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

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...

SBI bonds FAQ

  Maximum retail subscription and over – subscription There is a lot of excitement around these bonds, so I won't be surprised if they get over-subscribed on the first day itself. So, I thought Sameer asked a very good question about over-subscription. Here is that discussion. Here are some other questions that you may find useful. Can I trade the SBI bonds on NSE after it lists? Yes, these can be traded after listing. Where can I get the application forms, and can I buy the bonds online? You can get the application from notified branches, and then fill it up there and submit it. To the best of my knowledge, there is no way to invest in them online, but if anyone knows otherwise then please leave a message, and let us know. Can NRIs apply for these bonds? NRIs can't apply for these bonds as they fall under one of the ineligible categories. Can you take a loan by keeping the SBI bonds as security? The terms of the issue in the prospectus state that the bank shall no...

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...

Fortis Mutual Fund

Fortis Mutual Fund, a relatively new player, it is still to prove its case and define its position in the industry. In September 2004, it came onto the scene with a bang - three debt schemes, one MIP and one diversified equity scheme. And investors flocked to it. Going by the standards at that time, it had a great start in terms of garnering money. Mopping up over Rs 2,000 crore in five schemes was not bad at all. The fund house has not been too successful in the equity arena, in terms of assets. Though it has seven equity schemes, it is debt and cash funds that corner the major portion of the assets. Most of the schemes are pretty new, and the two that have been around for a while have a 3-star rating each. The last two were Fortis Sustainable Development (April 2007), which received a rather poor response, and Fortis China India (October 2007). Fortis Flexi Debt has been one of the better performing funds, after a dismal performance in 2005. It currently has a 5-star rating. None ...

Equity investors should track market developments

The stock markets have been volatile over the last few days. They are in a sideways movement and trying to find the bottom after a fall of 20 percent a week ago. The market sentiments are not very positive at the moment and the recent developments are expected to dampen them further. Globally, governments and central banks are trying to cut rates and announce packages to improve business sentiments. These are some of the major developments in the markets last few month: A) Global On the global front, another large US bank went into a financial crisis. The US government took quick measures to avoid the spread negative sentiments in the markets. The US government announced a bail-out package and agreed to shoulder the losses on the bank's risky assets. China announced a large cut in interest rates and reserve ratio to boost the investor sentiments in the markets. Recently, the World Bank announced China's growth rate next year will come down to 7.5 percent. The European ...
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