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CIBIL Consultants 448 Dalima Vihar Near Lakshmi Narain Mandir Rajpura 140401 Punjab.

Aadhar Print, Voter ID Print and Updation, Passport Appointments, Deposit and Withdrawals from Banks, SBI – CSP Services, Money Transfer Western Union, Ria and Transfast, PAN Cards, DigiLockers, Astrology, Utility Bills, Railway and Cheap Air Tickets, Pension Payments, Life Certificates.

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Monday, June 11, 2018

Income Tax - Benefits for Senior Citizens and other important Points for FY 2018-19

Basic Exemption Limits

For ordinary individual taxpayers the basic exemption limit, from payment of Income Tax is Rs. 2.50 Lakhs. However for resident senior individual citizens who have completed the age of 60 years and yet to complete 80 years the limit is Rs. 3 lakhs. For resident individual taxpayer over 80 years does not have to pay any tax up to Rs. 5 lakh annual income.

Deduction under Section 80D 

For all senior citizens deduction up to Rs. 50,000/- for health insurance premium can be claimed by themselves or their children. From current year, in case the senior citizen does not have any medical insurance, a deduction up to Rs.50,000/- can be claimed for any medical expenses including day to day expenses as well as for hospitalization based on Bills and receipts, Medical prescription. Earlier this benefit was available to only for the senior citizens who had completed 80 years of age. Important Condition is that the Senior Citizen should not have any health insurance coverage.

Deduction under Section 80 DDB

An individual can claim up to Rs 40,000/- for the treatment of Specified Critical ailments. This can also be claimed on behalf of the dependents. In case of a senior citizen (60 age years or more) then the deduction up to Rs 100,000/- is allowed. Now the deduction can be allowed on the basis of a prescription from an oncologist, a urologist, nephrologist, a haematologist, an immunologist or such other specialist. 

Standard Deduction: 

In case of salaried persons, Standard Deduction of Rs.40000 is allowed. This is applicable to pensioners also. 

Deduction for interest from Banks and Post Office under Section 80 TTB 

Up to last year a deduction up to Rs. 10,000 was available in respect of interest from saving bank account under Sec 80 TTA. Now Section 80 TTA benefits would be applicable only for NON-Senior Citizens. From current year,  the senior citizens can claim the deduction only under 80 TTB, for saving bank interest plus Other Deposit interest up to Rs. 50,000/- in a financial year. From current year senior citizens will be able to claim an enhanced deduction on fixed deposits + SB Interest+ Interest on the deposits made under Senior Citizen Savings Scheme(SCSS).

So a senior citizen has to submit form No.15H, to claim exemption from TDS, only when such aggregate annual interest from Term Deposits ( including RD) exceeds Rs.50,000 in a year. Eligibility to submit 15 H - If the Tax Liability would be Nil i.e. If the aggregate annual taxable income would not exceed Rs 300,000/- (after taking in to account Standard deduction and other eligible deduction like 80C, 80 D, 80 TTB etc) e.g. if the  Annual Pension Income is 3,60,000, Annual interest income  2,00,000/- and  eligible Deductions, under 80 C is 1,50,000/-, Under 80 D is Rs 30,000/-, 80 TTA is Rs 50,000/- and Standard Deduction is Rs 40,000/- . Total taxable income falls below Rs300,000/- and the Senior Citizen can file 15 H. 

Other Important  Points:

  1. 3% Education cess to be replaced with Health & Edu.cess @ 4% for all taxpayers
  2.  Pradhan Mantri Vaya Vandana Yojana is extended up to March 2020 under which has an assured return of 8% is given by Life Insurance Corporation of India. The existing limit on investment of Rs7.5 lakh per senior citizen under this scheme is also being enhanced to Rs15 lakh.
  3. Exemption from Payment of advance tax - In cases when tax liability after reducing the amount of TDS is more than Rs. 10,000/- in a year, advance tax has to be paid  in four instalments. However senior citizens are exempted from requirement of payment of advance tax provided they do not have any income under the head “Profits and Gains of Business or Profession”. The senior citizen can discharge their tax liability at the time of filing their ITR.
  4. Under Sec 87 A , Resident Individuals can claim rebate , when Taxable Income after all deductions falls below Rs 350,000/- The rebate is limited to Rs 2,500. Which means if the total tax payable is lower than Rs 2,500, such lower amount of tax will be the rebate under section 87A. This rebate is applied on total tax before adding Education Cess (4%).
  • Question: What is the permissible limit for preventive health check-up by the pensioner? What are the conditions?
  • Any payment on account of preventive health check-up of the pensioner /Spouse of Pensioner restricted to Rs 5000/-. Cash payment allowed here. The aggregate amount of deduction including premium should not exceed Rs 50,000.
  • Question: Whether a Salary class individual can take medical insurance cover for his/her parents, who are Senior Citizens,  and claim exemption while filing his/her IT Return? For claiming the benefits whether Is it necessary that parents of the insured are to be dependent
  • Additional deduction under section 80D can be claimed irrespective of the fact whether parents are dependent or not. Example: An individual pays (through any mode other than by cash) during the FY 2018-19 medical insurance premiums as under: 
  • a) Rs 17,000 for himself, his wife and dependent children b) Rs 40,000 for his parents, who are not dependent. c) According to above provisions, he will be allowed deductions of Rs. 42,000 (17,000 + 25,000) if neither of his parents are senior citizens. However i,f any of his parent is a senior citizen, he will be allowed a deduction of 57,000 (17,000+40,000).
Further, in the above example, if total premium on parents (not senior citizens) is 40,000 out of which Rs 27,000 is paid by the son and Rs 13,000 by the father out of their respective taxable income, the son will get deduction of Rs 25,000 (in addition to deduction of Rs 17,000 for the medical insurance on self and family) and father will get deduction of Rs 13,000.

