Know the tax related changes in the year 2018
Friday - December 21, 2018 4:22 pm ,
Category : WTN SPECIAL
Several tax related rules including income tax changed in 2018
Major changes from Pan Card to Income Tax returns
DEC 21 (WTN) - Several changes related to tax has been made in the year 2017 due to which people have faced considerable problems in tax filing this year. You may need these rules in the future also, so knowing these rules is very important for you.
Let's describe you what tax related changes have happened in 2018. It is also important to know about this tax related changes because many of these changes are related to income tax.
In the year 2018, filing income tax returns after a fixed period, a new rule of penalties has been introduced. According to the new rules, if one files the Income Tax returns after a fixed period, then there will be up to 1o thousand rupees penalty. There is a provision of one thousand rupees penalty for small tax payers.
If you do any mistake while filing Income tax return, you will now be able to fix your income tax return till March 31 next year. Earlier tax payers got time to recover returns for 2 years.
According to the new rules of 2018, any TDS will not be deducted on the interest of senior citizens for up to 50 thousand rupees. For this, the government has added a new section called 80 TTTB in the Income Tax Act. This deduction will be available while filing the ITR.
Let’s talk about the PAN card, so the rules related to it have been changed twice this year. In the first change in the PAN card, the option of transgender has been added, while the name of the father is not mandatory in the case of parental separation. This new rule of PAN card has come into effect from 5th of this month. Not only that, it is now necessary to issue a PAN card for sending money abroad.
While this year, the Aadhaar card has been mandatory for the application of PAN Card. After the Supreme Court's decision, it became necessary. Apart from this, one who has also PAN number till 1 July 2017, it has made necessary for related person to link it to the Aadhaar. The last date for this is March 31, 2019.
At the same time, for your information, let you know that NPS stands for full discount in the tax on 60 percent of the expenditure on maturity in the National Pension System. Buying an annuity is still necessary for remaining 40 percent of the amount.
For your information, let you know that on April 1st this year, cess on tax payment has been increased by one per cent. Cess has now been increased from three percent to four percent, while its new name is Educated and Health cess.
Standard deduction has now been taken in place of medical and transport facilities and for this, the standard deduction of Rs 40 thousand in the budget was mentioned. It can be claimed while filing the ITR.
Long-term Capital Gains Tax has been proposed in the budget for year 2018 only after selling equity and equity-based mutual funds. 10% tax has been provided on the benefit of above Rs 1 lakh, the tax will be levied on the sale of the fund after one year.
Dividend distribution tax has been imposed on equity mutual funds from this year's budget. From April 1, 2018, tax on 10% of the mutual fund dividend has been started.
There has been a change in the rule of tax exemption on investment in 54 EC bonds. Under this, now you have to invest 5 years instead of 3 years to save tax.
DEC 21 (WTN) - Several changes related to tax has been made in the year 2017 due to which people have faced considerable problems in tax filing this year. You may need these rules in the future also, so knowing these rules is very important for you.
Let's describe you what tax related changes have happened in 2018. It is also important to know about this tax related changes because many of these changes are related to income tax.
In the year 2018, filing income tax returns after a fixed period, a new rule of penalties has been introduced. According to the new rules, if one files the Income Tax returns after a fixed period, then there will be up to 1o thousand rupees penalty. There is a provision of one thousand rupees penalty for small tax payers.
If you do any mistake while filing Income tax return, you will now be able to fix your income tax return till March 31 next year. Earlier tax payers got time to recover returns for 2 years.
According to the new rules of 2018, any TDS will not be deducted on the interest of senior citizens for up to 50 thousand rupees. For this, the government has added a new section called 80 TTTB in the Income Tax Act. This deduction will be available while filing the ITR.
Let’s talk about the PAN card, so the rules related to it have been changed twice this year. In the first change in the PAN card, the option of transgender has been added, while the name of the father is not mandatory in the case of parental separation. This new rule of PAN card has come into effect from 5th of this month. Not only that, it is now necessary to issue a PAN card for sending money abroad.
While this year, the Aadhaar card has been mandatory for the application of PAN Card. After the Supreme Court's decision, it became necessary. Apart from this, one who has also PAN number till 1 July 2017, it has made necessary for related person to link it to the Aadhaar. The last date for this is March 31, 2019.
At the same time, for your information, let you know that NPS stands for full discount in the tax on 60 percent of the expenditure on maturity in the National Pension System. Buying an annuity is still necessary for remaining 40 percent of the amount.
For your information, let you know that on April 1st this year, cess on tax payment has been increased by one per cent. Cess has now been increased from three percent to four percent, while its new name is Educated and Health cess.
Standard deduction has now been taken in place of medical and transport facilities and for this, the standard deduction of Rs 40 thousand in the budget was mentioned. It can be claimed while filing the ITR.
Long-term Capital Gains Tax has been proposed in the budget for year 2018 only after selling equity and equity-based mutual funds. 10% tax has been provided on the benefit of above Rs 1 lakh, the tax will be levied on the sale of the fund after one year.
Dividend distribution tax has been imposed on equity mutual funds from this year's budget. From April 1, 2018, tax on 10% of the mutual fund dividend has been started.
There has been a change in the rule of tax exemption on investment in 54 EC bonds. Under this, now you have to invest 5 years instead of 3 years to save tax.
