What you MUST KNOW BEING AN INCOME TAX PAYER

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Dear Taxpayer's,  We are heading toward a new financial year 2017-18. Here are the most important points you must know being a 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.

 

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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 DATES10 DAYS (FOR VERY LARGE TAX PAYERS)
Tax on Turnover of every month From 1st to 10th From 11th to 20th From 21st to End of Month	Deposit VAT up to 15th of every month 25th of every month 5th of next month
15 Days ( FOR LARGE TAX PAYERS)
From 1st to 15th From 16th to End of Month	20th of every month 7th of Next Month
Monthly
1.    Monthly	14th of every month
Quarterly
Monthly	14th of next month (Below Rs. 20 thousand in a year)
Return Filling Dates
15th August, 15th November 15th February, 30th May 30th June 31st  December	Deposit of Quarterly Vat E- Return ( Vat-10 ) Vat Annual  Return  ( Vat-11) For composition dealer 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

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