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MOST IMPORTANT POINTS YOU MUST KNOW BEING AN INCOME TAX PAYER

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Discountwalas
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725

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)

 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
VAT PAYMENT DUE DATES10 DAYS (FOR VERY LARGE TAX PAYERS)
Tax on Turnover of every month
  1. From 1st to 10th
  2. From 11th to 20th
  3. From 21st to End of Month

 

 Deposit VAT up to
  1. 15th of every month
  2. 25th of every month
  3. 5th of next month
15 Days ( FOR LARGE TAX PAYERS)
  1. From 1st to 15th
  2. From 16th to End of Month
  1. 20th of every month
  2. 7th of Next Month
Monthly
       1.    Monthly
  1. 14th of every month
Quarterly
  1. Monthly
  1. 14th of next month (Below Rs. 20 thousand in a year)
Return Filling Dates
  • 15th August, 15th November
  • 15th February, 30th May
  1. 30th June
  2. 31st  December
  • Deposit of Quarterly Vat E- Return ( Vat-10 )
  1. Vat Annual  Return  ( Vat-11) For composition dealer
  2. Vat Annual Return  ( Vat-10A ) And Audit Report



Due date of filing of Return of Income
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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725 COMMENTS

      • Sir
        MOST EXCELLENT AND APT USEFUL INFORMATION,GUIDANCE FOR FILING
        INDIVIDUAL IT RETURN FOR THE F Y 2016 – 2017 FOR SENIOR CITIZENS
        THANK YOU SO MUCH
        WITH REGARDS

        R SAMPATH KUMARAN

    • What about refunds. I didnt get refund of 2005.2009 anf 2016 so far. Why no promptness in the matter of refund? Perhaps I have to grease their hand ehich I dont do even if i dont get refund no problem.

      • Dear Tax Payer

        for refund you can approach to your assessing Officer in writting with copy of Form No.16/16A with Copy of Return filled by, he can dot at his level. It difficult to get 2005 and 2009 since six year period is over.

      • No. Every thing is computerised process. If there is minutest error in filing, it will say mismatch and ITO will issue a notice : Pay more tax. But there is no scope of greasing any palm. ITO are slaves of computers. Don’t apply brain.

      • I do not find any difficulty as far as the refund is concerned. I have been getting the refunds, whenever there is any, within a month. If there is any discrepancy in my IT returns, there will be mail followed by a letter from the tax authorities and I used to provide the additional information without any delay.

    • My quarry is that I opened NPS a/c and deposited ch .of Rs.50287.50 POP-REGISTRATION NO6404893 DT 16.03.2017 and actvation date 25.03.2017 & ch was dedited my SB a/c on 29.03.2017 TO NPS/ CRA A/C CAN I GET INCOME TAX REBATE FOR 2016-17 BUT SAID AMOUNT Was invested in NPS ON APRIL 2017. QUARRY IS THAT I INVESTED FOR GETTING I/ TAX REBATE MY SB A/C DEBITED DURING MARCH 2017 TO POP/ CRA NPS TIER I KINDLY ADVICE ME.

    • Thank you for many very useful inputs.
      Two Questions:
      1. You have provided IT rates for slab 60 to 80. But what is rate foe individuals older than 80?
      2. This question relates to GST, but you would know the answer. If an individual earns consultancy fees in foreign exchange , is GST exempt uoto a level of Rs. 20 lakhs per annum ?

      PLEASE oblige and send me he clarifications
      Many thanks,
      Vijaypg

  10. Such consiladatedinformation is very good for all category of person within tax range so that they can plan accordingly…

  11. With this infirmative information, a responsible citizen of india will defibately file returns, pay taxes in time. Very helping hand towsrds prosperity of india sirs.

  14. Thanks for providing importing information about it I m 61 years old I was not aware about up to 3 lacs exempt for senior citizen thanks

  21. I am a housewife, and am above 60 years of age. I have no taxable income. Do I have to file the income tax return?

    • I have not yet recd the refund for 2016-17 though i have recd the intimation. Also no reply for my grievance lodged

    • Since you don’t have taxable income,not need to file your income tax return but if any one deduct your tax then you have to file your return. Please once login to income tax Cox site registered yourself and check 26AS

  25. Every citizen should follow the guide line to hold their head high paying the taxes for the development of our country.

  33. For the first time in my life ,I have received a useful communique from I.T.department.Makes me feel a proud Indian.

  37. I am a prompt regulator IT payee, unfortunately E filing portal for the AY 2012-13 is not yet updated from your department, I expect updating of the same as early as possible and ease tension to the senior citizens. I appreciate your good job.

  38. Good job but my E filing portal for the AY 2012-13 is yet to be done why such a long delay in doing so, when u r so fast in making the people aware of filing IT Returns in time

    • Thanks for dat informative information
      Sir income tax slab mentioned for individual & HUF for assessment year 2018- 19 for above 5 lakhs upto 10 lakhs is mentioned 20 %
      Is it 20% or 10 %?
      Please reply

  42. I had already deducted TDS from pension. &Arears.Return would be. Filled. In the due course. As I am senior citizen

  51. In Slab it shows 60 years old individuals or karta of HUF – income of Rs.3 Lakh is non taxable. Are you sure regarding HUF income exemption. Here 60 years age, I am taking age of karta in place of HUF because HUF don’t have any age itself in my opinion. – Chetan Jindal.

  52. Are you sure, Income up to Rs.3.00 Lakh of 60 years or more years old individuals or HUF is exempted / nontaxable. Is age of karta is the age of HUF ?. I have some confidence. Please clear it.

  64. A total mess has been created by linking both PAN and Aadhar. 20% cases are those where name on both differ due to mistake and NSDL is delaying the correction or simply rejecting the application on feeble ground. It appears that only Court of Law will help.

