Shah Pratik & Associates

Shah Pratik & Associates Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Shah Pratik & Associates, Legal, 203A, 2nd Floor. Vardhaman Arcade, Near Giriraj Balaji Banquet Hall, Above Sumaria Electronics, Anjurphata, Bhiwandi.

30/04/2019

Income tax major changes comparison AY 2018-19, 2019-20 & 2020-21

Cess on Tax
AY 2018 - 2019 : @ 3%
AY 2019 - 2020 : @ 4%
AY 2020 - 2021 : @ 4%

Holding Period of Investment - Section 54EC
AY 2018 - 2019: 3 Years
AY 2019 - 2020: 5 Years
AY 2020 - 2021: 5 Years

T DS Limit under section 194I
AY 2018 - 2019 : Rs.1,80,000
AY 2019 - 2020 : Rs.1,80,000
AY 2020 - 2021 : Rs.2,40,000

Deduction under section 80D
AY 2018 - 2019 :
1. Assessee & family maximum Rs.25,000
2. Parents of Assessee Rs. 25,000
3. Medical expense of Assessee and Family Member only for Very Senior Citizen Rs.30,000
4. Medical expense of Parents only for Very SeniorCitizen Rs. 30,000
Total Deduction available in respect of all above is Rs.30,000

AY 2019 - 2020 :
1. Assessee & family maximum Rs.25,000
2. Parents of Assessee Rs. 25,000
3. Medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
4. Medical expense of Parents only for Senior Citizen Rs. 30,000
Total Deduction available in respect of all above is Rs. 50,000

AY 2020 - 2021 :
1. Assessee & family maximum 25,000
2. Parents of Assessee Rs. 25,000
3. Medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
4. Medical expense of Parents only for S. Citizen Rs.30,000
Total Deduction available in respect of all above is Rs.50,000

08/03/2018

File Yours and Family's Income Tax Return before 31st March, if pending.

From 1st April 2018, It will not be possible to file return for FY 2015-16 nd 2016-17. Only 1 year return can be filed i.e. FY 2017-18

So if you are planning for Loan, Foreign Trip, Term Insurance etc. Where return of last 3 years are required, better to file your return now.
Regards,
CA Pratik Shah
Phone no. 8080406532

10/01/2018

2 stories to begin with
1. Nokia refused Android
2. Yahoo refused Google

Story Over
Lessons Learnt
1. Take risks
2. Embrace changes
3. If you refuse to change with time, you might perish

Ok 2 More stories
1. Facebook takes over whatsapp and instagram
2. Flipkart takes over Myntra and flipkart owned Myntra takes over jabong

Story Over

Lessons learnt
1. Become so powerful that your competitors become your allies
2. Reach the top position and then eliminate the competition
3. Keep innovating

2 More stories
1. Colonel sanders founded KFC at the age of 65
2. Jack Ma, who coudnt get job in KFC, founded Ali baba

Story over

Lessons learnt
1. Age is just a number
2. Only those who keep trying succeeds

Last but not the least
1. Lamborghini was founded as result of revenge of a tractor owner who was insulted by Enzy Ferrari, the founder of ferrari

Story Over

Lessons learnt
1. Never underestimate anyone, ever !!
2. Success is the best revenge

Just keep working hard !!
Invest your time wisely !!
Do what pleases you !!
Dont be afraid to fail !!!

06/10/2017

Limit for turnover in compensation scheme raised from Rs 75 Lakh to Rs 1 Crore
1% tax applicable on traders under composition scheme
2% tax will be applicable on manufacturing firms under composition scheme
5% tax applicable on restaurants under composition scheme
E-way Bill provisions to be deferred till April, 2018
Reverse Charge in case of supplying services or goods by unregistered dealer to registered dealer not to be applicable till 31st March, 2018
Dealer with Turnover upto Rs 1.5 Cr (non-composition scheme) required to be file quarterly returns.
GST Rate on khakra and unbranded namkeen has been reduced from 12 percent to 5 percent
GST Rate on zari work, unbranded ayurveda medicine has been reduced from 12 to 5 percent
GST Rate on man-made yarn reduced to 12% from 18%
Every exporter will now get an e-wallet. In the e-wallet, there would be a notional amount for credit. The refund they will eventually get will be offset from that amount. The e-wallet will be introduced from April next year.
Tax refunds to exports will start from October 10
GST rate on many job work items reduced from 12 percent to 5 percent.
GST rate on some stationery items, diesel engine parts also reduced to 18percent from the earlier 28 percent.
small businesses will also have to file monthly returns for three months – July, August and September – and the switchover to quarterly filing will happen from the cycle starting 1st October.
Any person providing exempted service are eligible for compensation scheme.
petroleum products remain outside the ambit of GST

06/10/2017

*GST UPDATES*

22nd GSTC meeting:

*1. Turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores.*

*2. E-way bill provisions deferred till April 2018.*

*3. Reverse charge to be deffered till 31.03.2018.*

*4. Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores.*
Tax continues to be paid on monthly basis.

*Regards,
CA Pratik Shah
8080406532,8329014795

Address

203A, 2nd Floor. Vardhaman Arcade, Near Giriraj Balaji Banquet Hall, Above Sumaria Electronics, Anjurphata
Bhiwandi
421302

Telephone

+918080406532

Website

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