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Key Changes In New ITR Forms For AY 2018-19

Posted By: CA Atul Mehta

The CBDT has notified new income-tax return forms (ITR forms) for the assessment year 2018-19. It has prescribed simplified version of ITR-1 with fewer columns. A new column has been inserted in ITR Forms to report cash deposits in banks above 2 lakhs during the demonetisation period, i.e., from November 9, 2016 to December 30, 2016. CBDT had prescribed new 'Form ITR 4 Sugam' for taxpayers opting for presumptive taxation scheme. A new column has been prescribed to mention digital receipts as the rate of presumptive income is 6% for such receipts.

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IND AS Impact On NBFC

Posted By: CA Jaydeepsinh Zala

IND AS is hitting NBFCs from FY 18-19.This blog gives brief about areas of impact & major differences & also about what impact will it have on key performance ratios, profitability & net worth.

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Input Tax Credit On Free Samples

Posted By: Sunil Agnihotri

Section 17(5)(h) of the IGST ACT Provides that No input tax credit is available if goods lost, stolen, destroyed , written off or disposed off by way of gift or free sample. Hence on combined reading of the above, Input tax credit on inputs & services used in free sample should be reversed.

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