The due date for filing ITR for AY 2019-20 is down the pike. Taxpayers are compiling various documents to file an ITR with correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-file ITRs effortlessly and errorlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an ad hoc for the salaried individuals for filing the income tax returns (ITR). Filing an ITR without Form 16 is beyond the bounds of possibility for salaried individuals.
In a few cases, salaried individuals do not get Form 16 for a specific year. The reason for the same can be shut down of the business by the employer, termination from a job before the time mentioned in the bond, or job change without completing the exit formalities. In such cases when the salaried individual so not have Form 16, he/she needs to give many other documents as reference or endorsement to e-filing Income tax return.
Here we are presenting a step-by-step guide for salaried people to e-file an ITR in without Form 16.
Step 1: Computation of Income From Salary
Salary slips are the major source of information for the calculation of income from salary. Make sure to acquire monthly pay-slips from all the HR managers or employers of the organization you have worked for in the year. For this year as well, you will need to present the entire break-up of your income from salary.
Income from salary includes Gross salary (Salary in accordance with Section 17(1), Value of Perquisites, Profit in lieu of Salary, Allowances exempt u/s 10, Standard Deductions – Deductions u/s 16, Entertainment allowance (only for government employees) and Professional tax.
Salary slips are the major source of information for the calculation of income from salary. Make sure to acquire monthly pay-slips from all the HR managers or employers of the organization you have worked for in the year. For this year as well, you will need to present the entire break-up of your income from salary.
Income from salary includes Gross salary (Salary in accordance with Section 17(1), Value of Perquisites, Profit in lieu of Salary, Allowances exempt u/s 10, Standard Deductions – Deductions u/s 16, Entertainment allowance (only for government employees) and Professional tax.
Generally, salary slips have all the figures except the amount of profit in lieu of salary and the value of perquisites as in many instances, the company does not furnish these figures in salary slips. So in such cases, one may request the HR or finance department to issue Form 12BA – The form which constitutes the details of the value of perquisites and amount of profit in lieu of salary given to the employee by the employer.
In addition to the information stated above, the salary slips contain the amount of all the allowances paid to the employee, tax deducted at source (TDS), the amount deducted towards provident fund (PF), etc.
Some Beneficial Points in this Regard:
Ensure to use the allowances that reduce your tax liabilities such as LTA, HRA, etc.
Compute the allowances, well-considering the partially exempt and fully exempt allowance.
Mention the tax-exempted allowances in ITR.
Avail the standard deduction of Rs 40,000 u/s 16 (ia) for the present year.
Step 2: Reconcilement of the deducted TDS with Form 26AS
Form 26AS encompasses the complete information of the TDS which is deducted on the salary income as well as on other incomes. So, the TDS amount present in the Form 26AS should not be matched with the individual sources such as salary slips for the TDS deducted on salary, TDS/interest certificate for TDS on fixed deposits (FDs), etc. However, the number of TDS deducted should be cross-checked with the TDS figures shown in Form 26AS. In case of any mismatch, the salaried individual should get in touch with the specific deductor.
Step 3: Computation of Income From House Property
The income generated from letting the house property on rent comes under this head. When you give a house owned by you on rent, the income which comes as rent is termed as rental income. And if you have availed any house loan on the property which you have given on rent or self-occupied property and you are paying interest on that house loan, then the deduction of the same can be availed and comes under this head.
Further, when an individual is an owner of two or more houses, he/she first needs to review the deemed let-out factor. If the individual is the one who is generating the rental income, then he/she is eligible to avail a flat deduction of 30 percent along with deduction of municipal tax from his/her rental income (if paid any).
Step 4: Computation of Income From Capital Gains
For computing the capital gains, an individual should get a summary statement from his/her broker for the gains from the sale of equities or equity-oriented mutual funds and should get the purchase and sale deed ready for the gains from the sale of land or building. The capital gain is exempt up to the limit of Rs. 1 lakh if it is held for a period exceeding a year and was sold out in FY 2018-19.
Note: One Can Not File a Tax Return Using ITR-1 When:
A) He/she has sold equity mutual funds and/or equity shares in FY 2018-19;
B) He/she is the owner of more than one house property.
C) He/she is holding investments in unlisted shares;
In the above-mentioned cases, an individual must e-file online ITR-2 or ITR-3.
Step 5: Computation of Income From Other Sources
Income from other sources constitutes the income earned as interest on various bank deposits such as FDs, savings, recurring or term deposits and interest on income tax refund, etc.
For this, one can consider his/her bank passbook which showcases the interest income and Form 26AS which displays interest on an income tax refund.
Note: This year an individual needs to state the source of interest income also from the drop-down menu which is present in the ITR form.
Step 6: Claim All The Deductions
Section 80C and 80D of the Income Tax Act provides various deductions for the individuals. Deduction for the PF, Life insurance, Equity-linked savings schemes, principal repayment of home loan etc can be claimed along with appropriate evidence u/s 80C, while deductions like medical insurance premium can be claimed u/s 80D.
The stated limit up to which a deduction under section 80C can be claimed is up to Rs 1.5 lakh. Similarly, other deductions also have prescribed limit up to which it can be availed.
Step 7: Calculation of Total Taxable Income
This is near to the final step in which the deductions are subtracted from the total income generated from various sources to get the final figure which is the total taxable income.
Step 8: Calculation of Income Tax Liability
Now the income tax liability applicable to the total taxable income is ascertained. It can be calculated with the use of an income tax calculator.
Step 9: Pay Additional Tax (if any)
When the total tax liability comes out to be more than the amount of tax already paid following the Form 26AS, then the remaining tax liability which is the additional obligation should be paid to the IT department.
Step 10: e-File Your Income Tax Return
This is the final destination to e-file an income tax return in the absence of Form 16. Make sure to e-verify it within the time-frame of 120 days of filing.
Wrapping Up: Although Form 16 is a prerequisite for a salaried individual to file an ITR, there is another way to file ITR when Form 16 for the year is not available with you. For that, you just to have the above-mentioned documents and follow the above mentioned step-by-step process. Keep in mind the due dates for filing ITR online and defend paying late filing fees u/s 234F for ITRs.
This ‘One Nation One Tax’ regime was initiated for the first time in the nation on 1 July 2017 and has completed 2 years of existence. Even after two years, GST governance lacks a definite blueprint of input tax credit system (ITC) says CAG reports. Not only this, the digitized e-tax filing system is still a tedious task for the fillers, said reports on the desks of the Parliament. No doubt, GST was introduced in the nation with good intentions but now the system has become exposed to ITC frauds.
The current GST compliance arrangement cannot work without proper invoice matching procedures, auto-generation of refunds and tax assessments, etc. the initiative has to be taken by the concerned authority to alter the prevailing scenario of tax compliance in the country. The key players of the tax system such as Department of Revenue (DoR), Central Board of Indirect Taxes and Customs (CBIC) and GSTN must co-ordinate and bring GST tax compliance to proper functionality.
In a written statement, Minister of State for Finance Anurag Thakur replied to the parliament saying, tax authorities have unveiled tax frauds worth Rs 45,682.83 crore under GST in last 2 years.
As per the data extracted from the government’s desk, Rs 6520.40 crore fraud was identified in the April to June period of the financial year 2019-20. In the last two years, the total number of 9,385 cases of GST frauds were brought to the limelight. GST rising under BJP-led governance is undoubtedly a promising tax structure, but it still needs more rigidity and applicability.
Permanent Account Number (PAN) is marching forward towards becoming an inevitable number for any transaction or deal made by an individual. Time is approaching when there is a need to link all the transactions with the Income Tax Department through PAN.
PAN basically assists the tax authorities in identifying an individual or a corporate body which is getting into a deal or making a transaction. Transactions may be a tax payment, money withdrawal, cash deposition or encashment of amount deposited in the bank for any deal.
Budget 2019 has proposed some changes and inclusion in the current PAN associated rules and provisions. We are highlighting the four most important of them which one must be acquainted with.
Here we go for the new PAN related norms which will become effective post the Budget 2019 announcement:
Effect of Not linking PAN with Aadhaar
At present, u/s 139AA (2), the PAN issued to an individual shall be considered ‘invalid’, if the individual is unsuccessful in intimating the Aadhaar number. However, when a person is unsuccessful in intimating the Aadhaar number and fails to link PAN with Aadhaar, the PAN card will deem to be inoperative.
Note: 30th September 2019 is the due date to link PAN with Aadhaar.
As per Budget 2019, the word ‘invalid’ will be replaced with ‘Inoperative’, on 1st September 2019.
Equivalence of PAN and Aadhaar for ITR Filing
For filing of ITR, a PAN linked with Aadhaar is an ad hoc. But in cases when someone doesn’t hold a PAN, Budget 2019 has proposed to permit the use of Aadhar number in place of PAN. According to the proposal, any person who needs to quote his PAN under the legal section but he doesn’t have any PAN and possesses only the Aadhaar number, may furnish or quote the Aadhaar number in place of PAN. PAN will be issued to the person based on Aadhar details.
Involuntary Quoting of PAN in Statutory Stated Deals
Having PAN is indispensable in some cases like when the income of an individual exceeds the basic exemption limit, when ITR has to be filed or when the turnover of a business exceeds Rs 5 lakh. In other cases, PAN is not mandatory.
However, the government has been witnessing that in multiple instances when people are engaging in high-value transactions like the purchase of foreign currency or withdrawal of hefty amount from the banks, they do not hold a PAN.
So to keep an audit record of these transactions and for expanding the tax base, Budget 2019 proposed to add a new clause (vii) in section 139A (1) which makes it makes it mandatory for every person, who is willing to enter into some statutorily stated deals and do not hold a PAN, to apply for a PAN allotment.
TDS Deduction for Professional Service
As per the new Permanent Account Number (PAN) rule, you will need to deduct the TDS before making payment when you appoint a professional contractor, designer or an architect for the construction or renovation of your home. The new rule counts in any professional service availed for personal purpose, so now the TDS has to be deducted before making the payment for such professional service and deposited with the government using the professional’s PAN. At present, TDS need not be deducted when payment is made for professional services availed for personal use.
