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Sunday, July 15, 2018

Assessment Year 2018-19 - Guide To Income Tax Returns

What are the different income tax return (ITR) forms applicable to salaried people?

Typically, the following are the two main forms which are applicable to the salaried class.
ITR 1 (Sahaj) — for those who have source of income from salary, pension, single house property, other sources and agricultural income under ₹5,000 and the total income is less than ₹50 lakh.
ITR2 is for those who have income from sources mentioned in ITR 1 and where total income exceeds ₹50 lakh. Those getting income from capital gains, more than one house property, agricultural income of more than ₹5,000 and casual income such as lottery or horse racing also need to file ITR 2.

What are the key details to be furnished in the forms?

The salaried class must file returns using Form 16. Other important documents are — Form 26AS (tax credit statement), proof of all deductions claimed and home loan interest certificate.
Even though these are not required to be submitted, they must be kept safely by the taxpayer.
Make sure you include all incomes on which TDS has been deducted — this can be seen from Form 26AS. Unless related income is included, TDS credit cannot be claimed.
Make sure you include interest income from the savings account even though it is exempt up to ₹10,000 under section 80TTA. This exemption must be claimed via return. For residents who own foreign assets abroad, it is mandatory to file returns even if their total income is below the taxable limit (₹2.5 lakh). The most important step is the verification of your tax return once it has been submitted.
The best and fastest way is to e-verify your tax return, this way the return is processed quickly.

What are the key points to keep in mind?

Those who earn more than ₹5 lakh must file their returns online. All those who are seeking a refund must also file online even if their total income is less than ₹5 lakh. One must file their return by July 31 or else a penalty of ₹5,000 may apply.
If the return is filed after December 31, penalty goes up to ₹10,000 (penalty is restricted to ₹1,000 if the total income does not exceed ₹5 lakh).

2018 Wimbledon Women's Singles Final - Germany's Angelique Kerber beat Serena Williams(USA) to win the title Saturday July 14,2018

Former world number one Angelique Kerber said her Wimbledon triumph on Saturday July 14,2018 would not have been possible without experiencing the lows of last year’s slide down the rankings.

The 30-year-old produced a superb display to beat Serena Williams 6-3 6-3 and become the first German since Steffi Graf in 1996 to lift the Venus Rosewater Dish on Centre Court.

Kerber also beat Williams in the 2016 Australian Open final and is the only player, apart from Serena’s older sister Venus, to beat her twice in a Grand Slam final.

2018 Wimbledon Men's Doubles Final - Mike Bryan wins 17th Slam doubles title, 1st without brother

Mike Bryan found himself a suitable backup partner for Wimbledon and the result was a record-tying 17th Grand Slam men’s doubles title — and his first without his twin brother.

Mike Bryan teamed with Jack Sock for only their second tournament together, and the American duo edged Raven Klaasen of South Africa and Michael Venus of New Zealand 6-3, 6-7 (7), 6-3, 5-7, 7-5 on Saturday night in the final at Centre Court. The 40-year-old Bryan is the oldest man in the Open era to win the doubles title at the All England Club.

He won his first 16 Major championships, which included three others at Wimbledon, with his twin, Bob, who is sidelined right now because of a hip injury. “I want to dedicate this title to him, because I’m sure he’s watching on TV,” Bryan said in an interview with the BBC after the victory, mentioning that their grandfather passed away recently.

Sock also mentioned Bob in his post-match remarks, saying: “The tour misses him. He’s a legend and icon in tennis. I’m just filling in here for one of the greatest of all time.” This is Sock’s second Wimbledon title. He paired with Vasek Pospisil to defeat the Bryans in the 2014 final. “There was one guy I was going to play doubles with in this tournament, and it would be Mike Bryan, half of the greatest doubles team,” Sock said.

The final lasted 3½ hours and began with the retractable roof open, then ended with it shut for the last set. When Klaasen and Venus — who were trying to win their first Grand Slam title — held a set point in the fourth, Bryan was called for a foot fault on a second serve. That meant he double-faulted, giving the set away and forcing a fifth. There were about 20 minutes of daylight left, and Sock said: “I’m good to call it for the night. I can’t see.”

The decision was made to close the dome and turn on the artificial lights, so the match could continue until its conclusion. The key break came with Klaasen serving at 5-all, when he pushed a volley long after Sock sent a big forehand right at him. Bryan then served out the victory. John Newcombe is the only other man in tennis history with 17 Grand Slam doubles trophies. The most he won with one partner was 12, though. The Bryans’ 16 as a pair is a record.

They had played doubles with each other in a record 76 consecutive major tournaments until Bob missed the French Open in May. Mike entered Roland Garros with Sam Querrey, and they lost in the first round. Mike then played at a grass-court tuneup with Sock last month, their only event before Wimbledon. “It feels like we’re getting better every match,” Mike said. “We’re starting to jell. If Bob can’t come back, we’ll play this summer.”

