Income Tax Return Filing – Sid & Associates

Sid & Associates

Income Tax Rates A.Y. 2018-2019

Income Tax Slab Rate for A.Y 2018-19 for Individuals

Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Taxable income	Tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 – Rs. 5,00,000	5%
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Taxable income	Tax Rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Additionally:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Income Tax Rate for Partnership Firm

A partnership firm (including LLP) is taxable at 30%.

Additionally:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Income Tax Rates for HUF/AOP/BOI/Artificial juridical person

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Additionally:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Income Tax Rate for Local Authority

A local authority is taxable at 30%.

Additionally:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Income Tax Rate for Domestic Company

A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

Additionally:

Surcharge: 7% of tax where total income exceeds Rs. 1 crore. 12% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

Income Tax Rate for Foreign Company

A foreign company is taxable at 40%

Additionally:

Surcharge: 2% of tax where total income exceeds Rs. 1 crore. 5% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

Income Tax Slab for Co-operative Society

Taxable income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%

Additionally:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Advance Tax Payment Dates:-

DUE DATE	ADVANCE TAX PAYABLE
On or Before 15th June	15% of Advance Tax
On or before 15th September	45% of Advance Tax
On or Before 15th December	75% of Advance Tax
On or Before 15th March	100% of Advance Tax

Income Tax Returns and Forms

ITR-1 Form Filing – Income Tax Return

ITR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.
Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

ITR-2 Form Filing – Income Tax Return

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.
Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 Form Filing – Income Tax Return

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR-4 SUGAM Form Filing – Income Tax Return

The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

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