Further, if the individual is engaged in business or profession which is not accountable for audit, there is no need to deduct TDS even when the payment is made business or profession purpose.
However, the government realised that because of this exemption, a good amount of monetary payment made by individuals for the professional service or the contractual work creates a loophole for levying TDS which leads to tax evasion.
So to seal this escape, Budget 2019 has proposed to include a new section 194M in the Act to levy 5% TDS on the amount paid for the contractual work or professional services by a person if such amount goes above Rs 50 lakh in a year.
At the same time to lessen the compliance, it is also proposed that such persons will be needed to acquire the Tax deduction Account Number (TAN) and will be allowed to deposit the tax deducted with their PAN and the PAN of professional.
These are the mutation which will be introduced in the rules and regulations which are related to PAN. It is always advantageous to be on board with the upcoming changes so that it will not feel like clash on later dates when they will finally step on the legal paths. Further penalties and mistakes can be averted easily if you move parallel with the latest notifications and norms.
The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income or any agricultural income more than Rs 5,000.
Eligible Taxpayers for Filing ITR 2 Online AY 2019-20
The taxpayers who are eligible for filing ITR-2 form are the persons whose source of income is as mentioned below:
A resident having any asset located outside India or signing authority in any account.
A non-resident or not-ordinary resident.
Taxpayers who earn agriculture income above Rs. 5000/-.
Income from winnings of a lottery, horse race, gambling, etc. under the head of other sources.
Both short and long-term capital gains/losses from the sale of property/investments/securities. (if there is only long term capital gain exempt u/s 10(38) then ITR-1 can be filed)
The taxpayers who do not require to file ITR-2 form are as follow:
Every year on or before 31st July is termed as the last date for filing ITR 2 (Non-audit cases). Note: The IT department has extended the due date till 31st August 2019. Notification here
Structure of ITR 2 Filing for AY 2019-20 Online
Part A: General Information
The general information is enclosed with the following details of the taxpayer to furnish with:
Name
Address
DOB
PAN number
Aadhar number
Contact Number
Email Address
A – Filed u/s 139(1)-On or before the due date, 139(4)-After due date, 139(5)-Revised Return, 92CD-Modified return, 119(2)(b)-after condonation of delay.
Or
Filed in response to notice u/s 139(9), 142(1), 148, 153A 153C
B – If revised/defective/modified, then enter Receipt No. and Date of filing an original return (DD/MM/YYYY)
C – If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C/119(2)(b) enter the date of such notice/order, or if filed u/s 92CD, enter the date of advance pricing agreement
D – Residential Status in India (for individuals)
E – Do you want to claim the benefit under section 115H? (applicable in case of resident)
F – Are you governed by Portuguese Civil Code as per section 5A?
G – Whether this return is being filed by a representative assessee? If yes, please furnish following information –
Name of the representative
The capacity of the Representative (drop down to be provided)
Address of the representative
Permanent Account Number (PAN) of the representative
H – Whether you were Director in a company at any time during the previous year?
I – Whether you have held unlisted equity shares at any time during the previous year?
Schedule S: Details of Income from Salary
The information regarding Details of Income from Salary is enclosed with the following details of the taxpayer to furnish with:
Name of Employer
Address of employer
Gross Salary (excluding all allowances and perquisites and profit in lieu of salary)
Allowances not exempt
Value of perquisites
Profits in lieu of salary
Deduction u/s 16
Income chargeable under the Head ‘Salaries’
Schedule HP: Details of Income from House Property
The information regarding Details of Income from House Property is enclosed with the following details of the taxpayer to furnish with:
Address of property 1:
a – Gross rent received or receivable or letable value
b – The amount of rent which cannot be realized
c – Tax paid to local authorities
d – Total (1b + 1c)
e – Annual value (1a – 1d)
f – Annual value of the property owned (own percentage share x 1e)
g – 30% of 1f
h – Interest payable on borrowed capital
i – Total (1g + 1h)
j – Arrears/Unrealised rent received during the year less 30%
k – Income from house property 1 (1f – 1i + 1j)
Address of property 2:
a – Gross rent received/ receivable/ letable value
b – The amount of rent which cannot be realized
c – Tax paid to local authorities
d – Total (2b + 2c)
e – Annual value (2a – 2d)
f – Annual value of the property owned (own percentage share x 2e)
g – 30% of 2f
h – Interest payable on borrowed capital
i – Total (2g + 2h)
j – Arrears/Unrealised rent received during the year less 30%
k – Income from house property 2 (2f – 2i + 2j)
Pass through income if any *
Income under the head “Income from house property” (1k + 2k + 3)
Schedule CG: Capital Gains
The information regarding Capital gains is enclosed with the following details of the taxpayer to furnish with:
A. Short-term Capital Gains (STCG)
1. From the sale of land or building or both
a
i Full value of the consideration received/receivable
ii Value of property as per stamp valuation authority
iii Full value of consideration adopted as per section 50C for the purpose of Capital Gains [in case (aii) does not exceed 1.05 times (ai), take this figure as (ai),
b – Deductions under section 48
i Cost of acquisition without indexation bi
ii Cost of Improvement without indexation bii
iii Expenditure wholly and exclusively in connection with transfer biii
iv Total (bi + bii + biii) biv
c – Balance (aiii – biv) 1c
d – Deduction under section 54B (Specify details in item D below) 1d
e – Short-term Capital Gains on Immovable property (1c – 1d) A1e
f – In case of transfer of immovable property,
2. From the sale of equity share or unit of an equity oriented Mutual Fund (MF) or unit of a business trust on which STT is paid under section 111A or 115AD(1)(ii) proviso (for FII) 3. For NON-RESIDENT not being an FII- from the sale of shares 4. For NON-RESIDENT- from the sale of securities 5. From the sale of assets other than mentioned above 6. Amount deemed to be short term capital gains 7. Pass-Through Income in the nature of Short Term Capital Gain 8. Amount of STCG included in A1 – A7 but not chargeable to tax or chargeable at special rates in India as per DTAA 9. Total Short-term Capital Gain
B. Long term Capital Gains
From the sale of land or building or both
From the sale of bonds or debentures
From the sale of listed securities or zero coupon bonds where proviso u/s 112 is applicable or from the sale of GDR referred to in section 115ACA
From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
For NON-RESIDENTS- from the sale of shares or debenture of an Indian company
For NON-RESIDENT- from the sale of unlisted securities/bonds/ securities by FII
For NON-RESIDENTS – From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
From the sale of foreign exchange asset by NRI
From the sale of assets where B1 to B8 above are not applicable
Amount deemed to be long term capital gains
Pass-Through Income in the nature of Long Term Capital Gain,(Fill up schedule PTI) (B11a + B11b)
Amount of LTCG included in B1-A8 but not chargeable to tax or chargeable at special rates in India as per DTAA
Total long term capital gain chargeable under I.T. Act
C. Income chargeable under the head “CAPITAL GAINS” (A9 + B13)
D. Information about deduction claimed against Capital Gains
E. Set-off of current year capital losses with current year capital gains
F. Information about accrual/receipt of capital gain
Schedule OS:
Income from other sources: The information regarding income from other sources is enclosed:
Gross income chargeable to tax at normal applicable rates (1a+ 1b+ 1c+ 1d + 1e)
Income chargeable at special rates (2a+ 2b+ 2c+ 2d + 2e)
Deductions under section 57
Amounts not deductible u/s 58
Profits chargeable to tax u/s 59
Net Income from other sources chargeable at normal applicable rates
Income from other sources (other than from owning race horses)
Income from the activity of owning and maintaining race horses
Income under the head “Income from other sources” (7 + 8e)
Information about accrual/receipt of income from Other Sources
Schedule CYLA:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Head/ Source of Income
Income of current year
House property loss of the current year set off
Other sources loss (other than the loss from race horses) of the current year set off
Current year’s Income remaining after set off
Schedule BFLA:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Head/ Source of Income
Income after set off, if any, of current year’s losses as per 4 of Schedule CYLA)
Brought forward loss set off
Current year’s income remaining after set off
Schedule CFL:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Assessment Year
Date of Filing
House property loss
Short-term capital loss
Long-term Capital loss
Loss from owning and maintaining race horses
Schedule VI-A: Deductions under Chapter VI-A
Details under this title are enclosed with the following details of the taxpayer to furnish with:
1. Part B- Deduction in respect of certain payments 2. Part C, CA and D- Deduction in respect of certain incomes/other deduction
Schedule 80G: Details of donations entitled for deduction under section 80G
Donations entitled for 100% deduction without qualifying limit
Donations entitled for 50% deduction without qualifying limit
Donations entitled for 100% deduction subject to qualifying limit
Donations entitled for 50% deduction subject to qualifying limit
Total donations
Schedule 80GGA:
R Details of donations for scientific research or rural development relevant clause under which deduction is
Claimed Name and address of donee
PAN of Donee
Amount of donation
Eligible Amount of donation
Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
Total Income as per item 12 of PART-B-TI
Adjustment as per section 115JC(2)
Adjusted Total Income under section 115JC(1) (1+2a)
Tax payable under section 115JC [18.5% of (3)] (if 3 is greater than Rs. 20 lakhs)
Schedule AMTC: Computation of tax credit under section 115JD
The tax under section 115JC in the assessment year 2019-20 (1d of Part-B-TTI)
The tax under other provisions of the Act in the assessment year 2019-20 (7 of Part-B-TTI)
Amount of tax against which credit is available [enter (2 – 1) if 2 is greater than 1, otherwise enter 0]
The utilisation of AMT credit Available
Amount of tax credit under section 115JD utilised during the year [total of item No. 4 (C)]
