Section 87A :Rebate of Income-Tax in case of Certain Individuals

An individual (resident) assessee, whose total income does not exceed Rs. 5,00,000/- in A.Y. 2017-18 (i.e. F.Y. 2016-17), shall be entitled to a deduction of Rs. 5000/- or income tax on such income. Whichever is lower.

For Assessment Year 2018-19 (i.e. Financial Year started from 01.04.2017 to 31.03.2018),  An individual (resident) assessee, whose total income does not exceed Rs. 3,50,000/- after deduction , shall be entitled to a deduction of Rs. 2500/-. or income tax on such income, Whichever is lower.

Illustration:-

                                           

Income tax slab rate for A.Y. 2017-2018 (i.e. from 01.04.2016 to 31.03.2017)

For Individual (Male or Female both below age of 60 Year.), HUF and Non resident Indian.

Income below 2,50,000	Nil
Income Exceeds 2,50,000 but up to 5,00,000	10 per cent of the amount by which total income exceeds Rs. 2,50,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000	Rs. 25,000 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000	Rs. 1,25,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000

For Individual Senior citizens (individual Who is age of 60 Year. or more but less then 80Year.)
 

Income below 3,00,000	Nil
Income Exceeds 3,00,000 but up to 5,00,000	10 per cent of the amount by which total income exceeds Rs. 3,00,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000	Rs. 20,000 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000	Rs. 1,20,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000

For Individual Super Senior Citizen  (individual who is age of 80 year. or more)

Income below 5,00,000	Nil
Income Exceeds Rs. 5,00,000 but up to 10,00,000	20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000	Rs. 1,00,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000

Note:-   1. 15% Surcharge on individual, HUF , if total income exceeds Rs. 1 Crore.(Marginal relief if applicable)
2. Education Cess 3% of income tax.
3. Tax rebate of Rs. 5000 Under section 87A of income tax Act, 1961 only for individual having total income upto Rs. 5,00,000. (This rebate not for HUF)

NEW SCHEMA OF ITR-1 (SAHAJ) AND ITR-4S (SUGAM)

Central board of direct tax inserted two new column in ITR -1 and ITR-4S return form which is as follows: -

1. Whether you have Aadhaar No. or not. 

            If assessee provide aadhaar no. in return form then you get a code on your registered mobile no. which is used for electronic verification code (EVC) system. After EVC  assessee have not required to send his ITR-V (Acknowledge) to CPC, Banglore. 

2. Detail of all Bank Accounts held in India during Previous year(Excluding dormant account)

            Bank Accounts Details provided in ITR return form as follows:-

             a) Total No. of Saving and Current account both.

             b) IFS code of Bank.

             c) Name of Bank

             d) Account No.

             e) Type of Account.

Here is two column for Bank account details

One Column for that bank account which is use for refund.

And another column is for all other bank accounts details.

EXTENSION DATE FOR FILING RETURN OF INCOME FOR A.Y. 2015-2016

The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned. 

ITR-1 AND ITR-4S AVAILABLE FOR A.Y. 2015-2016

Software for preparing ITR-1 and ITR-4S in Java, Excel and online for A.Y. 2015-2016 are now available for e filing. Assesee may also filed and submitted these forms after logging to the E-filing Website.
For Excel utilities, java version and online filing, kindly open the below link.
CHECK BELOW LINK:-
https://incometaxindiaefiling.gov.in/

INCOME TAX RATE FOR A.Y. 2015-2016 OTHER THAN INDIVIDUAL/HUF

Co-operative Society: -
Where the taxable income does not exceed from Rs. 10000/-                             10% of the income
Where the taxable income exceed Rs. 10000/- but up to Rs.20000/-                  Rs. 1000+ 20% of income
                                                                                                                          in excess of Rs.10000/-
Where the taxable income exceed Rs. 20000/-                                                   Rs. 3000 + 30% of income
                                                                                                                         in excess of Rs. 20000/-

Partnership Firm: -

Income Tax: - 30% of taxable income

Local Authority: -

Income Tax: - 30% of taxable income

Note:- 1. Surcharge on above mentioned assessee: - 10% of the income tax, (where taxable income is more than Rs. 1 Crore (Marginal relief in surcharge, if applicable * See Note mention below)
2. Education Cess 2% and Secondary Higher Education cess 1% on total Income tax plus surcharge.

Domestic Company: -

Income Tax: - 30% of taxable income
Surcharge : -
At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 10% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Company other than a Domestic Company (Foreign Company): -

1. @ 50% of on so much of the taxable income as consist of 
(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or 
(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

2. @ 40% of the balance

Surcharge:- At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess @ 2% and Secondary Higher education cess 1% of the total of Income Tax and Surcharge.


Marginal Relief: -
When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

USE OF RETURN FORM ITR-2

Who can use this Return Form: -
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the includes:-
(a) If income from salary, HP and Other source more then Rs. 50 Lakh.
(b) Income from Salary / Pension; or
(c) Income from House Property; or
(d) Income from Capital Gains; or
(e) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
(f) Agriculture income more then Rs. 5000/-
(g)Income of the person as partner in the firm.

Note: -  Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Person cannot use this Return Form: -
This Return Form should not be used by an individual whose total income includes Income from Business or Profession.