    • If suppose one person income in the four members family is about 6 lakh. And remaining 3 persons in the family are dependa on his income for living. Then does he pay income tax. Please clarify

      • Income tax is not linked to family. If an individual earns he has to pay according to slab. No question of dependents

  70. Thank you very much for providing the info at one place. I have never found so crisp and proper information apart from this site anyways. Kudos to you guys..

  71. Thank you very much for providing the info at one place. I have never found so crisp and proper information apart from this site anyways. Kudos to you guys..

    • Should have been better if from 5 Lakh to 10 Lakh should be 10 percent, from 10 to 20 lakh 15 percent. And from 20 to 30 lakh 20 precent and above 30 lakh 30 percent. thanks

  83. Thanks for the information. The information was waiting since the finance minister submitted the budget. The first confirmation in this regard was firstly seen by me through your mail. Thanks again for keeping the general public aware of the latest developments in day to day life with regard to the government orders. Let me know whether any official orders have been issued by ITD of India in this regard. Thanks again

  97. Hi

    The article is good, however I have few important clarification.

    1. NRI staying in UAE need not file tax returns.

    2. Kindly clarify as I am on the verge of consulting my CA on the same

    Awaiting your reply in anticipation

    Regards

    Anand Kumtekar

  102. Hi

    It is a great content and helped me in better understanding of tax slabs but if I work in NGO which is paying me let say between 250000 to 500000 then how much tax should I pay?

  104. Sir,

    Thanks a lot for the updates. I have a query. I am bank official. TDS is being deducted from my Fixed deposits and salary and has been paid timely. Now I want to ask that two of my Recurring accounts have been matured on 31.03.2017 in which TDS has been deducted. Should I show this as my deposit in this year ?

  106. I am a super senior( 93yrs)My income is less than 5 lakes for the past 5 yrs.Am I to file a return even though I am not taxable?plse enlighten me

  108. Very useful reference guide. One clarification: In the newly introduced Tax Return form 2016-17, there is a last column in which the tax payer has to intimate the amount of cash deposited in bank accounts during Non 8 and Dec 31, 2016 (demonitization period). If I have deposited the amount in one than one bank, do we need to individually mention the nae of each bank and the amount deposited, OR just mention the the total amount deposited in all the banks?

  110. Sir u can link PAN with adhar card by opening IT website,they have added one more line for name as per adhar card.even if there is spelling mistake or surname written first can be. Written.i have done it today.open profile window and click link adhar..It’s very easy .pls keep ur adhar handy

  111. Being a government servant my IT is deducted by employer every month. When should I file return ? Which is my assessment year?

  122. The information is very useful as a ready reckoner for all IT payers. It will be more useful if amendments if any are updated from time to time.

  123. With this informative information, a responsible citizen of our Nation will file returns, pay taxes in time. Paying tax in time will be good in the interest of national health . Very helping lines for a responsible citizen

  126. Sir

    I have a refund of Rs 30 k pending since the last 5 + yrs ,, I have made many attempts in mumbai and bangalore office.
    submitted whatever documents pending and still awaiting the same.

    This is inspite of me having the letter stating the amount will be deposited and still not done. I have put in many followups and letters in person.. No use. Can someone help me/

  131. Very precise and useful information at a glance. Though due dates are fixed for issuance of Form 16 from employer, 16 A and interest certificates from Banks, they are not given as per the schedule. It is my experience to go round the employer and Banks again and again to get these certificates. Is there any recourse if they are not given as per the schedule

  138. Thx. 4 d Info to me as myself is a Senior Citizen. Please clarify if arrears came for 10-12 years. Will it be taxable n accounted 4 the year in which credited to my pension. If so if I deposited the tax calculated on it slab wise May I get a refund after wards if I apply for the same as it is the income accumulated of 10-12 Years.
    Awaiting 4 ur Reply Sir,
    Thanks & Regards,
    Bayant Singh Kala,
    9350178173,
    8851286886
    1046-P,Block-E,
    Sector – 39.
    GURGAON.
    122001.

    • The arrears can be bifurcated . Add the arrears to the total income to the respective years and recalculate the I.T. suppose in that year you are below the taxable limit you need not pay tax for that year. I.e. arrears can be bifurcated

  141. Do the senior citizens have to pay advance tax like ordinary citizen or are they given concession in the dates for payment of self assessment tax.

  152. Information’s are very valuable and useful.
    Thanks to the IT Dept of India for providing above information to individuals through mail.
    Regards,
    Rath

  153. Information’s are very valuable and useful.
    Thanks to the IT Dept of India for providing information to individuals through mail.
    Regards,
    Rath

  154. Thanks a lot.

    I am a pensioner,aged above 65yrs. I had some capital gains on property sold in Feb 17. Paid the tax on 30th Apr. Am I reqd. to pay any interest on delayed payment..?

  155. My wife has only interest income from SBI amounting to Rs 3.85 lakhs.
    She has invested Rs 1.50lakh in tax saving FD for 5 years in same branch.
    Thus her taxable income becomes Rs 2.35 lakhs.
    She is Senior Citizen of age 68 yrs and for her there is no tax upto Rs 3.00 lakhs.
    Inspire of this SBI Malviya Nagar Branch New Delhi refused to accept form 15H and keep deducting income tax which is in fact not at all due.
    Please advise if SBI action is correct? If not , then instruct them to accept form 15H. They say their computer system not accepting same. Then advise them to correct the software.
    If they are right, then will the IT Deptt will effect the refund with 12%interest while settling her IT return because IT Deptt getting something which is not due to them
    I shall be thankful for your clarification
    Regards
    LD Gupta

    • Your first line says int.income as 3.85 lakhs. I hope it is wrong.You can submit form 15H. Now a days banks are reporting the int.income in form 26as.even if you submit 15 H. So banks have to accept 15 H. There are many forums for reporting this complaint. But one thing for all i.t.payees that i.t persons can easily check your int.figures from 26as. So please be careful

  158. Piese let me know that I have HUF and my self Karta of HUF having age 69years what will be Tax Slave either senior citizen or general.