Amount of AMT liability available for credit in subsequent assessment years [total of 4 (D)]
Schedule SPI:
Income of specified persons (spouse, minor child etc.) includable in income of the assessee as per section 64
Name of person
PAN of person (optional)
Relationship
Amount
Head of Income in which included
Schedule SI: Income chargeable to tax at special rates
1. 111A (STCG on shares units on which STT paid) 15 (3iii of schedule BFLA) 2. 115AD (STCG for FIIs on securities where STT not paid) 30 (3iv of schedule BFLA) 3. 112 proviso (LTCG on listed securities/ units without indexation) 10 (part of 3vii of schedule BFLA) 4. 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10 (part of 3vii of schedule BFLA) 5. 115AC (LTCG for non-resident on bonds/GDR) 10 (part of 3vii of schedule BFLA 6. 115ACA (LTCG for an employee of the specified company on GDR) 10 (part of 3vii of schedule BFLA) 7. 115AD (LTCG for FIIs on securities) 10 (part of 3vii of schedule BFLA) 8. 115E (LTCG for non-resident Indian on specified asset) 10 (part of 3vii of schedule BFLA) Page S15 9. 112 (LTCG on others) 20 (3viii of schedule BFLA) 10. 112A (LTCG on the sale of shares or units on which STT is paid) 11. STCG Chargeable at special rates in India as per DTAA (part of 3vi of schedule BFLA) 12. LTCG Chargeable at special rates in India as per DTAA (part of 3ix of schedule BFLA) 13. 115BB (Winnings from lotteries, puzzles, races, games etc.) 30 (part of 2a of schedule OS) 14. 115BBDA (Dividend income from domestic company exceeding Rs.10 lakh) 10 (part of 2d of schedule OS) 15. 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D) 60 (2b of schedule OS) 16. 115BBF (Tax on income from the patent) 10 (part of 2d of schedule OS) 17. 115BBG (Tax on income from transfer of carbon credits) 10 (part of 2d of schedule OS) 18. Any other income chargeable at a special rate (Drop down to be provided in e-filing utility) (part of 2d of schedule OS) 19. Other sources of income chargeable at special rates in India as per DTAA (part of 2f of schedule OS) 20. Pass-Through Income in the nature of Short Term Capital Gain chargeable @ 15% 15 (part of 3iv of schedule BFLA) 21. Pass-Through Income in the nature of Short Term Capital Gain chargeable @ 30% 30 (part of 3v of schedule BFLA) 22. Pass-Through Income in the nature of Long Term Capital Gain chargeable @ 10% 10 (part of 3vii of schedule BFLA) 23. Pass-Through Income in the nature of Long Term Capital Gain chargeable @ 20% 20 (part of 3viii of schedule BFLA) 24. Pass through income in the nature of income from other sources chargeable at special rates
Schedule EI:
Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)
1 Interest income
2 Dividend income from the domestic company (amount not exceeding Rs. 10 lakh)
3
i Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
ii Expenditure incurred on agriculture ii
iii Unabsorbed agricultural loss of previous eight assessment years iii
iv Net Agricultural income for the year (i – ii – iii) (enter nil if loss) 3
v In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details (Fill up details separately for each agricultural land)
a Name of the district along with pin code in which agricultural land is located
b Measurement of agricultural land in Acre
c Whether the agricultural land is owned or held on lease (drop down to be provided)
d Whether the agricultural land is irrigated or rain-fed (drop down to be provided)
4 Other exempt income (including exempt income of minor child) 4
5 Income not chargeable to tax as per DTAA
Sl. No. Amount of income
Nature of income
Country name & Code
Article of DTAA
Head of Income
Whether TRC obtained
(Y/N) I, II, III Total Income from DTAA not chargeable to tax 5
6 Pass through income not chargeable to tax (Schedule PTI) 6
7 Total (1+2+3+4+5+6)
Schedule PTI:
Pass-Through Income details from the business trust or investment fund as per section 115UA, 115UB
Name of business trust/ investment fund
PAN of the business trust/ investment fund
Head of income
Amount of income
TDS on such amount, if any
Schedule FSI:
Details of Income from outside India and tax relief
Country Code
Taxpayer Identification Number
Head of income
Income from outside India (included in PART B-TI)
Tax paid outside India
Tax payable on such income under normal provisions in India
Tax relief available in India (e)= (c) or (d) whichever is lower
Relevant article of DTAA if relief claimed u/s 90 or 90A
Schedule TR:
Summary of tax relief claimed for taxes paid outside India
1 Summary of Tax relief claimed
2 Total Tax relief available in respect of country where DTAA is applicable (section 90/90A)
3 Total Tax relief available in respect of country where DTAA is not applicable (section 91)
4 Whether any tax paid outside India, on which tax relief was allowed in India, has been refunded/credited by the foreign tax authority during the year?
Schedule FA:
Details of Foreign Assets and Income from any source outside India
A1 Details of Foreign Depository Accounts held (including any beneficial interest) at any time during the relevant accounting period
A2 Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period
A3 Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period
A4 Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
B Details of Financial Interest in any Entity held
C Details of Immovable Property held
D Details of any other Capital Asset held
E Details of account(s) in which you have signing authority held (including any beneficial interest) at any time during the relevant accounting period and which has not been included in A to D above.
F Details of trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary or settlor
G Details of any other income derived from any source outside India which is not included in,- items A to F above and, (ii) income under the head business or profession
Schedule 5A:
Information regarding apportionment of income between spouses governed by Portuguese Civil Code
Name of the spouse
PAN of the spouse
Heads of Income
Income received under the head
Amount apportioned in the hands of the spouse
Amount of TDS deducted on income at (ii)
TDS apportioned in the hands of the spouse
Schedule AL:
Assets and Liabilities at the end of the year (applicable in a case where the total income exceeds Rs.50 lakh)
A Details of immovable assets
B Details of movable assets
C Liabilities in relation to Assets at (A + B)
Part B-TI: Computation of Total Income
The information regarding total income is enclosed with the following details of the taxpayer to furnish with:
Salaries
Income from house property
Capital gains
Income from other sources
Losses of the current year set off
Balance after set off current year losses
Brought forward losses set off
Gross Total income
Income chargeable to tax at the special rate under section 111A, 112 etc
Deductions under Chapter VI-A
Total income
Income chargeable to tax at special rates and included in the above point
Net agricultural income/ any other income for rate purpose
Aggregate income
Losses of the current year to be carried forward
Deemed income under section 115JC
Part B-TTI: Computation of tax liability on total income
The information regarding the Computation of tax liability on total income is enclosed with the following details of the taxpayer to furnish with:
Tax payable on total income
Rebate under section 87A
Tax payable after rebate
Surcharge
Health and Education Cess
Gross tax liability
Gross tax payable
Credit u/s 115JD of tax paid in earlier years
Tax payable after credit u/s 115JD (8 – 9)
Tax relief
Net tax liability
Interest and fee payable
Aggregate liability
Taxes Paid
The amount payable/refundable
Refund
Details of all Bank Accounts held in India at any time during the previous year
Do you at any time during the previous year
(i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or
(ii) have signing authority in any account located outside India; or
(iii) have income from any source outside India?
20 If the return has been prepared by a Tax Return Preparer (TRP) give further details below:
Identification No. of TRP
Name of TRP
Counter Signature of TRP
21 If TRP is entitled for any reimbursement from the Government, amount thereof 21
22 TAX PAYMENTS
A Details of payments of Advance Tax and Self-Assessment Tax B Details of Tax Deducted at Source from Salary [As per Form 16 issued by Employer(s)]
Verification: There will be verification at the end of all the General, Part B TI and Part B TTI ensuring that the details given are factually correct and self-attested by the taxpayer.
Income Tax Return 2 Form Filing Mode
An ITR-2 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS. Super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR. Offline here means to furnish the return form in paper format.
Online:
While furnishing ITR-2 online, feed the details and e-verify return using EVC via Bank Account/Net Banking/Demat Account/Aadhar OTP or
2. Feed the details using electronic medium and send a physical copy of ITR V to Centralized Processing Centre (CPC), Bengaluru through speed post or normal post. When you furnish the ITR-2 return form using electronic medium, the receipt will be seen in the inbox of the registered email id. It can also be downloaded from the official income tax website manually. After downloading the acknowledgement, you need to sign the form and then send CPC office, Bangalore before completing 120 days counting from the e-filing date. On the other side, it is not required to send the ITR V to the CPC if EVC/OTP option is used
Offline:
If the age of the person is 80 or more years during the respective tax period or in the previous year, he/she can opt for offline return filing.
Modifications In ITR 2 For Assessment Year AY 2019-20:
Pensioners column has been added in the nature of employment.
A new deduction of 80TTB has been added in the deductions column.
From this assessment year, assesse is required to disclose his Directorship in Unlisted Company if any. Assesse has to provide the name of the Company, it’s PAN and his Director Identification Number
Assesse is required to provide details of shareholding of Unlisted Company wherein he has to provide all the details of shares purchased and sold during the financial year.
Facility of filing paper returns will now be available only to those over 80 years.
Those in possession of foreign assets will need to provide detailed disclosure of foreign depository account, foreign custodian accounts, equity and debt interest and particulars of overseas cash value insurance contract or annuity contract.
Taxpayers having agricultural income will have to provide additional details, including land measurement in acres, the name of the district along with Pincode in which the land is located, quality of land mentioning whether the land is irrigated or rain-fed etc.and whether the land is owned or held on lease.
Income received from the residential house properties would have to furnish details such as Tenant Name, PAN or TAN Number.