Monday, June 4, 2018

Magento 1 to Magento 2 Migration, Why do it now?

As of January 2018, around 378,252 active Ecommerce websites are powered by Magento.
Out of these, 99% websites are still using Magento 1, whereas only 1% have already started using Magento 2.

So what’s the fuss about migrating to Magento 2. If the majority of the audience is not going for it, should you be planning for the upgrade?
With the help of this blog post, we are going to give you 5 reasons why you should hire a Magento development company to upgrade your website from Magento 1.x to 2 right away.
Ready!! Let’s begin

1) November 18th, 2018 - End of life for Magento 1?
Magento has been consistently pointing towards this official to officially end support for Magento 1. An official confirmation also came from a senior engineer at Magento on Twitter followed by an official announcement at a Magento meet which further cemented this belief.

The world has every reason to believe that November 18th will be the end of life for Magento, however what does end of life really means. Thus, later in near future you will have to upgrade to Magento 2 by hiring professional Magento developer for version upgrade.
To put it in a nutshell:
  • You can still use your existing Magento 1 setup to run and manage your E-commerce business.
  • There won’t be anymore updates or security patches provided by Magento. (This will mean your website might not be PCI compliant after a while.)
  • There have been speculations that Magento connect for version 1 will shut down as well (Although, there is no official confirmation of the same).
While there is no one stopping you to keep using Magento 1 even after it is deprecated, these reasons should be enough for anyone to upgrade to Magento 2.

2) Magento 2 - Scalable, Faster and more secure
Magento 2 was built to bolster performance, scalability, security and User experience of Ecommerce stores. With Magento 2, they have managed to hit the nail on the head.
Magento 2 is way faster - for both frontend and backend as compared to Magento 1 due to it’s streamlined and robust interface.
It now features:
  • Streamlined checkout
  • Default Ajax Add to cart.
  • Simplified admin navigation.
  • Different database instances for Product, Checkout and Orders.
  • Redesigned and much more practical dashboard.
  • Simplified product upload process
  • Built in testing tools.
  • Built in support for RabbitMQ for easier 3rd party integrations.

3) Magento’s plans for version 2 - Upcoming updates 
Magento 2 is the future of Magento - at least for the next half a decade. As of now it is stable, secure, effective and the recent roadmap shared by Magento for upcoming updates looks promising.

While updates like advanced reporting, Klarna payments integration, Dotmailer bundling, Bluefoot builder are some very tantalizing features, Magento’s plans to support Native PWA development is what makes it stand out of the competition.
This shows that Magento has great vision to reshape the Ecommerce industry utilizing Progressive Web Apps and can be one of the top reasons for merchants for upgrading to Magento 2.x

4) Utilizing the offseason for migration
The holiday season has just ended and there aren’t any major holidays before and after Feb 14th (valentines day). The peak holiday season which is the most productive lies whole year ahead.

The beginning of a year is a window that most clients consider as the time for upgrades, enhancements and experimentation to prepare their store for the holiday season. This doesn’t mean you have to close your store until the new store is ready.
An ideal Magento development team can setup a development server where all work will be done and as soon as things are ready to go live then the old website is replaced with the new one.
This means there is no loss of revenue generation and optimal time is available for development to get the webstore ready in Magento 2.

5) Discounted Magento 2 development rates:
While demands of experienced Magento 2 developers are steadily increasing, it has still not exploded as many would have imagined. There are only a handful of developers or Magento development teams which have worked on a lot of Magento 2 projects.
As of now, Magento developers don’t want to lose an opportunity of adding a Magento 2 project in their portfolio. Keeping this in mind, this is the ideal time for store owners to perform realistic negotiation and get the migration done at a reasonable price.
How long will this opportunity remain - Until the demand increases, which will happen really soon.

Upgradation to Magento 2 is inevitable and the features offered by Magento 2 can generate much larger opportunities and innovations to deliver amazing customer experiences through your Magento store.

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