  164. Thanks for the information.Let us all pay tax correctly and build our nation. Courrupted people and ofiicials of government looting or doing fraudulent acts must get severe punishment .Otherewise good people will do things correctly and others with all political and government influences,money power and muscle power will do all dirty things.and making good and correct tax payers fools.

  168. Due dates of filing of tds returns mentioned as 15th of May,July,Oct & Jan., Which is wrong. Actual date is 31st of May,July,Oct and Jan. Please rectify

  170. Very useful information. My date of birth is September 1937. Am I come under super senior citizen for the financial year 2016-17

  179. The information is indeed a ready reckoner which would be very helpful for all kind of tax payers in filing of their income tax returns.

  182. D/S, I am an NRI and my income in India is from house rents. I am getting an annual rent of Rs.4,90,000. I am saving Rs.1.5 Lacs in my daughter,s PPF account. After deducting municipal tax, 30% deduction from total rent & after allowing a deduction of 1.5 Lacs of PPF my Tax payable is NIL. Now I would request anybody can clarify whether I need to file my income returns even though my Tax payable is NIL. Please clarify.

    Rgds,
    Rajanna K V

  183. TDS/TCS Due Dates (For Individual)

    15th Jan, May, July, Oct. File Quarterly Return of TDS/TCS

    Perhaps by mistake 15th May you mentioned for File Quarterly Return of TDS/TCS in your above information please clarify.

  184. Thanks for the information.

    However if you are the Income Tax department of India, why is the website address say “discountwalas.com”?

    Are you earning money from this?

    And why are you showing advertisements at the start of the article? Are you endorsing these products / we vices?

    Isn’t it a matter of shame for the Indian Government that some unauthorised sites are being used for official purpose?

  189. I want to know if filing of I T return in Form in ITR2 is to be done compulsorily in efiling even if the taxable income of the assessee is below Rs.10 lakhs. Last year I was allowed to file ITR2 return in physical form and my taxable income was zero. This year also (assessment year 1917-18) my taxable income is nil. Is it necessary for me to file my ITR2 return in e-form. I was sent back by the Income Tax Dept. and they did not accept by tax return in ITR2 form saying that all ITR2 form is to be filed in e-return only. Please clarify.

  198. Very informative and useful. Please update this information as and when any changes are made and inform tax payers.

  199. Dates for payment of Advance tax in case of individuals having salary/pension income, professional income and interest income.

  200. So far I had been seeking the help of a CA for filing my IT return. Kindly educate stepwise procedure to file my IT return myself on line .Thanks

  201. till last year ,I had been seeking the help of a CA for filing my IT return. please guide me stepwise the procedure for filing my IT return myself on net .Thnx

    • Very useful guide to retired senior Citizens like us. Really commendable job. Please as and when any changes to these you may kindly inform us and we weicome such exemplary services .

  207. I have started paying guest business were my yearly earning as 6 .o lacs. My expenses during the yr are as:-
    Building maintenance Rs. 34,600
    Caretaker with bonus Rs. 66.000
    Electricity. Rs. 55,000 app
    Furniture repairing/electric/
    Plumbing &ors. Rs. 48,000
    Sweeper. Rs. 18,000
    Kmc tax. Rs. 14,400
    Cable and net charges. Rs. 26,000
    Trade licence. Rs.1.200

    How much tax I have to pay and whether the income can I show on my personal file ,and whether I have to pay tax on my personal file too.

  210. I am indeed thankful for the useful information.
    Please let me know how can I have such information for the past years?

  213. I understand as per the latest amendment to the Income Tax Act, where the rent of residential property exceeds ₹ 50,000/-, the tenants are required to deduct Income Tax @ 5%. If this is correct, how does the deductor handles with this money? How, Where and under what head does he deposits it , specifically when the tenant is an individual and also an expatriate.

  221. Eh,
    People would someone be sweet to forward the individual self assessed ITR for private employ on remote service with application subscribed on it on basic and standards and what docx are required to be filled along what ITR for Property returns,kindly forward it on mchinatowns@yahoo.com

    7045638056
    Moti

  222. good reminder of dates & other information minimum CA help required pls provide please keep it up always

  225. Thanks for giving good information for filling IT returns, But some where the TDS refunds not yet made form somemore ITO’s but notices for payment of Rs.121/-. but refund is much than that, So, the department has to verify the little refunds returned as early as possible to the claints

  226. I am very glad for parting information which is very useful to all . I am very lucky that during my serving period and on retirement my refunds I get in six months but my wife and daughter are having tough time in gating refunds. I have to use CAs service but still their refunds are stuck for 2011/12 because that year everything was centralized to Banglure and communication was not transmitted. Mumbai ITO has put his hands up saying he has forwarded all details he can do no further. Calls remain unanswered at Banglure . Govt must take serious action on ITO same way it wants to take against non paying Indians.

  227. Very useful & important information’s but when we delay in paying in time what is the delay fine how is it worked out

  229. As a senior citizen, i invested my life’s savings with a company with assured return. But so far, for the financial year 2016-17, Company has not deposited the TDS, against interest income, for the 2, 3 n 4 the quarater of the 2016-17 financial year and i am not getting any response to my my emails and phone calls to the company. Due to this, i can not file my income tax return and claim refund of excess tax paid.

    What action can be initiated against such defaulting companies, by the Income Tax Department. And what is the procedure to lodge a complainst against such company, and at what adress. The Company is Delhi based.