B. Long term Capital Gains
From the sale of land or building or both
From the sale of bonds or debentures
From the sale of listed securities or zero coupon bonds where proviso u/s 112 is applicable or from the sale of GDR referred to in section 115ACA
From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
For NON-RESIDENTS- from the sale of shares or debenture of an Indian company
For NON-RESIDENT- from the sale of unlisted securities/bonds/ securities by FII
For NON-RESIDENTS – From the sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A
From the sale of foreign exchange asset by NRI
From the sale of assets where B1 to B8 above are not applicable
Amount deemed to be long term capital gains
Pass-Through Income in the nature of Long Term Capital Gain,(Fill up schedule PTI) (B11a + B11b)
Amount of LTCG included in B1-A8 but not chargeable to tax or chargeable at special rates in India as per DTAA
Total long term capital gain chargeable under I.T. Act
C. Income chargeable under the head “CAPITAL GAINS” (A9 + B13)
D. Information about deduction claimed against Capital Gains
E. Set-off of current year capital losses with current year capital gains
F. Information about accrual/receipt of capital gain
Schedule OS:
Income from other sources: The information regarding income from other sources is enclosed:
Gross income chargeable to tax at normal applicable rates (1a+ 1b+ 1c+ 1d + 1e)
Income chargeable at special rates (2a+ 2b+ 2c+ 2d + 2e)
Deductions under section 57
Amounts not deductible u/s 58
Profits chargeable to tax u/s 59
Net Income from other sources chargeable at normal applicable rates
Income from other sources (other than from owning race horses)
Income from the activity of owning and maintaining race horses
Income under the head “Income from other sources” (7 + 8e)
Information about accrual/receipt of income from Other Sources
Schedule CYLA:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Head/ Source of Income
Income of current year
House property loss of the current year set off
Other sources loss (other than the loss from race horses) of the current year set off
Current year’s Income remaining after set off
Schedule BFLA:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Head/ Source of Income
Income after set off, if any, of current year’s losses as per 4 of Schedule CYLA)
Brought forward loss set off
Current year’s income remaining after set off
Schedule CFL:
Details under this heading are enclosed with the following details of the taxpayer to furnish with:
Assessment Year
Date of Filing
House property loss
Short-term capital loss
Long-term Capital loss
Loss from owning and maintaining race horses
Schedule VI-A: Deductions under Chapter VI-A
Details under this title are enclosed with the following details of the taxpayer to furnish with:
1. Part B- Deduction in respect of certain payments 2. Part C, CA and D- Deduction in respect of certain incomes/other deduction
Schedule 80G: Details of donations entitled for deduction under section 80G
Donations entitled for 100% deduction without qualifying limit
Donations entitled for 50% deduction without qualifying limit
Donations entitled for 100% deduction subject to qualifying limit
Donations entitled for 50% deduction subject to qualifying limit
Total donations
Schedule 80GGA:
R Details of donations for scientific research or rural development relevant clause under which deduction is
Claimed Name and address of donee
PAN of Donee
Amount of donation
Eligible Amount of donation
Schedule AMT: Computation of Alternate Minimum Tax payable under section 115JC
Total Income as per item 12 of PART-B-TI
Adjustment as per section 115JC(2)
Adjusted Total Income under section 115JC(1) (1+2a)
Tax payable under section 115JC [18.5% of (3)] (if 3 is greater than Rs. 20 lakhs)
Schedule AMTC: Computation of tax credit under section 115JD
The tax under section 115JC in the assessment year 2019-20 (1d of Part-B-TTI)
The tax under other provisions of the Act in the assessment year 2019-20 (7 of Part-B-TTI)
Amount of tax against which credit is available [enter (2 – 1) if 2 is greater than 1, otherwise enter 0]
The utilisation of AMT credit Available
Amount of tax credit under section 115JD utilised during the year [total of item No. 4 (C)]
Amount of AMT liability available for credit in subsequent assessment years [total of 4 (D)]
Schedule SPI:
Income of specified persons (spouse, minor child etc.) includable in income of the assessee as per section 64
Name of person
PAN of person (optional)
Relationship
Amount
Head of Income in which included
Schedule SI: Income chargeable to tax at special rates
1. 111A (STCG on shares units on which STT paid) 15 (3iii of schedule BFLA) 2. 115AD (STCG for FIIs on securities where STT not paid) 30 (3iv of schedule BFLA) 3. 112 proviso (LTCG on listed securities/ units without indexation) 10 (part of 3vii of schedule BFLA) 4. 112(1)(c)(iii) (LTCG for non-resident on unlisted securities) 10 (part of 3vii of schedule BFLA) 5. 115AC (LTCG for non-resident on bonds/GDR) 10 (part of 3vii of schedule BFLA 6. 115ACA (LTCG for an employee of the specified company on GDR) 10 (part of 3vii of schedule BFLA) 7. 115AD (LTCG for FIIs on securities) 10 (part of 3vii of schedule BFLA) 8. 115E (LTCG for non-resident Indian on specified asset) 10 (part of 3vii of schedule BFLA) Page S15 9. 112 (LTCG on others) 20 (3viii of schedule BFLA) 10. 112A (LTCG on the sale of shares or units on which STT is paid) 11. STCG Chargeable at special rates in India as per DTAA (part of 3vi of schedule BFLA) 12. LTCG Chargeable at special rates in India as per DTAA (part of 3ix of schedule BFLA) 13. 115BB (Winnings from lotteries, puzzles, races, games etc.) 30 (part of 2a of schedule OS) 14. 115BBDA (Dividend income from domestic company exceeding Rs.10 lakh) 10 (part of 2d of schedule OS) 15. 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D) 60 (2b of schedule OS) 16. 115BBF (Tax on income from the patent) 10 (part of 2d of schedule OS) 17. 115BBG (Tax on income from transfer of carbon credits) 10 (part of 2d of schedule OS) 18. Any other income chargeable at a special rate (Drop down to be provided in e-filing utility) (part of 2d of schedule OS) 19. Other sources of income chargeable at special rates in India as per DTAA (part of 2f of schedule OS) 20. Pass-Through Income in the nature of Short Term Capital Gain chargeable @ 15% 15 (part of 3iv of schedule BFLA) 21. Pass-Through Income in the nature of Short Term Capital Gain chargeable @ 30% 30 (part of 3v of schedule BFLA) 22. Pass-Through Income in the nature of Long Term Capital Gain chargeable @ 10% 10 (part of 3vii of schedule BFLA) 23. Pass-Through Income in the nature of Long Term Capital Gain chargeable @ 20% 20 (part of 3viii of schedule BFLA) 24. Pass through income in the nature of income from other sources chargeable at special rates
Schedule EI:
Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)
1 Interest income
2 Dividend income from the domestic company (amount not exceeding Rs. 10 lakh)
3
i Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
ii Expenditure incurred on agriculture ii
iii Unabsorbed agricultural loss of previous eight assessment years iii
iv Net Agricultural income for the year (i – ii – iii) (enter nil if loss) 3
v In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details (Fill up details separately for each agricultural land)
a Name of the district along with pin code in which agricultural land is located
b Measurement of agricultural land in Acre
c Whether the agricultural land is owned or held on lease (drop down to be provided)
d Whether the agricultural land is irrigated or rain-fed (drop down to be provided)
4 Other exempt income (including exempt income of minor child) 4
5 Income not chargeable to tax as per DTAA
Sl. No. Amount of income
Nature of income
Country name & Code
Article of DTAA
Head of Income
Whether TRC obtained
(Y/N) I, II, III Total Income from DTAA not chargeable to tax 5
6 Pass through income not chargeable to tax (Schedule PTI) 6
7 Total (1+2+3+4+5+6)
Schedule PTI:
Pass-Through Income details from the business trust or investment fund as per section 115UA, 115UB
Name of business trust/ investment fund
PAN of the business trust/ investment fund
Head of income
Amount of income
TDS on such amount, if any
Schedule FSI:
Details of Income from outside India and tax relief
Country Code
Taxpayer Identification Number
Head of income
Income from outside India (included in PART B-TI)
Tax paid outside India
Tax payable on such income under normal provisions in India
Tax relief available in India (e)= (c) or (d) whichever is lower
Relevant article of DTAA if relief claimed u/s 90 or 90A
Schedule TR:
Summary of tax relief claimed for taxes paid outside India
1 Summary of Tax relief claimed
2 Total Tax relief available in respect of country where DTAA is applicable (section 90/90A)
3 Total Tax relief available in respect of country where DTAA is not applicable (section 91)
4 Whether any tax paid outside India, on which tax relief was allowed in India, has been refunded/credited by the foreign tax authority during the year?
Schedule FA:
Details of Foreign Assets and Income from any source outside India
A1 Details of Foreign Depository Accounts held (including any beneficial interest) at any time during the relevant accounting period
A2 Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period
A3 Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period
A4 Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
B Details of Financial Interest in any Entity held
C Details of Immovable Property held
D Details of any other Capital Asset held
E Details of account(s) in which you have signing authority held (including any beneficial interest) at any time during the relevant accounting period and which has not been included in A to D above.
F Details of trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary or settlor
G Details of any other income derived from any source outside India which is not included in,- items A to F above and, (ii) income under the head business or profession
Schedule 5A:
Information regarding apportionment of income between spouses governed by Portuguese Civil Code
Name of the spouse
PAN of the spouse
Heads of Income
Income received under the head
Amount apportioned in the hands of the spouse
Amount of TDS deducted on income at (ii)
TDS apportioned in the hands of the spouse
Schedule AL:
Assets and Liabilities at the end of the year (applicable in a case where the total income exceeds Rs.50 lakh)
A Details of immovable assets
B Details of movable assets
C Liabilities in relation to Assets at (A + B)
Part B-TI: Computation of Total Income
The information regarding total income is enclosed with the following details of the taxpayer to furnish with:
Salaries
Income from house property
Capital gains
Income from other sources
Losses of the current year set off
Balance after set off current year losses
Brought forward losses set off
Gross Total income
Income chargeable to tax at the special rate under section 111A, 112 etc
Deductions under Chapter VI-A
Total income
Income chargeable to tax at special rates and included in the above point
Net agricultural income/ any other income for rate purpose
Aggregate income
Losses of the current year to be carried forward
Deemed income under section 115JC
Part B-TTI: Computation of tax liability on total income
The information regarding the Computation of tax liability on total income is enclosed with the following details of the taxpayer to furnish with:
Tax payable on total income
Rebate under section 87A
Tax payable after rebate
Surcharge
Health and Education Cess
Gross tax liability
Gross tax payable
Credit u/s 115JD of tax paid in earlier years
Tax payable after credit u/s 115JD (8 – 9)
Tax relief
Net tax liability
Interest and fee payable
Aggregate liability
Taxes Paid
The amount payable/refundable
Refund
Details of all Bank Accounts held in India at any time during the previous year
Do you at any time during the previous year
(i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or
(ii) have signing authority in any account located outside India; or
(iii) have income from any source outside India?
