Income tax slab rate for A.Y. 2018-2019

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

Income below 2,50,000	Nil
Income Exceeds 2,50,000 but up to 5,00,000	5 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. 12,500 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000	Rs. 1,12,500 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	5 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. 10,000 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000	Rs. 1,10,000 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. Education Cess 3% of income tax + surcharge for A.Y. 2018-2019. (4% for A.Y. 2019-2020)
2. Tax rebate of Rs. 2500 Under section 87A of income tax Act, 1961 only for individual having total income upto Rs. 3,50,000. (This rebate not for HUF)
3. Surcharge: 1. 10% of tax where total income exceed of Rs. 50 lakh.
                             2. 15% of tax where total income exceed of Rs. 1 Crore.


Tax rate for Partnership Firm:

• A Partnership firm (including LLP) is taxable at 30%

Plus: 

• Surcharge: 12% of tax where total income exceeds 1 Crore.
• Education Cess:  3% of income tax + surcharge

Penalty on late filing of Income tax return

From Assessment year 2018-2019 assesee have to pay late fees under section 234F, if assessee does not furnish the ITR on time. The taxpayer shall now be required to pay late filing fees U/s 234F.

Now be described Section 234F of Income tax Act, 1961: -

• If an assessee fails to file return on time prescribed  U/s 139, he shall pay, by way of fees, a sum of,-

1. rupee five thousand (Rs. 5000/-) if the return is not filed on or before 31st Dec. of A.Y.;
2. rupee ten thousand (Rs. 10000/-) if return filed after 31st Dec. of A.Y.

• If total income of person does not exceeds Five Lakh rupees (Rs.5,00,000/-) then late filing fees shall not exceeds one thousand rupees (Rs. 1000/-).

Changes in New ITR Forms for A.Y. 2018-2019

•  New ITR Forms requires detailed calculation of Income from Salary. The assessee may get these information from Form-16 issued by the employer.

•  Non resident assessee shall not be able to filed the ITR-1. A Non resident assessee will have to choose other form ITR-2 or ITR-3 to file the return of Income tax for A.Y. 2018-2019

• For A.Y. 2018-219 an individual or an HUF, who is a partner in a firm shall be required to file his ITR in form ITR-3. (Last Year they have option to file ITR-2)

• New ITR form allow non-resident to furnish details of any one foreign Bank A/c for the purpose of Income tax Refund. ( In Previous years we have option only for Indian bank to received Income tax Refund)

• A very good change done by income tax department in ITR-4. That is, those assessee file ITR-4 requires to provide the aggregate turnover reported by him in GST return. If any difference is found in turnover reported in GST return and ITR, presumptive taxpayers can expect a notice from deptt. to explain the mismatch in turnover. 

• In New ITR-4 more reporting will be required. In the form details of 14 financial particulars of business seeks from assessee as given below

Here Sundry creditors, Inventories, sundry debtors and Cash in hand are mandatory filed and all other are required if available.

Section u/s 80C:- An Individual or HUF Assessee may entitled to avail deduction up to Rs.150000/- on certain investment, which are described as below: -

1. Life insurance Premium of (a) Self, spouse and any child in case of individual and (b) any member in case of HUF.

2. As contribution to Public Provident fund (PPF), in the name of self, spouse and any child in case of individual and any member in case of HUF.

3. As contribution by an employee to a recognized provident fund and approved superannuation fund.

4. Any sum deposited in SUKANYA SAMRIDHI ACCOUNT, for any girl child of individual.

5. Subscription to the National saving scheme( NSC issued by post offices)

6. Tuition fees (excluding development fees, donation and etc.) to any university, college and school of any two children of individual.

7. Fixed deposit for 5 years or more with scheduled bank or Post offices.

8. Contribution to any Mutual fund and pension fund referred U/s 10(23D).

9. Payment of PRINCIPLE AMOUNT towards housing loan. (Purpose of housing loan is for purchase or construction of residential  house property)

10.Investment in ULIP Plans and LIC Mutual fund as notified by government.

How to pay income tax online

           1.  Select Challan No.280 from the given link ( https://onlineservices.tin.egov-    nsdl.com/etaxnew/tdsnontds.jsp)
      2. Now fill your all details. For better understanding a format given below in this post.
      3.Check all information before proceeding.
      4. When you submit the challan, it will  redirect you to internet banking portal,
      5. After that you fill amount in income tax column and if you have any interest on it then fill amount in the interest column.
       6. A challan receipt will be generated after successful  payment.

Format of challan: For individual assesee follow below mentioned instructions and select tick boxes as shown.

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)