CA Manish Kankani

CA Manish Kankani

Changes in Income Tax Return Forms AY 2017-18

  • Introduction of new SINGLE PAGE ITR Form-1 (Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.
  • The number of Income Tax Return Forms AY 2017-18 (FY 2016-17) has been reduced from the existing nine to seven forms.
  • The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2.
  • ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively
  • Return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) An individual of the age of 80 years or more at any time during the previous year

(ii) An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

  • Quoting of Aadhaar or the Enrollment ID of Aadhaar application form has been made mandatory for filling tax return from 1st July 2017. Those who have data mismatch of Aadhaar versus the Permanent Account Number would have to correct the same.
  • A new column introduced in all ITR Forms to report on cash deposited of Rs.2 lakh or more by taxpayers in their bank accounts during the demonetization period, i.e., from 9th November 2016 to 30th December 2016.
  • A new field has been provided in new ITR Forms under Schedule VI-A deductions to claim home loan interest under Section 80EE (Section 80EE allows deduction on home loan interest for first time home buyers. This deduction is over and above the Rs 2 lakhs limit covered under Section 24(b)).
  • Those having an income up to Rs 50 lakh from salary, one house property and bank deposits can use ITR 1, while those individuals and HUFs having income from selling real estate, stocks, mutual fund units, gold etc or EPF/PPF withdrawals would have to use ITR 2 (non-business income).
  • The tax computation and tax deduction portions have been reduced in the new forms. Hence, one needs to carefully find the tax deduction sections as only Section 80C, 80D, 80G & 80TTA have been specified and the rest need to be mentioned in the “others” box.
  • Mandatory disclosures introduced last year, namely foreign trips and dormant bank accounts, have been removed.
  • Last year the income tax department had introduced new section to declare the values of assets and liabilities of individuals with income of more than Rs 50 lakhs. This year the ITR form asks for more detailed information like address of immovable property.
  • As per the presumptive taxation scheme u/s 44AD, 8% of gross turnover is considered as income. Budget 2017 made further classification in the same. Now 6% of gross turnover is considered as income if the payment is accepted in digital form including Cheque, Wallets, etc. The ITR 4 has made separate columns to list Digital vs Cash receipts.
  • Budget 2016 had introduced presumptive taxation scheme for professionals such as doctors, Chartered accountants, lawyers, etc who can declare minimum 50% of gross receipts as income. ITR 4 has introduced new fields accordingly.

The new Income Tax Return Forms AY 2017-18 (FY 2016-17).

ITR 1 (Sahaj) Form for Assessment Year 2017-18

  • Your Income is from Salary or Pension.
  • If you have income from One House Property (excluding cases where loss is brought forward from previous years).
  • If your income from Other Sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA (As per Section 115BBDA the dividend received from domestic company is taxable at rate of 10% if aggregate amount of such dividend exceeds Rs. 10 lakh) or Income of the nature referred to in section 115BBE (As per Section 115BBE any unexplained credit or investment attracts tax at 60% (plus surcharge and cess, as applicable), irrespective of the slab of income.)
  • In a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

ITR 1 (Sahaj) Form for Assessment Year 2017-18 (Contd.)

  • You can’t use this form in case :-
  • If your total income for the assessment year 2017-18 exceeds Rs.50 lakh.
  • Income from more than one house property.
  • Income from winnings from lottery or income from Race horses.
  • Income taxable under section 115BBDA.
  • Income of the nature referred to in section 115BBE.
  • Income under the head “Capital Gains”.
  • Agricultural income in excess of 5,000.
  • Income from Business or Profession.
  • Loss under the head ‘Income from other sources.
  • Person claiming relief under section 90 and/or 91.
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • Any resident having income from any source outside India.
  • Can be used by an individual or a Hindu Undivided Family (HUF).
  • Income from Salary / Pension.
  • Income from multiple House Property.
  • Income from Capital Gains.
  • Income from Other Sources (including winnings from lottery and income from race horses)
  • An asset in foreign country or income from a source outside India.
  • Agricultural income of more than Rs 5,000.

ITR 2 Form For Assessment Year 2017-18 (Contd.)

  • You can’t use this form in case :-
  • If your income for the year includes income from Business or Profession.
  • Note:- In a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this Return Form can be used if income to be clubbed falls in any of the above categories.