20 If the return has been prepared by a Tax Return Preparer (TRP) give further details below:
Identification No. of TRP
Name of TRP
Counter Signature of TRP
21 If TRP is entitled for any reimbursement from the Government, amount thereof 21
22 TAX PAYMENTS
A Details of payments of Advance Tax and Self-Assessment Tax B Details of Tax Deducted at Source from Salary [As per Form 16 issued by Employer(s)]
Verification: There will be verification at the end of all the General, Part B TI and Part B TTI ensuring that the details given are factually correct and self-attested by the taxpayer.
Income Tax Return 2 Form Filing Mode
An ITR-2 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS. Super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR. Offline here means to furnish the return form in paper format.
Online:
While furnishing ITR-2 online, feed the details and e-verify return using EVC via Bank Account/Net Banking/Demat Account/Aadhar OTP or
2. Feed the details using electronic medium and send a physical copy of ITR V to Centralized Processing Centre (CPC), Bengaluru through speed post or normal post. When you furnish the ITR-2 return form using electronic medium, the receipt will be seen in the inbox of the registered email id. It can also be downloaded from the official income tax website manually. After downloading the acknowledgement, you need to sign the form and then send CPC office, Bangalore before completing 120 days counting from the e-filing date. On the other side, it is not required to send the ITR V to the CPC if EVC/OTP option is used
Offline:
If the age of the person is 80 or more years during the respective tax period or in the previous year, he/she can opt for offline return filing.
Modifications In ITR 2 For Assessment Year AY 2019-20:
Pensioners column has been added in the nature of employment.
A new deduction of 80TTB has been added in the deductions column.
From this assessment year, assesse is required to disclose his Directorship in Unlisted Company if any. Assesse has to provide the name of the Company, it’s PAN and his Director Identification Number
Assesse is required to provide details of shareholding of Unlisted Company wherein he has to provide all the details of shares purchased and sold during the financial year.
Facility of filing paper returns will now be available only to those over 80 years.
Those in possession of foreign assets will need to provide detailed disclosure of foreign depository account, foreign custodian accounts, equity and debt interest and particulars of overseas cash value insurance contract or annuity contract.
Taxpayers having agricultural income will have to provide additional details, including land measurement in acres, the name of the district along with Pincode in which the land is located, quality of land mentioning whether the land is irrigated or rain-fed etc.and whether the land is owned or held on lease.
Income received from the residential house properties would have to furnish details such as Tenant Name, PAN or TAN Number.
SAG Infotech Blog is a source for all the 2019 latest GST notifications regarding Central, Integrated, Union Territory, Compensation cess and their respective taxes applicable. The following of latest GST notifications in accordance with proper laws, rules and rates is a must for every trading and business unit and will keep the tradition in a proper managerial way. Goods and services tax has been rolled out and almost every business unit must be working by the latest notifications being issued by the official government departments and according to the central board of excise and customs.
According to the notifications over the Central tax, follow and have a look at the link and be updated through the latest update over central tax issues. Also, the notifications regarding the central tax (rate) will keep you updated through the ups and downs in the rates of central taxes. Central taxes will be levied on the basis of Central GST and will be collected by the central government from every transaction of both interstate and intrastate in nature.
The exemption provided from the furnishing of Annual Return / Reconciliation Statement for suppliers of Online Information Database Access and Retrieval Services(“OIDAR services”).
Due date extended for furnishing FORM GSTR-1 for registered persons having an aggregate turnover of more than 1.5 crore rupees for the months of July 2019 to September 2019
The due date prescribed for furnishing FORM GSTR-1 for registered persons having an aggregate turnover of up to 1.5 crore rupees for the months of July 2019 to September 2019.
Date extension from which the facility of blocking and unblocking on an e-way bill facility as per the provision of Rule 138E of CGST Rules, 2017 to be applicable from 21.08.2019.
“Seeks to extend the due date for furnishing FORM GSTR-3B for the month of for the month of April 2019 for registered persons in specified districts of Odisha till 20.06.2019.”
“Seeks to extend the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of April 2019 for registered persons in specified districts of Odisha till 10.06.2019.”
Procedure notification for quarterly tax payment and annual filing of return for taxpayers claiming the benefit of Notification No. 02/2019– Central Tax (Rate), dated the 7th March 2019
“Seeks to extend the due date for furnishing of returns in FORM GSTR-3B for the Month of March 2019 for three days (i.e. from 20.04.2019 to 23.04.2019).”
“Seeks to extend the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March 2019 from 11.04.2019 to 13.04.2019”
Notification No. 08/2017 – Central Tax dated 27.06.2017 in order to further extend the limit of the threshold of aggregate turnover for coming under Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.
Prescribed due dates for the furnishing of FORM GSTR-1 for taxpayers having an aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June 2019.
Prescribed due dates for furnishing FORM GSTR-1 for taxpayers having an aggregate turnover up to Rs. 1.5 crores for the months of April, May and June 2019.
Registration exemption for a business unit engaged in the exclusive supply of goods and whose aggregate turnover in the financial year does not cross Rs 40 lakhs.
Extension of due date for furnishing FORM GSTR-3B for the month of January 2019 to 28.02.2019 for registered persons having a principal place of business in the state of J&K; and 22.02.2019 for the rest of the States.
Amendment notification No. 65/2017-Central Tax dated 15.11.2017 bringing effects of amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts
“Seeks to specifies retail outlets established in the departure area of an international airport, beyond the immigrationcounters, making tax free supply of goods to an outgoing international tourist, as class of persons who shall be entitled to claim refund”
“To amend notification No. 11/ 2017- Central Tax (Rate) so as to extend the last date for exercising the option by promoters to pay tax at the old rates of 12%/ 8% with ITC”
Amendment of notification No. 02/2019- Central Tax (Rate) providing for the application of Composition rules to persons opting to pay tax under notification no. 2/2019- Central Tax (Rate).
Amendment of notification No. 13/2017- Central Tax (Rate) specifying services to be taxed under Reverse Charge Mechanism (RCM) as recommended by GST Council for real estate sector.
Rescinding the notification No. 8/2017-Central Tax (Rate) dated 28.06.2017 to bring in the effects of the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts
GST Notifications on Integrated Tax and Rate in 2019
Integrated taxes will keep you informed and updated regarding the latest issues and rules and regulations of integrated taxes and the rates being decided the time to time. All the integrated taxes of state and central will be covered up in this section.
Amendment notification No. 10/2017-Integrated Tax dated 13.10.2017 bringing in the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts
“Seeks to exempts any supply of goods by a retail outlet established in the departure area of an international airport, beyond the immigration counters, to an outgoing international tourist.”
“Seeks to specifies retail outlets established in the departure area of an international airport, beyond the immigrationcounters, making tax free supply of goods to an outgoing international tourist, as class of persons who shall be entitled to claim refund.”
“To amend notification No. 8/ 2017- Integrated Tax (Rate) so as to extend the last date for exercising the option by promoters to pay tax at the old rates of 12%/ 8% with ITC”
Amendment of notification No. 1/2017- Integrated Tax (Rate) notifying IGST rate of various goods as recommended by GST Council for the real estate sector
Amendment of notification No. 10/2017- Integrated Tax (Rate) specifying services to be taxed under Reverse Charge Mechanism (RCM) as recommended by GST Council for real estate sector.
Amendment of notification No. 8/2017- Integrated Tax (Rate) notifying IGST rates of various services as recommended by GST Council for real estate sector.
“Seeks to rescind Sl. No. 10D of Notification No. 09/2017-Integrated Tax (Rate) dated 28.06.2017 in relation to exemption of IGST on the supply of services having a place of supply in Nepal or Bhutan, against payment in Indian Rupees.”
Rescinding notification No. 32/2017-Central Tax (Rate) dated 13.10.2017 bringing in the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts
2019 GST Notifications on Union Territory Tax and Rate
Union Territory section of notification is formed for the overall updates of rules and laws regarding the integrated taxes and its rates being levied across the designation union territories. All the 7 union territories along with New Delhi has been applied with UTGST and here you can catch every notification regarding the union territories updates.
The exemption from registration for the person within the exclusive supply of goods and having the aggregate turnover in the financial year does not exceed Rs 40 lakhs.
“Seeks to specifies retail outlets established in the departure area of an international airport, beyond the immigrationcounters, making tax free supply of goods to an outgoing international tourist, as class of persons who shall be entitled to claim refund.”
“Seeks to amend notification No. 11/ 2017- Union Territory Tax (Rate) so as to extend the last date for exercising the option by promoters to pay tax at the old rates of 12%/ 8% with ITC”
Amendment of notification No. 02/2019- Union Territory Tax (Rate) providing for application of Composition rules to persons opting to pay tax under notification no. 2/2019- Union Territory Tax (Rate).
Amendment of notification No. 1/2017- Union Territory Tax (Rate) notifying UTGST rate of certain goods as recommended by GST Council for real estate sector.
Amendment of notification No. 13/2017- Union Territory Tax (Rate) specifying services to be taxed under Reverse Charge Mechanism (RCM) as recommended by GST Council for real estate sector.
Amendment of notification No. 11/2017- Union Territory Tax (Rate) notifying UTGST rates of services as recommended by GST Council for real estate sector
Rescinding notification No. 8/2017-Union Territory Tax (Rate) dated 28.06.2017 bringing in the effects of amendments (regarding RCM on supplies by unregistered persons) in the GST Acts
GST Notifications on Compensation Cess & Rate in 2019
“Exempts any supply of goods by a retail outlet established in the departure area of an international airport, beyond the immigration counters, to an outgoing international tourist.”
