Monthly Archives - June 2019

Changes in ITR-1 form for FY 18-19

Recently Income Tax Department came with the changes in Form 16 issued by employer along with changes in TDS return filed in form 24Q and Income Tax Form to be filed by employees. This year steps have been taken by Income Tax Department in order to reconcile following forms: Form 16 : Certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS).Form 24Q : Returns filed by the employer for the tax deducted.ITR-1 : To [...]


What is Form 16?

Form 16 is a certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS) from his or her salary for the financial year. It has to be issued by the Employer to the Employee under Section 203 of the Income-tax Act, 1961. It has two sections—part A and B. CBDT (Central Board of Direct Taxes) have notified new format of “Form 16 – The Salary TDS Certificate” requiring detailed breakup of [...]


Which ITR Form to use for Assessment year 2019-20

CBDT has already released new ITR Forms. One can file the ITR now. While, Individuals are due to file their ITR by 31st July. Corporate entities are to file by 30th September. The big question is which form should one use according to their status, income level, sources of income etc. Here, we discuss about all the forms to let taxpayers use the correct form to file. These ITR Forms are related for assessment year 2019-20 only i.e. it is only related to the income earned [...]

Treatment of F&O transactions under Income tax

Income Tax Implication on Futures & options (F&O) transactions & Intra-day trading

This article is about how trading in derivatives(F&O) and intra-day trading is to be treated under the Income tax. We will briefly discuss the following: 1. Basic understanding of the concept 2. Computation of income- F&O & intra-day trading 3. Calculation of turnover- F&O 4. Set-off & Carry forward of losses 5. Applicability of tax audit A basic understanding Derivatives are the instruments whose value is derived from an underlying asset. Its value is based on an underlying asset. The most popular derivatives are futures and options. Futures [...]

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