Income Tax Return Filing

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Income Tax Return Filing

Income tax return is a return filed with the Income tax Department which clearly shows the Income and expenditure of the tax payer and on the basis of Income and expenditure it calculate the amount on which the tax liability to be paid. And further calculation is made to pay the tax.

Tax is always paid after filing the Income tax return for any financial Year.

Income tax return should be filed on the basis of PAN; a person must have the PAN before filing the income tax return.

If an Income of any person exceeds the limit prescribed under the Income tax, 1961, then it is liability on the tax payer to file the Income tax return and pay the tax.

NIL return can also be file if you do not exceed the limit. However it is not a liability on the tax payer to file the NIL return.

Return can also be filed be filed Online with the below link: https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html

What are the form for Income tax return filing?

S.No ITR Description
1. ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
2. ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession
3. ITR 3 Income from profits and gains of business or profession from  Individuals sand HUFs
4. ITR 4 For presumptive income from Business & Profession
5. ITR 5 For persons other than:- 
(i)Individual,
(ii)HUF,
(iii)Company and 
(iv) Person filing Form ITR-7
6. ITR 6 Companies except companies claiming exemption under section 11
7. ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Income tax Slabs for A.Y 2017-2018

For Individual Tax Payers & HUF

Income tax slabs Tax rate Tax Payment
Income up to Rs 2,50,000 NIL  
Income from Rs 2,50,000 – Rs 5,00,000 10% 25,000/-
Income from Rs 5,00,000 – 10,00,000 20% 25,000+1,00,000
Income more than Rs 10,00,000 30% 1,25,000+(Total Income-1000000)*30%

Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

For Senior Citizens (60 Years Old or More but Less than 80 Years old)

Income tax slabs Tax rate Tax Payment
Income up to Rs 3,00,000* NIL  
Income from Rs 3,00,000 – Rs 5,00,000 10% 20,000/-
Income from Rs 5,00,000 – 10,00,000 20% 20,000+1,00,000
Income more than Rs 10,00,000 30% 1,20,000+(Total Income-1000000)*30%

For Senior Citizens (80 Years Old or More)

Income tax slabs Tax rate Tax Payment
Income up to Rs 5,00,000* NIL  
Income from Rs 5,00,000 – Rs 10,00,000 20% 1,00,000
Income more than  10,00,000 30% 1,00,000+ (Total Income-10,00,000)*30%

Partnership Firms/ Limited Liability Partnership (LLP)

Income range Tax rate Surcharge* EC & SHEC [% on (tax + surcharge)]
Up to Rs. 1,00,00,000 30% Nil 3%
More than Rs. 1,00,00,000 30% 12% 3%

Domestic Companies

Income range Tax rate Surcharge* EC & SHEC [% on (tax + surcharge)]
Up to Rs. 1,00,00,000 30% Nil 3%
More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000 30% 7% 3%
More than Rs. 10,00,00,000 30% 12% 3%

*Income tax rate is 29% if turnover in the previous year is below Rs. 5, 00, 00,000.

Foreign Companies

Income range Tax rate Surcharge* EC & SHEC [% on (tax + surcharge)]
Up to Rs. 1,00,00,000 40% Nil 3%
More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000 40% 2% 3%
More than Rs. 10,00,00,000 40% 5% 3%

Co-operative Societies

Income range Tax rate Surcharge* EC & SHEC [% on (tax + surcharge)]
Up to Rs. 10,000 10% Nil 3%
Rs. 10,000 – Rs. 20,000 20% Nil 3%
Rs. 20,000 – Rs. 1,00,00,000 30% Nil 3%
More than Rs. 1,00,00,000 30% 12% 3%

Income tax slabs for A.Y. 2018-19

For Individual Tax Payers & HUF

Income tax slabs Tax rate Health and Education
Cess (HSEC)
Tax Payment
Income up to Rs 2,50,000 NIL -  
Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Income Tax 12,500+4% of Income Tax  as HSEC
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax 12,500+1,00,000+4% of Income Tax  as HSEC
Income more than Rs 10,00,000 30% 4% of Income Tax 1,12,500+(Total Income-1000000)*30%+ 4% of Income Tax  as HSEC

Applicability of Surcharge:

  • where total income exceeds Rs.50 lakh but up to Rs.1 crore, surcharge is applicable to 10% of income tax,
  • where total income exceeds Rs.1 crore, surcharge is applicable to 15% of income tax

For Senior Citizens (60 Years Old or More but Less than 80 Years old)

Income tax slabs Tax rate Health and Education Cess Tax Payment
Income up to Rs 3,00,000* NIL    
Income from Rs 3,00,000 – Rs 5,00,000 5% 4% of Income Tax 10,000+4% of Income Tax  as HSEC
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax 1,10,000+4%of Income Tax  as HSEC
Income more than Rs 10,00,000 30% 4% of Income Tax 1,10,000+(Total Income-1000000)*30%+ 4% of Income Tax  as HSEC

For Senior Citizens (80 Years Old or More)

Income tax slabs Tax rate Health and Education Cess Tax Payment
Income up to Rs 5,00,000* NIL    
Income from Rs 5,00,000 – Rs 10,00,000 20% 4% of Income Tax 1,00,000+4% of Income Tax  as HSEC
Income more than  10,00,000 30% 4% of Income Tax 1,00,000+(Total Income-10,00,000)*30%+ 4% of Income Tax  as HSEC
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