The GST ACT allows foreign entities like Consulates, Embassies and other UN organizations who have made their roots in India to claim the GST which they paid. Such entities cannot be given a GSTIN number because they are not registered in India. Instead of it, they are given a UIN (Unique Identification Number) number and because of this, they are known as UIN entities.
This UIN number is only given to those entities who file invoice level data in the GSTR 11 form which is present in the government official GST portal. GST authorities noticed some common differences when they were processing the refund applications. So after knowing about these differences, they thought of reducing them due to which CBIC furnished notices regarding the GST Refunds in December 2018 and among them one was for the UIN entities.
UIN Entities – Things to Note While Processing GST Refunds
In GSTR 11 Form, for every invoice, the “Place of Supply” must be reported in the form which is applied for a refund according to the CGST rule. But many UIN entities were reporting the wrong place as “place of supply” i.e. their registered state while filing their invoice instead of original “place of supply”.
For example- if a place of supply is taken from Rajasthan but the place of supply is reported as Mumbai because the embassies are registered in Mumbai which is wrong. The place of supply must be Rajasthan.
Why This is Important?
It is important because, under the GST law, the charge of the invoice is done by the IGST or CGST / SGST as per the place of supply.
If the place of supply is intra-state, then CGST and SGST are charged.
If the place of supply is inter-state, then only IGST is charged.
So it is very important that the place of supply while reporting in GSTR 11 Form and the CGST / SGST or IGST charge-ability on the invoice must be entered as per the details are given in the invoice which was issued by the supplier of good or services. If it is done wrong, then the processing will take more time or even the GST refund claimed by the UIN entities can be rejected.
Not later than a few years, there will be a resonance of ‘Electric Vehicles‘ everywhere in Indian Markets. One of the electric vehicle manufacturers in India, Ather Energy conveys that it will give the entire benefits to its customers of reduced GST rates entirely supporting the government’s initiative to lower the Goods and Services Tax (GST) rate on electric vehicles to 5% from 12% earlier.
The reduction in GST rates will surely increase the demand for its electric vehicles in the market and to pick up with that, the company has already started stressing upon the manufacturing of the vehicles.
This considerable curb in the GST rates for electric vehicles will reduce the sticker price of its scooters by 8,000 to 10,000, eventually bringing down the rates of these electric vehicles closer to its oil-consuming equivalents. Ather Energy’s 450 scooter costs Rs. Rs 1,22,647 after Rs. 27,000 subsidy from the government. The company is gearing up with its production and is expecting everything to settle by the start of next year. For now, the company reaching out to the vendors where the range is less and even investing to increase production.
The company targets to produce 25,000 vehicles by the first quarter of the next FY from its own manufacturing units. They are even looking out for ways to compass outside their own units.
On a good note, the cost of Electric Scooters will come closer to its other counterparts because of the reduction in GST rates, which will involve many to buy electric scooters over petrol-driven vehicles.
Milk, Butter Milk, Curd, Cereals, Natural Honey, Flour, Besan, Puffed rice, Papad, Bread, Prasad, Salt, Bindi. Sindoor, Contraceptives, Fresh Fruits and Vegetables, Firewood, Bangles (non-precious metals), Agricultural Implements, Stamps, Judicial Papers, Printed Books, Newspapers, Bangles, Human Blood, Guar meal, Hop cone (other than grounded, powdered or in pellet form), Certain dried vegetables such as sweet potatoes, maniac, Unworked coconut shell, Khandsari sugar, de-oiled rice bran, hearing aid accessories, Fortified milk, Sanitary pads, Raw material used in brooms, Commemorative coins circulated by the RBI or government, Saal leaves, Deities made of stone, marbles or wood, Vegetables in the state of uncooked or cooked by steaming or boiling in water while being frozen, branded and are in a unit container, Vegetable briefly preserved under the mixtures of sulfur dioxide gas, in brine, in sulfur water or in other preservative solutions but unsuitable in that state for immediate consumption, etc.
5%
Namkeen/Bhujiya, Coffee, Tea, Kerosene, Coal, Cream, Skimmed Milk Powder, Branded Paneer, Frozen Vegetables, Processed Spices, Pizza Bread, Rusk, Sabudana, Medicines, Stent, Lifeboats, Soyabean, Groundnut, Sunflower Seeds, Vegetable Fats & Oils, Beet Sugar, Cane Sugar, Cocoa Beans, Shells, Paste, Tar, Peat, Lignite, Lpg For Domestic Consumption By Ioc, Hpcl, Bpcl, Nuclear Fuel, Nuclear Grade Sodium, Bakery Mixes, Doughs, Pizza Bread, Vermicelli, All Ores And Concentrates, Heavy Water and Other Nuclear Fuels, Compressed Air, Animal or Human Blood Vaccines, Iron/ Steel/ Ferrous Alloy – Kerosene Burners and Stoves, Iron/ Steel/ Ferrous Alloy – Table or Kitchen or Other Household Articles, Table or Kitchen or Other Household Articles of Copper, Copper Utensils, Solar Water Heater, Diagnostic Kits for Detection of All Types of Hepatitis, Newsprint, Handmade Safety Matches, Geometry Boxes, Hand Pumps, Renewable Energy Devices, Boats, Fishing Vehicles, Coronary Stents, Artificial Kidneys, Broomsticks, Jhadoo, Steel Utensils, Curtains, Toilet Linen, Blankets and Travelling Rugs, Bed Linen, Kitchen Linen, Terry Toweling, Terry Fabrics, Napkins, Mosquito Nets, Sacks and Bags, Man-made Apparel, Life Jackets (Highlighted Goods Under INR 1000), Job work on textile, Footwear under INR 1000, Cotton and Natural Fibres, Khadi Yarn, Match Boxes, Packed Organic Fertilizer, Fertilizers, Lobhan, Mishri, Batasha, Bura, Insulin, Agarbattis, Cashew Nuts, Mango Sliced Dry, Khakra & Plain chapati/roti, Food preparations for Weaker Sections, Ayurvedic/Unani/Siddha/Homeopathy medicines(Unbranded), Plastic Waste/Parings/ Scrap, Rubber Waste/Parings/ Scrap, Hard Rubber Waste or Scrap, Paper waste or scrap, puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta, kuliya, Flour of potatoes put up in unit container bearing a brand name, Chutney powder, Fly ash, Sulphur recovered in refining of crude, Fly ash aggregate with 90% or more fly ash content, Desiccated coconut, Narrow woven fabric including cotton newar [with no refund of unutilised input tax credit], Idli, dosa batter, Coir cordage and ropes, jute twine, coir products, Worn clothing, mehendi paste in cones, velvet fabric, tamarind kernel powder, articles of straw, Fertiliser grade phosphoric acid, Handloom dari, imported urea, E-books, Parts and accessories for the carriages for the disabled person, Marble rubble, Natural Cork, Walking Stick, Fly ash Blocks, Renewable energy devices & parts for their manufacture (biogas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff] or other equipment being used in such plants attracting GST, Construction services applicable to the solar power plants, For the clarification of all the cases having 70% of the gross value shall be deemed as the value of supply of the particular goods having 5% GST rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service having standard GST rate, etc.
12%
Dry Fruits In Packaged Form, Ayurvedic Medicines (Branded), Butter, Cheese, Ghee, Fruits And Vegetable Juices, Tooth Powder, Coloring Books, Picture Books, feature phones, Umbrella, Sewing Machine, Milk Beverages, Bio-Gas, Medicinal Grade Hydrogen Peroxide, Anaesthetics, Potassium Iodate, Iodine, Steam, Glands And Other Organs For Organo-Therapeutic Uses, Ayurvaedic, Unani, Homoeopathic Siddha Or Biochemic Systems Medicaments, Sterile Suture Materials, Sterile Catgut, Sterile Suture Material, Sterile Dental Yarns, Sterile Tissue Adhesives For Surgical Wound Closure, Dental Haemostatics, Fountain Pen Ink, Ball Pen Ink, Candles, Silicon Wafers, Natural Cork Wood Pulp, Children’S Drawing Books, Calendars, Ceramic Tableware, Kitchenware, Toilet Articles, Lenses Used In Spectacles, Barbed Wire Of Iron And Steel, Screw, Bolts, Nuts, Sewing/Knitting Needles, Lpg Stoves, Aluminium Utensils, Pencil Sharpeners, Knives, Power Driven Water Pumps, Electric Vehicles, Bicycles, Spectacle Lens, Led Lights, Sports Goods, Art Works, Antiques, Curtains, Toilet Linen, Blankets and Travelling Rugs, Bed Linen, Kitchen Linen, Terry Toweling, Terry Fabrics, Napkins, Mosquito Nets, Life Jackets, Man-made Apparel (Highlighted Goods Above INR 1000), All synthetic filament yarn, such as nylon, polyester, acrylic, All artificial filament yarn, such as viscose rayon, Cuprammonium, Wet grinders consisting of stone as grinder, Tanks and other armoured fighting vehicles, Condensed milk, Refined sugar and sugar cubes, Pasta, Curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasoning, Diabetic food, Medicinal grade oxygen, Printing ink, Hand bags and shopping bags of jute and cotton, Hats (knitted or crocheted), Parts of specified agricultural, horticultural, forestry, harvesting or threshing machinery, Specified parts of sewing machine, Spectacles frames, Furniture wholly made of bamboo or cane, drinking water packed in 20 litre bottles, sprinklers Mechanical Sprayer, bamboo wood building joinery, drip irrigation system, bamboo flooring, Cork roughly squared or debagged, Articles of natural cork, Agglomerated cork, etc.