  234. यदि यह जानकारी हिंदी में देते तो मुझे भी समझ में आता. क्या हिंदी में जानकारी देने कारण कष्ट करेंगे?…

  235. यदि यह जानकारी हिंदी में देते तो मुझे भी समझ में आता. क्या हिंदी में जानकारी देने कारण कष्ट करेंगे?…
    हिंदी में जानकारी मांगी तो डुप्लीकेट बताते हो! तारीफ वाली टिप्पणी कारण नकल अनेक चिपका कृष्ण रखा हुआ है. वह डुप्लीकेट नजर नहीं आता?…

  236. Very informative. Please circulate detailed instructions on how to fill up IT Returns on line by individuals​ ( For dummies)

  239. I am retired 31 Dec 2016 from govt service at age of 60 and getting pension from Jan 2017 from where I will get form no 16 for pension period ie Jan 17 and Feb 17. Form no 16 for service period with tax deduction will be received from my office. How income tax will be calculated. Please explain in details. Thanks & regards.

  240. I have completed 60 years as on 13.01.2017. So which income tax rate will be applicable to me below 60 or above 60 years for the financial year 2016 – 2017 ?

  244. Received mail from intimations@cpc.gov.in on 5th May. 2017 for payment of balance tax for A.Y. 2014-15. For the same we have send a mail to incometaxindiaefiling.gov.in for intimation to file revised tax on 24th may 2017 through our CA . but so far could not get intimation for filing revised tax .

  265. Very very useful information.
    I would like to know what to do if my if my assessment is not received and tax not refunded for the Assessment year 2017-18, till now.

  306. When it becomes necessary to audit the account for an individual?
    1) If income from FDs and dividends only.
    2) If income is mix of FDs, dividends, profession like say consultancy.

  307. VERY NICE INFORMATION. BUT I HEARD THAT TDS/TCS QUARTERLY RETURNS FILING IS ON OR BEFORE 30TH OF APRIL, JULY,OCT AND JAN.PLEASE CLARIFY THE QUIRY.

  308. Dear sir,
    Thnk u for giving above all Kindly provide income tax rebate 87a i formation. Because i read online few slab for fy 2017-18. Then i saw some.
    2.5 lac nil
    2.51 to 3.5 lac till tax payers can get rebate under 87a.
    3.51 to 5 lac 5%
    5lac to 10 lac 20%
    Please send me regarding this.

    • Senior Citizens are not supposed to pay Advance Tax. This information is missing in the write up. Kindly response and clarify per mail to me at my email id. Regards

  323. Hello,

    I am working in training institution as consultant trainer . I would like to know is the taxable income of mine and how much tax i have to pay if i am getting 8k per month ? Please share me the information

  325. I am a professional tax consultant. Expertise in tax. If any person need consultancy can contact me on this mobile no. 8298503181.

  363. very essential information. Thank you sir.
    Please keep it up with other relevant information viz rates for contributions towards charitable trusts
    where it is 100% & where 50%. Thank you once again.

  366. Due Dates for Payment of Various Taxes
    TDS/TCS Due Dates (For Individual)
    15th Jan, May, July, Oct. File Quarterly Return of TDS/TCS

    I have a query on the above:
    Supposing TDS is deducted on my Fixed Deposit, who has to file the above mentioned quarterly return of TDS – Myself or the the co/bank where I have the FD?

    • TDS Return Filed By who Dedcuted Tax.so in your case Bank are Required to File TDS return & it will Give TDS Certificate.i.e Form 16

  380. Very useful information.pls inform dividend rec’d from shares are exempt for IT.If total income is less than 300000/-(for senior citizen) I T return is must?pls clarify.

  383. Thanks for valueable information on tax.
    I have not yet received refund from I-Tax department for assessment year 2016-17 for my excess tax deductions.
    How and what should I do.

    Rgds

  387. Dear Sir ,
    We are service provider for technical testing and Analysis Service.
    We are fill income tax Return in September 2017.But one client TDS Deposit to income tax department after our return. He is deposit TDS Deposit to income tax department in November 2017.
    Please tale me can I return back TDS in next year ITR.

  391. Short term equity gains are taxable @15%. But IT authority clubs it with other income and charging @ usual rate and placing demand for addl. amount. Repeated requests have fallen in deaf ears. Why?

  393. Due Date for Filling of Quaterly TDS Return is 31 July (1st Quarter),31Oct(2 nd Quarter),31Janu(3rd Quarter)& 31 May for 4thQuater(Jan-March).

  397. Do senior citizens not having income from business or profession need to deposit advance tax within the prescribed due dates?

  400. Sir, my sincere gratitude for sharing an highly valuable information, very glad to see this first time from IT..
    hope will keep updating on such important information henceforth.

    • It is not updated fully. GST Return filing details have not been given. Needs to be updated by a well, knowledgeable and professional hand so that readers are not misled, otherwise remove it permanently.

  409. “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”

    Good Job , but I think there are some changes in TDS Return filing due dates i.e. 31/30th of July,Oct ,Jan ,May

  424. How taxable income is arrived? Is it gross income- -80C&80D deductions- 3lacs for Sr Citizens below 80.Kindly elucidate.

  440. I THINK THAT DUE DATE OF QUARTERLY TCS RETURN IS 15 TH JULY , 15TH OCT ,15TH JAN & 15 TH MAY 15TH JULY

    BUT FOR TDS QUARTERLY RETURN 30TH JULY, 31 ST OCT, 31ST JAN AND 31ST MAY

    PLEASE CONFIRM , WHETHER I AM RIGHT OR WRONG ?

  443. Thank you please. this is very helpful & useful information for tax payers who file their return by themselves.
    Did not understand at what stage Standard Deduction is deductible.