ITR 3 Form For Assessment Year 2017-18

  • The old ITR 4 now renamed as ITR 3.
  • This ITR3 can be used by individuals and HUFs.
  • You can use this form if you have income source from proprietary business, profession or having income as a partner in a Partnership firm.
  • You can report the incomes like income from salary, multiple house properties, lottery winnings, capital gains, speculative income i.e. horse race along with your business or professional income.

ITR 4S Sugam Form for Assessment Year 2017-18

  • It can be used by an individual/ HUF/ Partnership Firm.
  • Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income.
  • Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA.
  • Salary/ Pension.
  • Income from One House Property (excluding cases where loss is brought forward from previous years).
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses).
  • You can’t use this form in case :-
  • Income from more than one house property.
  • Income from Winnings from lottery or income from Race horses.
  • Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.
  • Income taxable under section 115BBDA.
  • Income of the nature referred to in section 115BBE.
  • Agricultural income in excess of Rs.5,000.
  • Income from Speculative Business and other special incomes.
  • Income from an agency business or income in the nature of commission or brokerage.
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • Any resident having income from any source outside India.

ITR 5 Form For Assessment Year 2017-18

  • For persons other than,-

(i) individual,

(ii) HUF,

(iii) company and

.(iv) person filing ITR-7.

ITR 6 Form For Assessment Year 2017-18

  • Income of Companies except companies which have property for charitable or religious purpose.

ITR 7 Form For Assessment Year 2017-18

  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every :-
  • scientific research association
  • news agency
  • association or institution referred to in section 10(23A)
  •  institution referred to in section 10(23B)
  • fund or institution or university or other educational institution or any hospital or other medical institution
  • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Income Tax Slabs & Rates for AY 2017-18.

♦ Individual resident aged below 60 years (i.e. born on or after 1st April 1957)

Income SLABS TAX RATE
Where the taxable income does not exceed Rs. 2,50,000/- NIL
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.

Tax Relief u/s 87A – In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-
Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-
  • Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.

Individual resident aged above 60 years but below 80 Years also known as Senior Citizen (i.e. born on or after 1st April 1937 but before 1st April 1957)

INCOME SLABS TAX RATE
Where the taxable income does not exceed Rs. 3,00,000/- NIL
Where the taxable income exceeds Rs. 3,00,000/- but does

not exceed Rs. 5,00,000/-

10% of amount by which the taxable income exceeds Rs. 3,00,000/-.

Tax Relief u/s 87A – In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-
Where the taxable income exceeds Rs. 10,00,000/-. Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-
  • Surcharge: 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.

Individual resident aged above 80 years (i.e. born on or before 1st April 1937)

INCOME SLABS TAX RATE
Where the taxable income does not exceed Rs. 5,00,000/- NIL
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-
Where the taxable income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-
  • Surcharge: 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.

Any Non Resident Individual(NRI) OR Hindu Undivided Family(HUF) OR Body Of Individual(BOI) OR Artificial Judicial Person(AJP)

INCOME SLABS TAX RATE
Where the taxable income does not exceed Rs. 2,50,000/- NIL
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.

Tax Relief u/s 87A – In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-
Where the taxable income exceeds Rs. 10,00,000/- Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-
  • Surcharge: 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.
INCOME SLABS TAX RATE
Where the taxable income does not exceed Rs. 10,000/- 10% of the income.
Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/- 1,000/- +20% of the amount by which the taxable income exceeds Rs. 10,000/-
Where the taxable income exceeds Rs. 20,000/-. Rs. 3,000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-
  • Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.

FIRM

Income Tax: 30% of Taxable Income

Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if
applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

LOCAL AUTHORITY

  • Income Tax: 30% of Taxable Income
  • Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • Education Cess : 3% of the total of Income Tax and Surcharge.

DOMESTIC COMPANY – TURNOVER UPTO Rs. 5 CRORES

  • Income Tax: 29% of Taxable Income
  • Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as follows :
    • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
    • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 10 crores by more than the amount of increase in taxable income
  • Education Cess : 3% of the total of Income Tax and Surcharge.

DOMESTIC COMPANY – TURNOVER EXCEEDING Rs. 5 CRORES

  • Income Tax: 30% of Taxable Income
  • Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as follows :
    • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
    • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 10 crores by more than the amount of increase in taxable income
  • Education Cess : 3% of the total of Income Tax and Surcharge.

COMPANY OTHER THAN DOMESTIC COMPANY

⇒ Income Tax:

(A) @ 50% of on so much of the taxable income as consist of

  • Royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976.
  • Fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

(B) @ 40% of the balance

⇒ Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as follows :

  • At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
  • At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 10 crores by more than the amount of increase in taxable income

⇒ Education Cess : 3% of the total of Income 27 Tax and Surcharge.