18%
Preserved Vegetables, Tissues, Envelopes, Tampons, Note Books, Cornflakes, Pastries And Cakes, Jams, Jellies, Sauces, Soups, Ice Cream, Instant Food Mixes, Steel Products, Disinfectants, Household Plastic Products, Hot Water Bottles, Printed Circuits, Speakers, Camera, Smartphones, Infant Use Preparations, Waffles, Jams, Tea Concentrates, Sharbet, Mineral/Aerated Water (Without Sugar), Lpg For Domestic Supply By Ioc, Hpcl, Bpcl, Petroleum Jelly, Paraffin Wax, Petroleum Coke, Petroleum Bitumen, Nicotine Polacrilex Gum, Essential Oils, Hair Oil, Dentrifices -Toothpaste, Soap, Whey Proteins & Fitness Supplements, Gelatin, Propellant Powder, Insecticides, Fungicides, Toilet Paper, Notebooks, Helmets, Headgears, Copper Bars, Rods, Wires, Copper Screws, Nuts, Bolts, Nickel Bars, Rods, Nickel Screw, Nuts, Bolts, Nickel Tubes, Pipes, Netting, Aluminium Ingots, Rods, Wires, Lead Plates, Sheets, Strips, Zinc Goods, Tin Bars, Rods, Padlocks, Locks, Braille Typewriters, Manmade Fibres,Footwear above INR 1000, Biscuit, School Bags, Printers, Tractors Parts, Poster Colour, Marble, Granite, Cables, Insulated Conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors, Electrical boards, panels, consoles, cabinets etc for electric control or distribution, Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block, Furniture, mattress, bedding and similar furnishing, Trunk, suitcase, vanity cases, briefcases, travelling bags and other handbags, cases, Detergents, washing and cleaning preparations, Liquid or cream for washing the skin, Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient, Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorisers, Perfumes and toilet waters, Beauty or make-up preparations, Fans, pumps, compressors, Lamp and light fitting, Primary cell and primary batteries, Sanitary ware and parts thereof of all kind, Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic, Slabs of marbles and granite, Goods of marble and granite such as tiles, Ceramic tiles of all kinds, Miscellaneous articles such as vacuum flasks, lighters, Wrist watches, clocks, watch movement, watch cases, straps, parts, Articles of cutlery, stoves, cookers and similar non electric domestic appliances, Razor and razor blades. Multi-functional printers, cartridges, Office or desk equipment, Door, windows and frames of aluminium, Articles of plaster such as board, sheet, Articles of cement or concrete or stone and artificial stone, Articles of asphalt or slate, Articles of mica, Ceramic flooring blocks, pipes, conduit, pipe fitting, Wall paper and wall covering, Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware, Electrical, electronic weighing machinery, Fire extinguishers and fire extinguishing charge, Fork lifts, lifting and handling equipment, Bull dozers, excavators, loaders, road rollers, Earth moving and levelling machinery, Escalators, Cooling towers, pressure vessels, reactors, Crankshaft for sewing machine, tailor’s dummies, bearing housings, gears and gearing; ball or roller screws; gaskets, Electrical apparatus for radio and television broadcasting, Sound recording or reproducing apparatus, Signalling, safety or traffic control equipment for transports, Physical exercise equipment, festival and carnival equipment, swings, shooting galleries, roundabouts, gymnastic and athletic equipment, All musical instruments and their parts, Artificial flowers, foliage and artificial fruits, Explosive, anti-knocking preparation, fireworks, Cocoa butter, fat, oil powder, Extract, essence ad concentrates of coffee, miscellaneous food preparations, Chocolates, Chewing gum / bubble gum, Malt extract and food preparations of flour, groats, meal, starch or malt extract, Waffles and wafers coated with chocolate or containing chocolate, Rubber tubes and miscellaneous articles of rubber, Goggles, binoculars, telescope, Cinematographic cameras and projectors, image projector, Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology, Solvent, thinners, hydraulic fluids, anti-freezing preparation, second-hand medium & SUVs, Bio-fuels powered buses, Sugar boiled confectionery, admission to theme parks, water parks, Lithium-ion batteries, Food grinders, mixers, Vaccum cleaners, Shavers, hair clippers, Storage water heaters, Water cooler, Ice cream freezer, Paint, Electric smoothing irons, Refrigerators, Perfumes, Hand dryers, Cosmetics, Scents, Varnishes, Trailers, Special Purpose Vehicle, Work Truck, Photographs, Mirrors, Toilet Spray, Hair Curlers, Bamboo Flooring, TV (up to 68 cm i.e. 27 inches), putty, washing machine, Concrete Mixer, TVs and Monitor screen of up to 32 inches screen size, Pulleys, transmission shafts, and cranks, gearboxes, etc. falling under HS Code 8483, Re-treaded or used pneumatic tires of rubber, Power banks having lithium ion batteries note that Lithium-ion batteries are currently at 18%, Parts and accessories for the carriages for disabled persons, Digital cameras and video camera recorders, etc.
28%
Automobiles, Motorcycles, Molasses, Chocolate Not Containing Cocoa, Aerated Water, Dishwasher, Atm, Vending Machines, Aircraft For Personal Use, Yachts, Powder, Chocolates, Instant, Aroma Coffee, Coffee Concentrates, Custard Powder, Protein Concentrates, Sugar Syrups, Aerated Water (With Sugar), Artists’, Students’ Or Signboard Colours, Wall Fillings, Dental Floss, Toothpaste, Liquid Soap, Commercial Plastic Products, Rubber Tyres, Fur & Artificial Fur Apparel, Particle Board, Plywood, Headbands, Felt Hats, Wigs, False Beards, Eyelashes, Artificial Flowers, Plaster, Calcerous Stone, Tempered Glass, Stoves (Other Than Kerosene Stove And Lpg Stoves), Barbecues, Braziers, Gas-Rings, Electrical Hot Plates, Electrical Heaters, Aluminium Foil, Razors, Manicure, Pedicure Sets, Air-conditioners, Printer, Photocopier, Fax Machines, Motor Cars, Pianos, Revolvers, Monitor screen of more than 32 inches screen size, Furniture, portland cement, electric batteries, etc.
In this article, you will learn the step-by-step process for filing XBRL annual report through the online MCA 21 System at the government portal. Here we will go through all those steps necessary for the filing of the annual report in the MCA 21 system.
Step 1: Creation of XBRL instance document
Step 2: Download XBRL validation tool from the MCA portal
Step 3: Use the tool to validate the instance document
Step 4: Perform pre-scrutiny of the validated instance document through the tool
Step 5: Attach instance document to the Form 23AC and Form 23ACA
Step 6: Submitting the Form 23ACA and Form 23ACA on the MCA portal
Step 1 – Create an XBRL Instance Document
Creation of the XBRL instance document further involves the following three steps:
Map company’s each financial statement element to a corresponding element in published taxonomy
Create instance document for Balance sheet and Profit and loss Account
Review and verify the instance document
A. Map company’s each financial statement element to a corresponding element in published taxonomy:
Two options are available for the companies to create XBRL documents: In house creation and appointment of the third party for the conversion of the company’s financial statements in XBRL form. In the former option, the XBRL taxonomy elements are tagged under different accounting heads in the company’s books of accounts. Now the mapping of the taxonomy elements with the accounting heads will be done for the conversion of accounting information into XBRL form. (Mapping refers to the process of comparison between the concepts in the financial statements and the elements in the published taxonomy wherein a taxonomy element is assigned to each concept of financial statements.)
Selection of relevant elements for the elements of financial statement demands considerable knowledge and expertise. The mapping should be properly checked and examined before stepping ahead as the entire reporting is based on the mapping. For tagging or capturing. The details available in brackets in the labels by the company can either be presented as footnotes or the detailed tags, if available. The details available in the financial statements for which corresponding tag/element is not available in the taxonomy can be presented in the next best suitable element in the taxonomy or can be presented under the corresponding ‘Others’ element. It is mandatory to include footnote for the same during the preparation of the instance document.
B. Create instance document for Balance sheet and Profit and loss Account:
Next step is to create the instance document for Balance sheet and Profit and loss account. An instance document refers to an XML file that constitutes business reporting details and financial facts, represented in the form of tags from the XBRL taxonomy. Instance documents need to be created separately for Stand-Alone Balance sheet and Profit and Loss Account of the company as well as for the Consolidated Balance sheet and Profit and Loss Account of the company and should encompass the financial data for the current and the previous financial year. Few noteworthy points to be kept in mind while creating the instance document :
1. In the instance document, the value of the xlink: href attribute in the schemaRef element must be http://www.mca.gov.in/XBRL/2011/08/27/Taxonomy/CnI/ci/in-gaap-ci-2011-03-31.xsd 2. The design of an XBRL instance document must be valid as per the schemas in the DTS (Discoverable Taxonomy Set) 3. The value of the scheme attribute of the identity element in the context should be http://www.mca.gov.in/CIN 4. The value of the identity element in the context must all be x-equal and must be the CIN of the company 5. Context must not contain segment/ scenario element 6. An instance should not have duplicate xbrli: context elements 7. Every xbrli:context element must appear in at least one contextRef attribute in the same instance 8. An instance should not contain more than one fact with the similar element name and equivalent contextRef attributes 9. All monetary figures and facts should have the same unitRef attribute. However, the monetary values for the subsidiary information such as share capital, reserves etc. can be reported in a different currency and so they can have the different unitRef attribute 10. Data analogous to one single concept must not have contextRef attributes relating to contexts with the coinciding time frame periodType=”instant”, depicts the same date periodType=”duration”,depicts the same duration that coincides For further understanding, we are presenting some contexts having coinciding/ overlapping duration (which is disallowed). 11. A link:footnoteLink element must have only – link:loc, link:footnote, and link:footnoteArc 12. A link:footnoteLink link:loc xlink:href attribute must mandatory begin with sign “#” 13. Every nonempty link:footnote element should be linked to a minimum of one fact 14. Insignificant digits for numerical facts must have to be = “0″ 15. An instance document must not have unused units 16. When an unescaped content of a fact with base type nonnum: escapedItemType have the “<” character pursued by a QName & whitespace, “/>” or “>”, then the un-escaped content must have only a sequence of text & XML nodes 17. Only the plain text is allowed for the value of a fact. HTML/RTF is disallowed 18. A fact should have a footnote if it contains an id attribute and a link:footnoteArc to a nonempty link:footnote in the same instance 19. Filings must have reference to recognized files at the definitive URI locations. A reference to a local copy is disallowed 20. ContextRef attribute with values x-equal to each other is a must have for the sub-elements in a tuple in an instance 21. The xsi:nil=”true” attribute must be utilised just to convey a value which is different from “zero” as well as from not reporting the fact possibly, or to identify a fact particularised solely by a link:footnote 22. The value of the decimals/precision attribute of a fact must relate to the veracity of the analogous amount as furnished in the financial statements 23. The content of numerical figures must not have scale factor 24. While opting the most relevant element for facts in one or more periods, the element’s xbrli:periodType attribute supersedes the type attribute, which in turn supersedes the element’s documentation string, which in turn supersedes the label string, which again supersedes the link:reference elements 25. Never use units that interprets a scale factor for a currency 26. Text displayed in the financial statements at the page’s bottom or at the table’s bottom followed by a superscript must come out as the text of a link:footnote element in the instance 27. Each unit must pop up with only one scale factor in an instance 28. Every numerical fact like a number of shares should have an associated unit (e.g. xbrli:shares) which must be declared 29. All contexts and units must show up before any item/tuple 30. Name of the XBRL document should be exclusive in the disclosure system 31. Filers must follow only one taxonomy which is prescribed as the standard taxonomy in the disclosure system 32. “UTF8“ is a must encoding of all XBRL documents 33. The xbrli:xbrl element must not contain any facts and figures with the precision attribute 34. The selection of element must be in priority as per the following order, 35. Period type, data type, documentation, label and reference
HTML Guidelines are as follows:
It should be noted that the XBRL content will be concluded in diversified media kinds (encompassing print media, HTML viewer, small screen digital machines and so on). It is needed that the embedded HTML is well rendered in each one of the media kinds. So, it is important that the HTML contents purse the instructions to ensure that the HTML is used just to classify the content.