  446. Kindly provide full details of IT benefits along with the std. deduction details, LTGG & STGG, house property buy & sell tax implications

  450. Thanks for the tips notified. Please also inform about Rule 87 A i.e. allowing Rs.2,500/= from Tax if income is Rs.3,50,000/= or less. As if Gross Income is Rs.6,00,000
    (-) Investments Rs.1,50,000
    Balance 4,50,000
    (-) Amount on tax nil 3,00,000
    Taxable income: 1.,50,000
    5% Tax on it: 7,500
    Less 2,500
    Net Tax payable: 5,000 + 3% Cess:150 Total: 5,150/=

    • I am a pensioner (65 years). I file my income tax returns every year within the due date. This year I have planned a visit to my daughter abroad in March and will be able to come back to India in December. Kindly advise me as to whether I can file my tax returns in December?

    • Hi sir… Info is best but a limited one…. If u can also provide more info regards tax on MF and share market and also on ladies… Plzzz

    • Useful information but incomplete. It does not clarify the savings, medical, and other deductions in calculating the net tax.

  456. I got my retirement on 30.11.2017 at the age of 60 years whether I am to be treated a senior citizen and entitled for the benefit of senior citizen for exemption relief for the present FY 2017-18,i e, assesment year 2018-19 ?

  459. can u pl mention the additional tax rebates applicable for women employees/ women / and woman senior citizen?
    thanks for the efforts in guiding the tax payers… good job… pl continue

    • INCOME up to 3.5 Lacks deduction u/s 87 A allowed in case of Senior Citijen of Rs. 5000/- consequently No Tax up to this .After Rs 3.5 Lacks No rebate and Tax @ 5% up to 5 Lacks payable

  468. What clause is applicable to those who are staying
    Out India more than 120 days.?
    What clause is applicable to retired senior citizen staying outside India more then 150days?

  471. Union budget 2018 allows income tax exemption on interest earned on deposits upto Rs.50000/- If the interest income exceeds Rs.50000/- would the entire amount is taxable or net of Rs.50000/-.

  472. Please provide information about IT ti be paid for the income from mutual fund and capital gain and how to show it in IT returns.
    Thank you

  474. Dear Sir – Web Administrator

    Please update your data/information as per latest provisions of Various Taxes, if unable to update please don’t send links to anyone.

    1. VAT/Service Tax is not applicable currently – Currently GST is applicable since 01st July 2017
    2. Due dates for TDS/TCS return is last day of next month of each quarter.

  479. 1. My IT recovered for two yes. Is due to me. How to get it back.e filing done.
    2. My e filing was done without including my tax free dividend & interest from bank & FD interest. Even by including them I will be less from IT payment.
    Now shall I to revise my file if so when & how?
    Or shall I leave it as such. Will it attract any inquiry?
    3. I am a retired pensioner and a regularly submitting my IT.
    Pl let me kniw

  480. These in formations are most useful for a person who is IT Assessee. However, please also inform
    in case some body files late IT Returns as per the schedule time, what will be the penalty or fine for
    late filing ITR. Thanks

  483. Tds returns can befiled quarterly. but bank s do not give us the certicate before April .For individuals can file tdsreturns quarterly?

  485. not clearly mentioned about bank interests either on savings or F.D./R.D. Also I heard up to 50000- interest received is not taxable. Is it for this f.y. or next f.y.?

  487. I really appreciate the exhaustive presentation It will certainly help the people & motivate them to file the return.
    Could you please give the details of the medical certificate required from medical specialist for serious disease to claim exemption of Rs 1 Lac.
    I

  494. Thanks for providing information on mail.Please provide information regarding Educational society and many society running school collage in Haryana not filling returan.

  495. Information is very useful. Please specify the due dates of tax deposit in current regime of GST as well as filing of return since Vat is abolish in current regime. ..

  496. Informations are useful but also specify the due dates of GST Tax deposit as well as filing of returns since the Vat is not applicable in current tax regime..

  500. Are you saying that karta of HUF Who is senior citizen is eligible for exemption of Rs.300000.00 in A.Y. 2018 – 19 . IS age of the Karta shall be treated as age of HUF. PLEASE clarify the matter.

  501. I think that the Income Tax slab rates shown above are for Financial Year:201-18. I think the slab rates will apply for Financial Year:2018-19 also.Please confirm.

  505. Excellent information at the appropriate time.
    Please furnish other possible exemptions available to the salaried / pensioner class of IT payers.
    Thanks for your information once again.

  506. I WOULD LIKE TO KNOW WHETHER STANDARD DEDUCTION OF R.40,000/- AND DEDUCTION OF INTEREST OF RS.50,000/- IS ADMISSIBLE TO SENIOR CITIZENS OUT OF INTEREST EARNED ON TERM DEPOSITS FROM F.Y 2018-2019

  507. All the points mentioned here are very much useful. Please also inform what are the penalty and fine,
    if filing IT Returns late after stipulated date.

  509. I am a senior citizen. Whether the Standard Deduction of Rs.40,000/-can be deducted from the Gross income and then deduct Rs.3,00,000/-from the net gross income arrived and tax calculated on the figure arrived as taxable income?For example if my gross pension for the year 2018-19 is Rs.4,20,000/-whether I need to pay income tax for Rs.80,000/- only.(4,20,000- (3,00,000 +40,000)=80,000).And if the Gross pension is Rs.3,80,000/- whether I am eligible for rebate of Rs.2500/-allowed to those whose taxable income is less than Rs.3,50,000/-(ie Taxable income is 3,80,000-40,000=3,40,000 and after allowing rebate of Rs.2,500/-,tax payable= NIL.ie tax works out to Rs.2

    • Due ti change in income criteria limit from 5 lac to 3.5 lac under sec.87a,sen.citz.whise income is more than 3.5 lac but less than 4.0 lac wii have to pay more tax in fy 2017-18 in comparison to fy 2016-17.

