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Crucial changes in Income Tax returns for A.Y. 2018-19 Returns filing season is here and several changes were made by the Finance Act 2017 which will be applicable in the returns which will be filed in the current Assessment Year 2018-19. This article has guides you to consider changes that has come to the return forms this year. 1.) Surcharge on income over Rs 50 Lakhs A new surcharge @ 10% has been introduced in case of individuals whose Total income exceeds Rs. 50 Lakhs but is up to Rs. 100 Lakhs 2.) Rebate of Section 87A Till last year, any individual having Total Income of less than 5 Lakhs were awarded with a rebate of Rs 5,000 u/s 87A. However, this rebate amount has now been reduced to Rs 2,500 and that too is available only for those individuals whose Total Income is up to 3,50,000  Lakhs   3.) Changes in Tax rates - Income falling in the second slab rate of 2.5 Lakhs - 5 Lakhs (3 Lakhs to 5 Lakhs in case of senior citizens) shall be taxed at 5% from c

Deadline for filing first instalment of advance tax ends 15 June. Come let us have a synopsis of what is Advance tax all  about: Paying advance tax helps you divide your tax liability over the year rather than paying at one go. Not paying advance tax can attract a penalty You need to pay the first instalment of advance tax by 15 June. Paying advance tax helps you divide your tax liability over the year rather than paying at one go at the end of the financial year. Who needs to pay At the beginning of the year, you should ideally estimate your total income for the year, especially if you are a businessman or professional. If the expected tax liability on the estimated annual income is more than Rs10,000, you have to pay advance tax. For individuals with salary as the sole income, advance tax is taken care of by the employer who deducts tax at source at the time of crediting salary. But even if your primary source of income is salary but you have other income which is not declared, yo