What is Marginal Relief ?

When an assessee’s taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example:-

In case of an individual assessee (< 60 years) having taxable income of Rs. 1,00,01,000/-

Income Tax Rs. 28,25,300

Surcharge Rs. 4,23,795

Income Tax on Income of 1 crore Rs. 28,25,000

Maximum Surcharge payable Rs. 700 (1000-300)

(Income over Rs. 1 crore less income tax on income over Rs. 1 crore)

Income Tax + Surcharge payable Rs. 28,26,000

Marginal Relief in Surcharge Rs. 4,23,795 (4,23,095– 700)

DEDUCTIONS

SECTION PERMISSIBLE LIMITS (MAXIMUM) CLAIMANTS
80C Rs 1.5 lakh (aggregate of 80C, 80CCC and 80CCD) Individuals/Hindu Undivided Families

 

80CCC Rs 1.5 lakh (aggregate of 80C, 80CCC and 80CCD) Individuals

 

80CCD Rs 1.5 lakh (aggregate of 80C, 80CCC and 80CCD) Individuals

 

80CCF Rs 20,000 Individuals/ Hindu Undivided Families
80CCG Rs 25,000 Resident individuals
80D Rs 20,000 Individuals/Hindu Undivided Families
80DD
  • Rs 75,000 for general disability
  • Rs 1.25 lakh for severe disability
Resident Individuals/ Hindu Undivided Families
80DDB
  • Rs 60,000 for senior citizens
  • Rs 40,000 for others
Resident Individuals/ Hindu Undivided Families
80E No limit mentioned Individuals
80EE Rs 3 lakh Individuals
80G Different limits based on donation All assesses
80GG Rs 2,000 per month Individuals who do not get HRA
80GGA Depends on quantum of donation All assessees who do not have income from profit or gains from a business/ profession
80GGB Depends on quantum of donation Indian companies
80GGC Depends on quantum of donation All assesses apart from local/Artificial judicial authorities who are funded by the government
80IA No maximum limit defined All assesses
80IAB No maximum limit defined All assessees who are SEZ developers
80IB No maximum limit defined All assesses
80IC No maximum limit defined All assesses
80ID No maximum limit defined All assesses
80IE No maximum limit defined All assesses
80JJA All profits earned for first 5 years All assesses
80JJAA 30% of increased wages Indian companies which have income from profit/ gains
80LA Portion of their income Scheduled banks, IFSCs, banks established outside India
80P Portion of their income Cooperative societies
80QQB Rs 3 lakh Authors – resident individuals
80RRB Rs 3 lakh Resident individuals
80TTA Rs 10,000 per year Individuals/ Hindu Undivided Families
80U
  • Rs 75,000 for people with disabilities
  • Rs 1.25 lakh for people with severe disabilities
Resident individuals

 

TDS

SECTION NATURE OF PAYMENT CUT OFF(RS.) INDIVIDUAL/

HUF

OTHERS

 

192 Salaries Avg. rates NA
192A Premature withdrawal from EPF 30000 (50000) 10 NA
193 Interest on securities 10000 10
194 Dividends 2500 10
194A Interest Banks/Other 10000/5000 10
194B Winnings from lottery 10000 30
194BB Winnings from horse race 5000 (10000) 30
194C Contractor- Single/Yearly 30K/75K (1 lakh) 1 2
Transporter(44AE) Declaration with PAN As above
194D Insurance commission 20000 (15000) 10 (5%)
194DA Life Insurance Policy 100000 2 (1%)
194EE NSS 2500 20 (10%) NA
194G Commission/Lottery 1000 (15000) 10 (5%)
194H Commission/Brokerage 5000 (15000) 10 (5%)
194I Rent Land & Building F&F 180000 10
Rentplant/Machinery/Equipment 2
194IA Immovable property 50 lakh 1
194J Professional fees 30000 10
194LA Immovable property 2 lakh (2.5 lakh) 10
Cut off limit & rates given in RED are applicable w.e.f 01-06-2016

Changes In TDS Threshold Limits wef 01-06-2016

SECTION PARTICULARS OF PAYMENT OLD LIMIT NEW LIMIT
192A Payment of EPF due to an employee 30000 50000
194BB Winnings from horse race 5000 10000
194C Payment to contractors 75000 100000
194D Insurance commission 20000 15000
194H Commission or brokerage 5000 15000
194LA Compensation on immovable

property

200000 250000
194DA Life Insurance Policy 2% 1%
194EE NSS Deposits 20% 10%
194G Commission on lottery tickets 10% 5%
194H Commission or Brokerage 10% 5%
194K Income in respect of units Proposed to be omitted w.e.f. 01-06-2016
194L Payment of compensation on acquisition of capital asset
194LBB Units of Investment Fund Read details