  516. Sir,

    I am reitred offical .I think I may get pension increase arrears at the end of March 2018 or not . Pleawe clarify how I will deposit the tax if I will get the e=atarrears on 31st March 2017

    With kind regards

    Yours sincerely

    Miraj uddin

  532. details about deductions available u/s 80C 80D and other deductions available while computing income tax should also be given

  536. I am an NRI. When I bought car an amount been charged by the agent as TCS and told it can be claimed from ITD. For that purpose, I am trying to file ITR. Hope somebody can give me guidelines and the safe income limit which can be declared.

  539. Good updated Information thanks for that ..ONE THING i iam expressing THE TAX SLAB for the SENIOR-CITIZEN should be NIL up to 5lacs.because of the present cost of living and the present prevailing interests on BANK DEPOSITS .and the horrible Docters ConsultationFEES and medicle bills.it is very difficult to survive and live peacefully.i request on behalf of all our SENIORCITIZENS atleast now the concern authoriteis to look in to it now..by enahancing the TAX SLAB for SENIOR CITIZEN and also for other slab people to survive.at little.

  543. Hi Sir,
    Thanks for valuable information on income tax slabs. I need your help to solve my doubt regarding LTCG. My question is if a buyer booked a under construction property on agreement of Rs.55 lakhs in Nov 2009. In the term of construction linked payment plan.Suppose Possession of the flat was given to buyer in march 2016. On total payment of 57 lakhs. Registration is done on circular rate of suppose 85 lakhs. How we calculate LTCG. Some expert says because flat was booked in 2009 so the indexation will be considered from 2009 on Rs.55 Lakhs because indexation is considered on date of investment to beat the inflation. Some experts says it should be from the date of possession on Rs.57 lakhs and some expert says it will be on circular rate of Rs. 85 lakhs from the date of registration i.e march 2016, because circular rate is market rate at that time. So, I am confused,what is the right answer. Answer should be one only. Please suggest the right answer, which is acceptable to the income tax department.
    ThanKs & Regards,
    Sushil Kumar
    sushilkumarmasson@gmail.com

  544. Will they send refund of last FY or they will juat keep all the IT refund of assesse with them.

    Havent rcved my refund of last FY as ITR is just rxved by them and not processed till date.

    How can i get it processed.

  548. i have purchased a car and the car company has deposited the TCS in my PAN . Please tell should I calculate the TCS with TDS cmmulatively during the return fillinng to income tax department

  551. If Karta of HUF is senior citizen, than HUF shall be treated as HUF and income tax liability shall be as per senior citizens income tax slab ?

  553. Sir,
    I am a retired. My pension income by way of bank loan is less than 3.0 lakhs only. Should I file the income tax application ?

    • Yes. Youwill not be charged to pay tax. As it will be NIL.Still Filing of Incometax is must as per the Govt. notification.

    • It seems, that you are talking of Income Tax Return and not income tax application. The income of a senior citizen is exempt to tax upto Rs. 3,00,000. If you donot have taxable income exceeding Rs. 3,00,000; you are not supposed to file income tax return.

  555. SIR, I HAVE TAKEN EDUCATIONAL LOAN OF RS. 15,00,000/- FROM HDFC CREDILA , I AM PAYING INTEREST AND PART PAYMENT OF PRINCIPLE AMOUNT EVERY MONTH TO THE BANK, HOW MUCH I WILL GET EXEMPTION FROM INCOME TAX WHAT IS THE LIMIT OF INTEREST AND PRINCIPLE FOR THE YEAR 2017-18 KINDLY SUGGEST ME

    THANKS & REGARDS.
    M SHANKAR

    • Interest on loan taken for education purpose is exempt from Tax under Section 80E of the income tax act. However, following points need consideration:
      1. The Education loan should be for higher studies. For what is covered in higher studies, you have to refer to Section 80E and check whether course opted for by you falls under the list of courses provided.
      2. Exemption is available only for interest part and not for the principal part.
      3. It is available till the total loan is repaid or upto a maximum of 8 years.

    • Interest on loan taken for education purpose is exempt from Tax under Section 80E of the income tax act. However, following points need consideration:
      1. The Education loan should be for higher studies. For what is covered in higher studies, you have to refer to Section 80E and check whether course opted for by you falls under the list of courses provided.
      2. Exemption is available only for interest part and not for the principal part.
      3. It is available till the total loan is repaid or upto a maximum of 8 years.

  556. Good useful information, well compiled.
    Will be helpful if clarifies who must file ITR and who need not? If the income falls below the stipulated income of any category, is it necessary to file IT Returns or one need not?

    • An individual need not file income tax return if his income is less than the maximum exemption limit. However, in case of Partnership Firm, company etc it is compulsory to file. Please refer to section 139 of income tax act.

  559. Pl. confirm there is any rebate on expenses on medical treatment. done on cardio treatment or any other operation or any diagnosis / various testings charges.

    regards,
    anil dani
    9414771361

    • Yes you are eligible for deduction under Section 80DDB. Rs. 40,000 or the amount spent on her treatment which ever is less. But, check whether disease should fall under list provided under Section 11DD of income tax act. Please check

      If age is 60 to 80 then Rs. 40,000 written above should be read as 60,000.
      If age is above 80 years Rs. 40,000 written above should be read as 80,000

  562. Dear sir
    I fill all document related this email..
    So please if any mistake please inform me .
    Thanks and Regards
    Ajay Pratap Singh

  563. NOTICE SENT BY YOU TO ME UNDER SECTION 143 (1) IS NOT CLEAR.
    PLEASE MAKE IT CLEAR THE DEFICIENCY SO THAT I MAY CLEAR / FULFILL IT.

    • I seems that you have received a notice under Section143(1) of the Income Tax Act. It is just an intimation that the details of incomes filed by you in your income tax return match with the records of Income tax department or not. It gives you side by side information to you in two columns that what you have filed as your income and what department has calculated your income to be. Please match these and you will get to know whether it is ok or not and whether you have to pay any amount or refund due to you. If still there is any doubt please write to me on the above email alongwith a copy of the notice.

