MOST IMPORTANT POINTS YOU MUST KNOW BEING AN INCOME TAX PAYER
Dear Taxpayer’s, We are heading toward a new financial year 2017-18. Here are the most important points you must know being a Income tax payer regarding the slab rate in order to assess the tax liability as an individual or a firm and the important dates (filing of tax return, payment of TDS/TCS, service tax , VAT, Advance Income Tax)
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Income Tax Slab Rate:
Income tax slab rates are for different classes of taxpayers, who are taxed progressively more according to their earning. The income tax slab rates can be classified into the following categories:
1. Income Tax Slab for Individual & HUF ( age less than 60 years old)
| Income Slab | Tax Rate |
| Income up to Rs. 2,50,000* | No Tax |
| Income from Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| * Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old. | |
2. Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old)
| Income Slab | Tax Rate |
| Income up to Rs. 3,00,000* | No Tax |
| Income from Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| * Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age. | |
3. Income tax slab for super senior citizens (80 years old or more)
| Income Slab | Tax Rate |
| Income up to Rs. 2,50,000* | No Tax |
| Income up to Rs. 5,00,000* | No Tax |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| *Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old. | |
4. Income Tax Slab for Co-operative societies :
| Income Tax Slab | Tax Rates |
| Total income less than Rs.10,000. | 10% of the income. |
| Total income greater than Rs.10,000 but less than Rs.20,000. | 20% of the amount by which it exceeds Rs.10,000. |
| Total income greater than Rs.20,000. | 30% of the amount by which it exceeds Rs.20,000. |
5. Firms, Local Authorities, Corporates and Domestic Companies:
Companies are taxed at a flat rate of 30% on the total income declared.
A surcharge of 5% is levied on the total income tax of domestic companies if their income exceeds Rs.1 crore. This surcharge does not apply to firms and local authorities.
Due Dates for Payment of Various Taxes
| TDS/TCS Due Dates (For Individual) | ||
| 7th of Every Month | Pay TDS/TCS of Previous Month | |
| 15th Jan, May, July, Oct. | File Quarterly Return of TDS/TCS | |
| 30th of Jan, May, July, Oct. | Issue Quarterly TDS/TCS Certificate (Other Than Salary | |
| 7th April | Deposit 15G/15H Forms | |
| 30th of April | Deposit TDS/TCS Deducted in March | |
| 31st of May | Issue Yearly TDS Certificate of Salary | |
Income Tax Due Dates |
|
| 15th June | Deposit Advance tax Corporate Assesse |
| 15th Sep. Dec. March | Deposit Advance tax |
| 31st March | Last Date for filling of belated return or revise return in some cases |
| 31st July | Last Date of Return Filling for non-audit cases. |
| 30th September | Last Date of Return Filling for audit cases. |
Service Tax Due Dates |
|
| 5th Of Every Month | Deposit Service Tax of Company/ Society. |
| 6th July, 6th Oct, 6th Jan, 31st March | Deposit Quarterly Service Tax of individual/ Partnership firm. |
| 31st March | Deposit Quarterly Service Tax of individual/ Partnership firm & Monthly for Company & Society |
| 25th April | File 2nd Half yearly return |
| 25th Oct. | File 1st Half yearly return |
VAT Due Dates |
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| VAT PAYMENT DUE DATES10 DAYS (FOR VERY LARGE TAX PAYERS) | |
Tax on Turnover of every month
|
Deposit VAT up to
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| 15 Days ( FOR LARGE TAX PAYERS) | |
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| Monthly | |
| 1. Monthly |
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| Quarterly | |
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| Return Filling Dates | |
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Due date of filing of Return of Income |
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| Sr. No. | Status of the taxpayer | Due date |
| 1 | Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) | September 30 of the assessment year |
| 2 | Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
| 3 | Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law | September 30 of the assessment year |
| 4 | A working partner of a firm whose accounts are required to be audited under this Act or under any other law | September 30 of the assessment year |
| 5 | Any other assessee | July 31 of the assessment year |
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