V. G. MEHTA'S™ INCOME-TAX READY RECKONER® 2018-19
IMPORTANT FEATURES:
(i) In relation to assessment year 2019-20:
  1. In the case of all categories of assessees, basic exemption limit and rate structure of I.T. rate of S.C. on I.T. is same as in preceding year. Rate of Addl. S.C. on I.T. and S.C. on I.T., if any, is 4%, as against 3%, in the preceding year. Where the total turnover or gross receipts of a domestic company, in the previous year 2016-17 does not exceed two hundred and fifty crore rupees, flat rate of I.T. is 25%, as against 30%.

  2. Exemption provisions amended u/s. 10(12A); 10(23C); 10(38); & 10(48B).

  3. Income of charitable or religious trust amended u/s. 11(1).

  4. Computation of income from salary provided/withdrawn u/s. 16(ia); & 17(2).

  5. Computation of business or professional income amended/provided u/s. 28, 43(5); 43(CA); 44AE; 115JC; & 115JF

  6. Computation of capital gains amended/provided/withdrawn u/s. 2(42A); 47(viiab); 49(9); 50C; 54EC; 10(38); & 112A.

  7. Computation of income from other sources amended/provided u/s. 56(2)(x); & 56(2)(xi).

  8. Provisions of deduction from gross total income amended/provided u/s. 80D; 80DDB; 80JJAA; 80PA; 80TTA; & 80TTB.

  9. Provisions relating to tax in certain cases amended u/s. 115AD(1).

(ii) In relation to assessment year 2018-19:
  1. In the case of: (A) an individual, HUF, AOP, BOI and artificial juridical person, exemption limit and rate structure of I.T. is the same as in the preceding year; (B) domestic company, foreign company, firm & local authority, flat rate of I.T. is same as in the preceding year. Where the total turnover or gross receipt of a domestic company, in the previous year 2015-16 does not exceed Rs. 50,00,00,000, flat rate of I.T. is 25%, as against 30%; & (C) co-operative society, rate structure of I.T. is same as in preceding year. In the case of: (i) assessees referred to in (A) above, where the taxable income exceeds: Rs. 50,00,000, rate S.C. on I.T. is 10%, as against Nil % in the preceding year and Rs. 1,00,00,000, rate of S.C. on I.T. is 15%; (ii) firm, co-operative society & local authority, where the total income exceeds Rs. 1,00,00,000, rate of S.C. on I.T. is 12% as in the preceding year; & (iii) domestic/foreign company, rate of S.C. on I.T. is same as in preceding year. Additional S.C. @ 2% & 1% of I.T. & S.C. on I.T., if any, is same as in the preceding year.

  2. Exemption of total income provided/amended/withdrawn u/s. 10(6D); 10(12B); 10(23C); 10(37A); 10(38); 10(46); 10(48B); & 10AA.

  3. Income of charitable or religious trust chargeable to tax u/s. 11(1); 12A(1); & 12AA(1)/(2).

  4. Computation of house property amended u/s. 23(5) & 71(3A).

  5. Computation of business or professional income amended/provided u/s. 35AD; 36(1); 40A(3)/(3A); 40A(13) [A.Y. 2017-18]; 43(1); 43AA [A.Y. 2017-18]; 43B; 43D; 44AA; 43CB [A.Y. 2017-18]; 44AA; 44AD; 115JAA; 115JB; & 115JD.

  6. Computation of capital gains amended u/s. 2(42A); 45(5A); 47; 48; 49; 50CA; 54EC; & 55.

  7. Computation of income from other sources amended/provided u/s. 56(2)(vii)/(viia)/(x).

  8. Provisions of deductions from gross total income amended u/s. 80CA; 80CCD; 80-IAC; 80-IBA; & 80JJAA. Provisions for rebate u/s. 87A amended.

  9. Provisions of determination of tax in certain cases amended/provided u/s. 115BBE/271AAC/115BA [A.Y. 2017-18]; 115BBDA; 115AAE [A.Y. 2017-18]; & 115BBG.

  10. Provisions relating to set-off/carried forward of losses provided/amended u/s. 71(3A); & 79.

  11. Provisions of assessment procedure amended u/s. 139A [w.e.f. 1-4-2018]; 140; 140A, 143 [w.e.f. 1-4-2018]; 145A/145B [A.Y. 2017-18]; & 234F. Penalty provisions amended/provided u/s. 271F, 271FA, & 276CC.
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