  565. I am serving on defence( indian army) and my annual income is 300000 above ,how much it will be deduct.

  566. House maintenance i.e.patial construction and painting.
    Interest gain i.e.maturity gain on fix deposit .

  569. Sir
    Iam working in limited company
    My Anum package 5.4 lakhs
    How much incom tax i will pay and wich type of tax benfits i will choose i had no lic s and no loans
    Please suggest me better tax benfit schemes
    Sk Abdul Hameed
    Sr Engineer
    Megha Engineerings and infrastructures Ltd

  570. I am an income tax payer under salaried group.my daughter aged 2.5 years is an autistic having above 40% disability.am I eligible for tax relief under section 80DD?and if so how much? Kindly enlighten me.

    • Yes you are eligible for deduction under Section 80DDB. Rs. 40,000 or the amount spent on her treatment which ever is less. But, check whether disease should fall under list provided under Section 11DD of income tax act. Please check

  571. Its excellent inform which most of us are not aware. Knowing information is always advisable than depends on other. Please update the information.Thanks a ton.

  573. It is a welcome initiative to educate the tax payers.However.no mention is seen about the Standard Deduction and tax on interest,declared by the Hon.FM in the Budget speech.As a retd employee.I am eager to know of these items for a more realistic estimation of my next years tax liability.

    • From this year, standard deduction of Rs. 40,000 is available under salary head. Since, you are earning pension and it is taxed as salary only, you are eligible for such deduction. You may write to me for any further clarification with full details of your income.

  575. In India, we have categorised our citizens by giving names according to the age groups as under:

    1 Age group of persons upto 60 years of age: CITIZEN
    2 Age group of persons from 60 + to 80 years: SENIOR CITIZEN
    3. Age over 80 years : SUPER SENIOR CITIZEN.

    My suggestion is to classify the persons of age 80 years or more as ‘SUPER CITIZEN’ instead of Super Senior Citizen.

    ,

  578. Last year individual tax payers were eligible for a rebate(discount) in tax upto Rs.5000. Do it continues this year.

  579. How can I get tax benefit as the same is being deducted directly by my pension disbursing office. How much money I must invest to get the tax benefit and what are the papers to be produced as proof of investment.

    • Your pension is taxed as salary only. whatever TDS your department has done, the benefit of that you will get when you file your income tax return. From the total tax due on your income you have to deduct TDS and only balance has to be paid by you. Please furnish full details of your income so that I can advise you better.

  581. Informative and useful BUT some of the information particularly regarding ‘Income Tax Due Dates’ are old. Please note that most of them have been revised.
    e.g. 15th Jan, May, July, Oct. File Quarterly Return of TDS/TCS > Changed to 30th Jan, May, July, Oct

    30th of Jan, May, July, Oct. Issue Quarterly TDS/TCS Certificate (Other Than Salary>Changed to 15th of Feb, June, Aug, Nov.

    Please update the information as per latest amenments.

    There are many changes in regard to Filing of Income Tax Returns from FY: 2018-19

  584. Very usefulness information. Thanks for it. I am 73+ and submitted 15H to my SBI Branch Manager on 3rd April 2018 for assessment year 2017-18 even though Bank has recovered TeX on every payment of my FD. I have taken the matter to Branch Manager twice but all in vain. Now will you kindly let me know to whom I will take the matter & how to get refund from bank without filling return. Thanks.

  589. As on what date a man is to be treated as a senior citizen ? whether a man completing his age of 60 years on 28.03.2018 is a senior citizen for F Y 2017-18,or Assessment year 2018-19 and entitled for all the benefit and exemptions given to a senior citizen ?

  590. I have three bank account and how many transaction limit in income tax .after pay income tax pls give me information.

  591. I work in health department from 1st of April my salary is doubled by 6th pay commission I have housing loan to claim and wht else can I produce to make my tax nil pls help

  593. Thanks for very useful information. please try to provide inforrmation about incidence of tax in case of income from sale mutual fund investments.

  595. Very conzise and informative. Would be useful if the details of eligible deductions and their limits are indicated.

  596. Sir I have a house building loan from my employer and I submitted the Work completion but they rejected that work completion. Am I eligible for rebate in income tax.

  597. Dear Sir,
    I have received around RS.18 lacs into my personal account towards running an orphanage. Orphanage has audited accounts. How can I file the income tax returns ? Please advise by sending a personal reply.

    • If you are not doing any job, it seems you do not have any income too. Need not file an income tax return.

  599. Sir,I am retired and getting my pension through SBI.They have deducted TDS from my pension of March paid April.When I approached the branch to give undertaking in r/o saving for the year 2018-19, the dealing hand refused to take it, rather asked me to produce proof of savings.How is it possible to save for the whole year from the pension of Rs 34000/ pm in the first month of the financial year. Please guide.

    • Income from pension is taxable as salary only. Your annual pension @34,000 per month comes to Rs. 4,08,000. So, it is taxable. You have to file income tax return and whatever amount of tax comes due on you, you will get set off TDS deposited on your behalf by the bank. So, Bank employee is correct.

  600. The details relating to income tax slabs are very useful,but can you make details of exemptions available u/s 80C,80D,80E etc for individual tax payers. Now a days many people take out Mediclaim policy or private pension plans or invest in mutual/equity funds through SIP. I think this would help lot of income tax payers to plan their tax liability before hand. I had also raised this point in my previous reply and you had said you would do so in future articles,but it seems it has been overlooked.

