Skip to main content

Income Tax Slab Rate - 2018

Best SIP Funds to Invest Online 


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 SlabTax Rate
Income up to Rs. 2,50,000*No Tax
Income from Rs. 2,50,000 – Rs. 5,00,0005%
Income from Rs. 5,00,000 – 10,00,00020%
Income more than Rs. 10,00,00030%
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 SlabTax Rate
Income up to Rs. 3,00,000*No Tax
Income from Rs. 3,00,000 – Rs. 5,00,0005%
Income from Rs. 5,00,000 – 10,00,00020%
Income more than Rs. 10,00,00030%
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 SlabTax 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 – 10,00,00020%
Income more than Rs. 10,00,00030%
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 SlabTax 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 MonthPay 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 AprilDeposit 15G/15H Forms
30th of AprilDeposit TDS/TCS Deducted in March
31st of MayIssue Yearly TDS Certificate of Salary

Income Tax Due Dates

15th JuneDeposit Advance tax Corporate Assesse
15th Sep. Dec. MarchDeposit Advance tax
31st MarchLast Date for filling of belated return or revise return in some cases
31st JulyLast Date of Return Filling for non-audit cases.
30th SeptemberLast Date of Return Filling for audit cases.


Service Tax Due Dates

5th Of Every MonthDeposit Service Tax of Company/ Society.
6th July, 6th Oct, 6th Jan, 31st MarchDeposit Quarterly Service Tax of individual/ Partnership firm.
31st MarchDeposit Quarterly Service Tax of individual/ Partnership firm & Monthly for Company & Society
25th AprilFile 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

  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
  • 15th August, 15th November
  • 15th February, 30th May
  1. 30th June
  2. 31st  December
  • Deposit of Quarterly Vat E- Return ( Vat-10 )
  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 taxpayerDue date
1Any 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
2Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92ENovember 30 of the assessment year
3Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other lawSeptember 30 of the assessment year
4A working partner of a firm whose accounts are required to be audited under this Act or under any other lawSeptember 30 of the assessment year
5Any other assesseeJuly 31 of the assessment year


SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich

For further information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now