2018 Wimbledon Women'sDoubles Final - Czech duo Barbora Krejcikova, Katerina Siniakova win doubles title Saturday July 14,2018

Czech duo Barbora Krejcikova and Katerina Siniakova won the Wimbledon women’s doubles final on Saturday July 14,2018 — five years after they won the junior title together — and dedicated the victory to their late compatriot Jana Novotna.

They beat American Nicole Melichar and Czech Kveta Peschke 4-6 6-4 6-0 to add the Wimbledon title to the French Open crown they won last month.

Krejcikova said the triumph was a fitting way to mark the 20-year anniversary of the Wimbledon singles title won by Novotna who died last year. “She really deserves for us to think about her in really good spirit, in really good way,” she said.

“I think it’s really good that it was mentioned that she won title here 20 years ago. It was her biggest title. She really wanted to win it, as I know from the stories she told me. “Right here, like 20 years after her winning Grand Slam. Only doubles, but still it’s perfect. I think she would be really proud too.” The only blemish on an otherwise great afternoon was that they did not get to play the title match on Centre Court because of delays caused by the over-running men’s singles semi-final between Novak Djokovic and Rafael Nadal.

Jorge Sampaoli stands down as Argentina coach after World Cup failure Sunday July 15,2018

Jorge Sampaoli has left his position as Argentina coach after a disappointing World Cup in which the South Americans were eliminated in the last 16 by eventual champions France.

“The Argentine Football Association and the ex-coach of the national team Jorge Sampaoli today reached a mutual agreement to rescind his contract,” the AFA said in a statement on Sunday July 15,2018

The AFA thanked 58-year-old Sampaoli and his assistants, who have also left their positions, for their services.

The decision means that Argentina, world champions in 1978 and 1986, are looking for their fourth coach in four years.

Sampaoli took over a year ago charged with putting together a side to first reach the 2018 World Cup in Russia and then mount a challenge for the trophy.

His team – thanks largely to the brilliance of Lionel Messi – qualified for the tournament with a win in their last match.

However, they struggled in a group where they faced first Iceland then Croatia and Nigeria — drawing the first match, losing the second and winning the third with a late goal to take them into the last 16, where they went down 4-3 to France.

The AFA’s decision to split with Sampaoli, the former Sevilla coach who took Chile to the Copa America title with victory over Argentina in the 2015 final, was expected even though he had a contract until 2022.

Sampaoli inherited an ageing squad under a chaotic football federation and never looked like putting his stamp on a side that was inconsistent for most of his tenure.

It means Argentina – who have had three different coaches since Alejandro Sabella led them to the World Cup final in 2014 – are back to square one in their search for a first major international title since winning the Copa America in 1993

Didier Deschamps, Raphael Varane join history books Sunday July 15,2018

As France defeated Croatia 4-2 in the final of the World Cup in Russia on Sunday, coach Didier Deschamps stamped his name in the history books. The former France defensive midfielder became only the third individual in the history to lift the World Cup trophy as both a player and as a coach.

The former Juventus midfielder led France to the trophy as captain 20 years ago, as Les Bleus defeated Brazil 3-0 in the final to win their first World Cup.

Apart from Deschamps, the only two players who have achieved the same results were Germany’s Franz Beckenbauer (who won the trophy as a player in 1974 and as a coach in 1990) and Brazil’s Mario Zagallo (who won it as a player in 1958 and 1962  and as a manager in 1970).

France central defender Raphael Varane also edged his name in the history books as he became only the 11th player to win the Champions League and World Cup trophy in the same year. Varane had won the Champions League in May with Real Madrid.

Earlier the same achievement was made by Bayern Munich stars, Gerd Müller, Franz Beckenbauer, Paul Breitner, Hans-Georg Schwarzenbeck, Sepp Maier, Jupp Kapellmann, Uli Hoeness, who won the two trophies in 1974. Later, it was completed by France’s Christian Karembeu at the 1998 World Cup, Brazil’s Roberto Carlos in 2002, and Germany’s Sami Khedira in 2014, who all had won the Champions League trophy for Real Madrid.

2018 FIFA World Cup in Russia June 14 - July 15,2018 - England captain Harry Kane wins Golden Boot Sunday July 15,2018

Harry Kane has won the Golden Boot for the 2018 World Cup.

The England captain scored six times in seven appearances to claim the prize for the tournament’s top scorer.

The Tottenham forward is the first England player to win the award since Gary Lineker, who scored six times in the 1986 finals.

Kane finished two goals ahead of Belgium striker Romelu Lukaku, Russia’s Denis Cheryshev, Portugal star Cristiano Ronaldo and France duo Antoine Griezmann and Kylian Mbappe, the latter two both scoring in France’s 4-2 final victory over Croatia.

The 24-year-old only scored three of his goals from open play, two of which were headers in the 2-1 opening group win over Tunisia. His other came when he deflected in a Ruben Loftus-Cheek shot against Panama.

Kane’s other three goals came from the penalty spot: two against Panama, and one in the last-16 game with Colombia.