  602. The details relating to income tax slabs are very useful,but can you make details of exemptions available u/s 80C,80D,80E etc for individual tax payers. Now a days many people take out Mediclaim policy or private pension plans or invest in mutual/equity funds through SIP. I think this would help lot of income tax payers to plan their tax liability before hand. I had also raised this point in my previous reply and you had said you would do so in future articles,but it seems it has been overlooked.-Same query as Mr. AVINASH

  604. My brother is senior citizen and 70percent disability certified by civil surgeon & depentendent upon me. Can I claim RS.75000/ as allowance for his treatment

    • for huf account we submitted form 15G as income of huf in less than 2.5 lacs. but bank did not honoured and deducted TDS. what is your comment pl.

  607. 1) Great people. Cannot upload necessary return forms upto 30th April although the dates start from 1st April..
    2) Instructions issued after 30 days of from new financial year.
    This is in spite of advancing budget date by one month.

  608. TDS about ₹24000 deducted but not deposited by decductor.
    Taxable income nil
    TDS has been withheld for no fault of mine I am waiting for two years.

  611. Very good information. Please also give full information regarding
    Exemptions to senior citizens under various INCOME TAX ACT

  613. I am a retired defence officer (31 Jan 2012) from Delhi . I am getting pension ,44945+DA(4095)+disability pension of13245/-minus commutation of 8900/- which comes in taxable range which l am paying as per my return annually. In the year 1986 I got a piece of cultivation land (4-9 bighas) on lease from gram Sabha dhul siras village under govt policy for soldiers/land less under 20 point program. This land was acquired by Delhi govt DDA for Dwarka project in 2002@13lakhs per acre. In 2012, I was authorised 60 percent compensation of the govt approved rate as a Aasami through Dwarka court. On 19 April 2018 I got a cheque of 15 lakhs includes from court against the compensation. On this something 1.15 lakhs TDS is also paid separately. We are five brothers and I have decided to distribut e equally among all five brothers as they didn’t have any land on their names. On query from few CAs on the tax liability on this money. they say since TDS was paid, this money will be counted in the income and my income fall in the 30 percent slab amounting to 4.5 lakhs appx. Now I am confused what to do. This we got after 15 years of Court case. Please advise m to liability of taxes . My mobile number is 09810935015 for any queries. Thanks.

    • Kindly inform the tax implication for financial year 2018 – 2019 for the following ;-
      1) dividend income from Mutual Funds
      2) Income derived from Mutual Funds
      A) by selling Within one year of holding
      B) After holding for more than 12 Months.
      An early reply by Email will be appreciated.

  615. i think it would be better if any interest income / other income is / are uploaded in 26 – AS Statement
    every month and / or every quarter , by all concerned , even if there is NO TDS ; this will help
    the assessees and also the I T Dept. to know the correct gross income , for purpose filing
    Income Tax Returns – against the assesse’s P A N which are already registered with I T Dept. ;
    assessees may not have to run to the concerned office / banks / companies etc . to obtain such
    a certificates ; all are already giving P A N while applying for F D , other Deposits , N C Ds etc. ;;;
    this will be particularly very helpful for Senior Citizens and super Senior Citizens ; I T R could be
    filed ar the earliest after the financial year is over.

  617. If anybody doing job in foreign country and he/she has no NRI account, then is he /she also come under tax?

  620. Useful information, Please tell me the due dates for taxpayers above 80 years, penalty if due date exceeded, facility to file returns for earlier FY/AY, department or other agency help to e-file returns easily for individuals

  622. You are very late to give the information relating to the FY 2018-19 The information on slab rates for FY 2017-18 given by you is misleading / incomplete. As far as I have learned is the following are the details for FY 2018-19. I may make clear that I am subject to corrections

    Slab of income tax FY 2018-19 AY 2019- 20

    I For those who are below 60 years of age
    Taxable income is Gross income Less Standard deduction Rs 40,000/
    Income up to Rs.250,000 = Nil
    Income from Rs. 2,50,001 to Rs.5,00,000 ::= 5 % of the income over Rs.2,50,000
    Income from Rs 5, 00, 001 to Rs 10,00, 000 = 12500 plus 20 % of the income over Rs 5,00,000
    Income above Rs.Rs.10,00,000 = 112500 plus 30 % of the income over Rs.10, 00, 000

    For those who have income up to Rs.3, 50, 000 rebate u/s 87 A is Rs.2500 limited to the tax amount
    Health & Education cess on net income tax at 4%
    Surcharge at 10 % of tax tor income 50 lakhs to 1 crore and at 15 % for income above one crore

    II For those who are 60 and above but below 80
    Taxable income is Gross Income Less Standard deduction Rs.40,000/-

    Income up to Rs.3, 00, 000 Nil
    Income Rs.3, 00, 001 to Rs.5, 00 000 5 % of the income over Rs. 3, 00, 000
    Income from Rs.5, 00, 001 to Rs 10, 00, 000 Rs 10,000 plus 20 % of the income over Rs 5, 00, 000
    Income over Rs 10, 00, 000 Rs 1, 10, 000 plus 30 % of the income over Rs.10, 00, 000

    For those who have income up to Rs.3, 50, 000 rebate u/s 87 A is Rs.2500 limited to the tax amount
    Health & Education Cess on net income tax at 4%
    Surcharge at 10 % of tax tor income 50 lakhs to 1 crore and at 15 % for income above one crore

    III For those who are 80 and above
    Taxable income is Gross Income Less standard deduction Rs.40,000/-
    Income up to Rs5, 00, 000 Nil
    Income from Rs 5, 00, 001 to 10,00,000 20 % of the income over Rs 5,00,000
    Income over Rs.10, 00, 000 Rs.1, 00, 000 plus 30 % of the income over Rs.10, 00, 000

    Health & Education Cess on net income tax at 4%

    Surcharge at 10 % of tax tor income 50 lakhs to 1 crore and at 15 % for income above one crore

    • Very helpful information.

      Please help to know income tax on interest earned on fixed deposits in respect of below 60 years age, above 60 yrs but less than 80 yrs and 80 yrs and above.

      Best regards:

      S.S. Rawat

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