Income Tax rate are decided in budget in every year. Some time it come with some change in tax slab rate or some time some other levy of exemptions.
Here i come with Income Tax Slab Rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19)
INCOME TAX SLAB FOR INDIVIDUAL & HUF (Less Than 60 Years)
Here i come with Income Tax Slab Rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19)
INCOME TAX SLAB FOR INDIVIDUAL & HUF (Less Than 60 Years)
| INCOME TAX SLAB | TAX RATE |
|---|---|
| Income Upto 2,50,000 | NIL |
| Income from 2,50,000 - 5,00,000 | 5% |
| Income from 5,00,000 - 10,00,000 | 20% |
| Income above 10,00,000 | 30% |
INCOME TAX SLAB FOR SENIOR CITIZEN ( 60 Year Or More but Less Than 80 Year)
| INCOME TAX SLAB | TAX RATE |
|---|---|
| Income Upto 3,00,000 | NIL |
| Income from 3,00,000 - 5,00,000 | 5% |
| Income from 5,00,000 - 10,00,000 | 20% |
| Income above 10,00,000 | 30% |
INCOME TAX SLAB FOR SUPER SENIOR CITIZEN ( 80 Year Or More )
| INCOME TAX SLAB | TAX RATE |
|---|---|
| Income Upto 5,00,000 | NIL |
| Income from 5,00,000 - 10,00,000 | 20% |
| Income above 10,00,000 | 30% |
Surcharge : 10% of Income Tax, where total income exceeds Rs.50, Lakh upto Rs.1 Crore.
: 15% of Income Tax, where the total income exceeds Rs.1 Crore.
Higher Education and Secondary Cess : 3% of Income Tax
# Rebate of Income Tax in case of Certain Individuals (Section 87A)
You can claim the rebate if you satisfy both the following conditions:
· You are a Resident Individual; and
· Your Total Income Less Deductions (under Section 80) is equal to or less than Rs 3,50,000. (Rs. 5,00,000 up to AY 2017-18)
The rebate is limited to Rs 2,500. (Rs. 5,000 till AY 2017-18) Which means if the total tax payable is lower than Rs 2,500, such lower amount of tax will be the rebate under section 87A. This rebate is applied on total tax before adding Education Cess.# Penalty for Late Filing of Return [Section 234 F]
This change is one of the most notable changes done in Income Tax. There had been no late fee or penalty for delayed filing of Returns. Income Tax Department was quiet lenient in this regard.
If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as follows
Amount Of Penalty
For person with Total Income of more than Rs. 5,00,000
1. If ITR is filed after due date but on or before 31st December 5,000
2. If ITR is filed after 31st December but upto 31st March 10,000
3. No Return Filing is possible after 31st March of AY.
For person with Total Income of less than Rs. 5,00,000 – Rs. 1,000 (up to Mar 31st of AY)
Penalty is not applicable if ITR is filed before due date but verification is done after the due date.
In addition to the penalty interest under Section 234A is also levied on late filing of Income Tax Return.
# Insertion of Section 269ST
| PROVISION OF SECTION 269ST | No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account. |
|---|---|
| EXCEPTIONS | (a) Government; (b) any banking company, post office savings bank or co-operative bank; (c) transactions of the nature referred to in section 269SS; (d) Such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. |
| PENALTY FOR NON COMPLIANCE SECTION 271DA | If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner. |
Most of us would have heard this section as this was one of the highly discussed topic after the Budget Speech of 2017.
This section applies on the person receiving payment in excess of Rs. 2,00,000.
| TURNOVER PARTICULARS | TAX RATE |
|---|---|
| Gross Turnover up to 50 Cr. in the Previous Year | 25% |
| Gross Turnover Exceeding 50 Cr. in the Previous year | 30% |
In addition cess and surcharge is levied as follows :
Cess : 3% of Corporate tax
Surcharge : Taxable Income is more than 1 Cr. but less than 10 Cr. - 7%
Taxable income is more than 10 Cr. - 12%