Note: The instructions are applicable to the HTML after decoding the value filled in the XML element in the XBRL instance.
A. All tags should be written in the lowercase case and must be properly closed. B. The following predefined CSS classes can be used for displaying.
header1 – top-level header
header2 – next level header
header3 – even next level header
header4 – even next level header
header5 – bottom level header
bordered – tag with visible borders
unbordered – tag with invisible borders
tableHeader – headers of the table
tableRow – row in the table
tableRowLabel – the label for a row
tableRowValue – A value inside a table
normalText – Normal text
noteText1 – For writing a note level 1 (top-level) [notes are texts that are important
to mention, but does not match exactly with the context of the text (not to be confused
with XBRL context). The top-level will be shown as the most important]
noteText2 – For writing a note level 2
noteText3 – For writing a note level 3
noteText4 – For writing a note level 4 (bottom level)
numericValue – Used for specifying numeric values
nonNumericValue – Used for non-numeric text
highlightedText1 – Highlighted text level 1 (top-level)
highlightedText2 – Highlighted text level 2
highlightedText3 – Highlighted text level 3
highlightedText4 – Highlighted text level 4 (bottom level)
C. Stating style attribute for HTML tags is disallowed. D. Tags like <div> and <span> are used for organizing the content. E. Diversified classes for the one element can be itemised by separating them with space. F. Only – <span>, <div>, <p>, <br>, <td>,<table>, <tr>, <tfoot>,<thead>, <tbody>, <th>,<colgroup>, <col>, ; are allowed . HTML formatting tags such as <b>, <i> etc. are disallowed. G. Avert exceeding one level of table nesting. H. Processing guidelines are disallowed. I. Only – & < > entities are allowed – . Other entities are disallowed.
36. For Extended role – [610000] General information about financial statements- The details should be presented according to the below-mentioned classification, in the instance documents 37. The companies need to use the standard taxonomy as published by MCA and no extensions are allowed for the first year. So in these cases, companies need to stringently follow the calculation norms of taxonomy and compute the totals and subtotals in accordance with it to avert calculation inconsistencies and errors. 38. When the value or information are adjusted or integrated to match the calculation relationships ( but actually are different from the company’s financial statements), a footnote showcasing the adjustments should be added. 39. The language attribute for the textual information in the instance document is ‘en’. 40. When the last name of the director is unavailable for the DIN details, then it should be mentioned as the dot(.).It should be noted that in such cases, the element for the last name of the director must be added in the instance document.
C. Check and Correct the instance document: After the preparation, make sure that the instance document is correct and all the information is accurately furnished.
Step 2 – Download XBRL Validation Tool from the MCA portal
XBRL validation tool is provided on the MCA portal to validate the generated XBRL instance document which is an ad hoc for filing the balance sheet and P&L account on MCA portal. In addition, this tool provides a facility to access and search the taxonomy. So, the second step is to download the XBRL validation tool from the MCA portal.
Step 3 – Validate the Instance Document using an XBRL validation tool
While validating the instance document via an XBRL validation tool, ensure the follow Validate the instance document in compliance with the latest and right version of taxonomy as stated by MCA. Enter all mandatory details. Validate everything in accordance with the taxonomy.
Refer Annexure – I for – ‘How to interpret validation errors’
Refer Annexure – II for – ‘List of common errors’
Step 4: Pre-scrutinise the Certified Instance Document
Pre-scrutinise the certified instance document through the same XBRL validation tool. Ensure to have a working internet connection. Perform Server-side certification means to validate the certified instance document through the MCA 21 system. Use an in-built feature “Viewer” of the XBRL validation tool to validate the appearance/presentation of the generated XBRL instance document. Using the “Viewer” feature is mandatory for firms to ensure the correctness of the instance document.
Step 5: Affix the Instance Document with Form 23AC and Form 23ACA
Form 23AC and Form 23ACA shall be presented individually on the MCA portal for filing in XBRL form. Fill the Form 23 AC and Form 23 ACA. Affix the certified and pre-scrutinised instance document for the Balance sheet to Form 23 AC. Affix the certified and pre-scrutinised instance document for Profit and Loss account to Form 23 ACA. Affix instance documents separately to the combined financial statements in addition to the individual done in above-mentioned steps.
Step 6: Submit Form 23ACA and Form 23ACA on the MCA Portal
After filling the forms, pre-scrutinise them > sign them > upload them, following the standard e-Form filing procedure. The affixed instance documents shall be well validated and properly examined via XBRL validation tool. Once submitted in XBRL format on MCA portal, the balance sheet and profit and loss submitted along with Form 23AC and 23ACA are available in machine-readable form, so to view and access them MCA 21 system first need to convert these files into the human-readable format and make these documents available for view.
Gen XBRL Software is an outstanding tool for the experts like Company Secretaries and Chartered Accountants who are forced to spend a considerable amount of time on preparation and e–filing of the balance sheet, profit & loss A/c in latest XBRL format in excel. Gen XBRL return filing software empowers you to do above-mentioned responsibilities at very comfort.
Now prepare XML for accounting standard and Indian accounting standard (IND AS) along with XML for both standalone and incorporate financial statement. Our XBRL filing software is up-to-date and user-friendly. It is entirely based on MCA Business Rules and taxonomy. Our software for XBRL validation tool can also complete import and export of XML of the current year or previous year with comfort. The software can develop company-wise back up and restoration and directly validate the XML prepared from any other vendor’s software along with the generation of the PDF file of XML with the validation. Now, a person can classify out all the difficulties related to the annual report in XBRL format.
To understand the key tax benefit on a home loan, we are bifurcating the repayment techniques into four major elements- tax benefits on principal repaid, tax benefits on interest paid, deduction on pre-construction interest and section 80EE income tax benefits. The next section will let you know the concept of all in detail.
Tax Benefits on Principal Re-paid
Under section 80C of the Income Tax Act, the maximum deduction allowed for the repayment of the principal amount of home loan is Rs. 1.5 lakh. Deduction under section 80C also includes investments done in the PPF Account, Equity Oriented Mutual funds, Tax Saving Fixed Deposits, National Savings Certificate, etc. subject to the maximum of Rs. 1.5 lakhs.
Besides this, there are stamp duty and registration charges that one can claim under the aforementioned section. Though, the claim can only take place in the year in which the payment has been made.
Nevertheless, there’s a condition under which this repayment of the principal amount of housing loan is allowed. The deduction is only possible after the house gets entirely completed and there is a completion certificate for the same. Principal amount paid on any under construction structure/property is not going to be a part of this section.
Tax Benefits on Interest Paid
Under section 24 of the Income Tax Act, one can avail the deduction on Home Loan for payment of Interest tax benefit. The self-occupied property allows the deduction with the maximum limit of Rs. 2 lakh if it takes the completion within 5 years from the end of the Financial Year, otherwise the maximum limit is Rs. 30,000.
Interest on housing loan paid for let out property is fully allowed in the relevant assessment year in which it is claimed.
From Assessment year 2018-19, the loss from house property head that will be allowed to be set off from other heads of income will be restricted to Rs 2,00,000 in particular assessment year and the rest amount shall be carried forward for set-off in subsequent years.
You can also claim interest on housing loan paid before completion of construction of the property. It is termed as pre-construction interest. It is allowed in 5 equal installments beginning from the financial year in which the construction is completed. The limit of 2 lacs will also apply for pre-construction interest in case of self-occupied property. However it is fully allowed in case let our property.
Section 80EE Income Tax Benefit
Section 80EE proposes an additional deduction of Rs.50000 in respect of interest on housing loan to the first time house owners who own the house of Rs.50 lakh or less and has taken the home loan amount of less than or equal to Rs.35 lakh. The loan should be sanctioned between April 1, 2016, and March 31, 2017 to claim deduction under this section. This deduction allowed shall be in addition to the interest allowed under section 24(b) of the Income Tax Act, 1961.
