Income Tax Slab Rates AY 2018-19 and 2017-18
The income tax is applicable for all the people in the world who are a business enterprise, an employee who is earning salary need to pay the levy. The government utilizes the gathered tax amount for the growth of defense, infrastructure and others in the country development. Mainly, the income tax counted by the government constant income source has to enable diverse, comprehensive services in the nation. The income tax utilized for providing government sector workers monthly salary.
Income tax calculation:-
The income tax specifically calculated differently based on the individual income type, age, and income amount, etc. The income tax calculation from the sale and the person need declaring the total income of earning and the entire deductions. The government enables the individual to represent the exemption on particular investment types. Here, you can know the income tax slab assist you to calculate the income taxable for the entire income slabs types. Some of the categories like firm, super senior citizen, senior citizen, individual resident below 60 years of age, local authority, co-operative society, any HUF, BOI, AJP, NRI, HUF, domestic firm turnover around Rs.50 Cr, domestic firm turnover above Rs.50 Cr, etc.
Difference between financial (FY) year and Assessment year (AY)
Generally, in India Financial years starts from April 1st and ends on March 31st. but Modi govt decided it from 1st January but not officially worked for them.
Tax should be calculated after the Financial year ends ex: see the table below.
2017 April 1st to March 18,
|Financial year||Assesment year|
AY 2018-19 file date
Income tax slab for AY 2018-19
|Income tax slab||Indivduial; below 60 years||60-79 years||80+|
|Up to 2,50,000||Nil||Nil||Nil|
|251K to 300K||5%||Nil||Nil|
|301K to 500K||5%||5%||Nil|
|501K to 1M||20%||20%||20%|
|1M (10 Lakhs) above||30%||30%||30%|
|Taxable income below 60 years||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%|
Income Slabs and Tax Rates of individual resident:-
- The taxable income, which does not exceed Rs. 2,50,000/-.in the tax slab NIL
- Where the taxable income above Rs. 2,50,000/- but, it does not extend above Rs. 5,00,000/ as.5% of the amount of taxable income above Rs. 2,50,000/-.
- Tax Relief u/s 87A – The taxpayers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
- Where the taxable income above Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
- The taxable income exceeds Rs. 10,00,000/-. Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
- The income tax 10% that where the tax income exceeds Rs.50 lacs and around Rs.1 Cr. The surcharge and income tax amount doesn’t increase payable income tax on the income of Rs.50 lacs by the taxable income increase.
- The income tax 15% that where the tax income exceeds Rs.1 Cr. The surcharge and income tax doesn’t increase payable income tax on the income of Rs.1 Cr exceeds the taxable income amount.
- The education tax gets around 3% of the total income tax as well surcharge.
Income tax Slabs and Tax Rates of senior citizen:-
- The taxable income doesn’t above Rs. 3,00,000/- that tax rate shows NIL
- The taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-5% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
- Tax Relief u/s 87A – The taxpayers having the total income that not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
- The taxable income exceeds Rs. 5,00,000/- but it doesn’t go above Rs. 10,00,000/-Rs. 10,000/- + 20% of the amount by which the taxable income increases Rs. 5,00,000/-.
- Where the taxable income increases Rs. 10,00,000/- 110,000/- + 30% of the amount by which the taxable income increases Rs. 10,00,000/-.
Self-employment, small business owners landlord may have to file OTR Quarterly like companies. income tax slabs
ITR quarterly deadline
income tax calendar 2017-18
- June 30th,
- September 30th,
- December 31
- March 31st
Due dates for filing TDS for AY 2017-18
ITR late fee from AY 2018-1 9 penalty of 10,000 INR according to the 234F section of IT Act.
If the return filed after due to within December 31st then 5000 INR fee will charge.
Some taxpayers below 5 lakhs fee will not be exceeded to 1000 INR.
LLP & Domestic PVT: 30%
Foreign company 50%
income tax slabs, income tax slabs