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MOST IMPORTANT POINTS YOU MUST KNOW BEING AN INCOME TAX PAYER

Attention Taxpayer’s, We are heading toward the new financial year 2017-18. Here are the most important points you must know being an 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 DATES 10 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
  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

 

Army Jawan commits suicide by hanging self

A 31-year-old Army jawan allegedly committed suicide by hanging himself to the ceiling, police said today.

The deceased Krishna Nagu Kolhe hailed from Kolhapur and was working at the MT Park unit in Devlali near here, an official of Devlali camp police station said.

He took the extreme step last evening by hanging himself from the ceiling at the car shed of the unit, the official added.

According to the officer, Kolhe had recently been transferred to Devlali from Rajasthan.

A case has been registered and a probe was on, the officer added.

Himachal CM flags off electric bus services in #Shimla

Shimla, Feb 17 (PTI) Chief Minister Jai Ram Thakur today flagged off the electric bus service of the Himachal Road Transport Corporation (HRTC).

Eleven buses were flagged off for local destinations on nine different routes from the State Secretariat here by Thakur.

He said the Centre would bear 90 per cent cost of the electric bus operations and the state will have to fund the rest.

“The buses are being plied under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme of the Government of India in 90:10 ratio,” Thakur said.

There would be no change in the fares, which would be the same as of those charged by HRTC taxis already operating within the Municipal Corporation limits of the town.

As many as 50 buses have been provided to the state under the scheme.