The Income Tax Department has issued ITR forms for AY 2017-18. A taxpayer should be very careful while selecting the form no. for filing the return. In this article,let’s discuss about ITR-2. 1. Assessment Year for which this Return Form is applicable:- This Return Form is applicable for assessment year 2017-18 , i.e., it relates…

The Department of Income Tax has released 5 ITR forms till date for AY 2017-18. This year the Income Tax Department has made significant changes in ITR Forms. In This Article let’s discuss all about ITR-1. 1. Assessment Year for which this Return Form is applicable:- This Return Form is applicable for assessment year 2017-18…

1. Changes in the tax rates:  In case of individual and HUF, tax rate for the second slab (Rs 2,50,000 – Rs 5,00,000 ) reduced from 10 % to 5 %. ·         Rates of income-tax in respect of income liable to tax for the assessment year 2018-19. 1.     No change in basic exemption limit. 2.     The…