Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS. Ø Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are being withdrawn. Thus net benefit to salaries class only Rs 5,800. Ø Provision of Section 43CA, 50C and 56(2) (x) being amended to allow 5% of sale consideration in variation Vis a Vis stamp duty value. On account of location, disadvantage etc. Ø Provision of section 40(IA) and 40A (3) and 40A (3A) are being made applicable to Charitable Trust. Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1) (a). Ø Agriculture Commodity Derivative income /loss also not to be considered as speculative under section 43(5). Ø Income Computation and Disclosure Standards (ICDS) being given statutory backing in view of decision of Delhi High Court decision. Ø Marked to market loss computed as per ICDS to be allowed under section 36. Ø Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA. Ø Construction Contract income to be computed on percentage completion method as per ICDS. Ø Valuation of Inventory including Securities to be as per ICDS. Ø Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B. Ø Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion. Ø 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years. Ø PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2, 50,000 or more. All directors, partners, members of such entities also to obtain PAN. Ø All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not. Ø Assessments to be E assessment under new section 143(3A). Ø No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A. Ø Deemed dividend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%. Ø Penalty for non filing financial return as required under section 285BA being increased to Rs 500 per day. Hope the information will assist you in your Professional endeavors. Thanks with Warm Regards Picture CA.Navin Kumar B.Com(H),CA N. Kumar & Associates Chartered Accountants B-5,Gurukrupa Business Center Plot No-309/2P,Opp.Kotak Bank Vapi Road , Silvassa (D. & N.H)-396230 Cont:-8511070470,9999846165 Email:- ca.nkumarassociates@gmail.com, info@nkumarassociates.co.in WebSite:- www.nkumarassociates.co.in

Hi Friends Greeting of the Day Quotes of the day: 1. Happiness always looks small when you hold it in your hands. But when you learn to share it, you will realize how big and precious it is. 2. Misunderstandings or broken relationships are not generally created by what we say, but mainly by how we say it. Amendments in Income Tax for the F.Y-2018-19 1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person. 2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST). 3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales. 4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%). 5. Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000). 6. Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%. 7. Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%. 8. Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001. 9. Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%. 10. Donation made exceeding Rs.2000 will be not be eligible for deduction under section 80G. 11. Shares of unquoted shares to be taxed at (deemed) fair value. 12. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds). 13. Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years. 14. No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement. 15. In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher. 16. From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh. 17. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny. 18. Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier. 19. Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval. 20. It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest. For more information ,visit our website :-www.nkumarassociates.co.in Hope the information will assist you in your Professional endeavors. Thanks with Warm Regards Picture Truly for the Profession...... CA.Navin Kumar B.Com(H),CA N. Kumar & Associates Chartered Accountants B-5,Gurukrupa Business Center Plot No-309/2P,Opp.Kotak Bank Vapi Road , Silvassa (D. & N.H)-396230 Cont:-8511070470,9999846165 Email:- ca.nkumarassociates@gmail.com, info@nkumarassociates.co.in WebSite:- www.nkumarassociates.co.in