 

10% or Rates in force
194LBC Investment in a Securitization Fund Read details 25% or 30%
206C Sale of motor-vehicles > Rs. 10 lakhs 1%
206C Sale in goods/services in cash > Rs. 2 lakh (Other than bullion and jewellery)(Other than payments on which TDS is made) 1%

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20 responses to “Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates”

  1. mukesh says:

    Very well formatted and informative ~ covers most of the basics for laymen to file the return. Lot of Blessings.

  2. WHAT IS PROCETURE TO APPLY FOR REFUND REISSUE
    BANK ACCOUNT NUMBER IS WRONGLY IN ITR-1 OF A. Y. 2017-18

    REGARDS.
    PARASMAL MEHTA

  3. Sanjeev says:

    Pls mention where to mention exempt gratuity and pf withdrawal in it return.thnx

  4. ibhasan says:

    I’m a salaried person. My income is 6 lacs in 2016-17. I have taken home loan also. I want to submit my income tax return online. Which ITR form should I submit?

  5. S M Mundle says:

    My parents were very senior citizens.

    A)I have to file ITR for FY 2016-17 AY 2017 in respect of my father, Taxable income below Rs 5 lac. However TDS was effected in absence of form 15 G/H.
    For claiming tax refund is electronic filing necessary? Can ITR be file manually?

    B) My mother had taxable income below Rs 5 lacs in FY 2014-15 AY 2015-16. No TDS effected.No refund due. Is ITR filing compulsory?

  6. Himanshu R. gandhi says:

    Needs to be corrected in Changes in ITR Form of A.Y.2017-18 as above :
    (1) Form-2 can be used by Individual/HUF for income from other than Business or professional income but from Salary, Capital Gain, House property.
    (2) Deduction u/s.80-D is Rs.25,000/- ( not Rs.20,000/-)

  7. p.srinivasulu says:

    This is not my duplicate comment as stated ,after I raised this for 80 GG limit as 5000/- as against 2000p.m as stated,after i posted my earlier comment on this subject.pl e mail back to me the correct version. thanks

  8. p.srinivasulu says:

    In your section on ” Changes in ncometax….Ay 2017-18,under the subsection”deductions ‘,you have st6ated the deduction under 80GG as rs 2000/-!!!it has been increased to Rs 5000/- p.b from Fy 16-179A.Y 2017-18. Please check and confirm before we file return pl. ..srinivasulu

  9. achyuth says:

    inerest on income tax refund is taxable or not

  10. achyuth says:

    Thanku sir,but it is possible in ITR 4S because the rates 8% & 6% they give directly in the ITR 4S.Please suggest the solution for that.

  11. SREEDHARAN says:

    Income tax rates are wrong. PLease check your write up before publishing.

  12. Rohit says:

    Right Manish Sir ????

  13. Murli says:

    Jai ho manish sir

  14. CMA.SUNIL SHARMA says:

    80 D limit for the F.Y 2017-18 is
    Individual = 25.000
    Sr.Individual = 30.000

  15. Khaja Anwar Mohiuddin says:

    INCOME SLABS TAX RATE
    Where the taxable income does not exceed Rs. 10,000/- 10% of the income.
    Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/- 1,000/- +20% of the amount by which the taxable income exceeds Rs. 10,000/-
    Where the taxable income exceeds Rs. 20,000/-. Rs. 3,000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-
    The above slab rates indicate if income exceeds 10000/- 10% tax etc after the slab rates. Please clarify whether amount is 10000.00 or one lac

  16. NS Thyagaraja says:

    I am a pensioner I sold one site for Rs 99 lacs in may 2016 and I had purchased one property in nov2015 for rs95lacs I am getting capital gain tax exemption Which it form I have to use to file IT return

  17. achyuth says:

    sir, my client having business income covered under sec 44AD business, he filed his return under ITR4S ,He would like to show his profit above 8% it is possible in ITR 4S FOR THE A.Y 17-18

    • Kumar Gogia says:

      Yes,
      Under sec 44AD Tax payer need to show minimum 8% compalsary and maximum what he earned in P.Y.

      There is no restriction on above 8%

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