Filing ITR – FY 2025-2026, FY 2020-21 (AY 2021-22), FY 2019-20 (AY-2020-21) & Frequently Asked Questions

Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow

Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow

Story by Sneha Kulkarni

Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow

Before you begin filing your income tax return (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27), you should gather the necessary documents, verify your income details and choose the correct tax regime and ITR form. The Income Tax (I-T) Department has advised taxpayers to file their returns well before the due date to avoid last-minute rush. Here are 10 things to keep in mind before filing your ITR, as advised by the Income Tax Department in a social media post on X (formerly Twitter).

  1. Choose the correct tax regime

After considering deductions and exemptions available to you, compare tax liability under both regimes and select the appropriate regime that can help you minimise your tax outgo.

  1. Select the right ITR form

Using the correct ITR form is very important. There are seven types of ITR forms in India. The correct form depends on your residency status, income sources and the total income amount. Note that filing your return using the wrong form may result in the return being treated as defective by the Income Tax Department.

  1. Check AIS and Form 26AS carefully

Before filing your income tax return, make sure to download and review your Annual Information Statement (AIS) and Form 26AS. Compare the details with your own records. If you notice any mismatch, reconcile it before filing your return.

  1. Keep all important documents ready

Keeping all your documents handy can make the income tax return filing process much smoother. Keep the following documents ready before you start:

  • Form 16 issued by your employer
  • Bank statements
  • Interest certificates from banks and post offices
  • Investment and deduction proofs, wherever applicable
  • Details of other income, if any
  • These documents will help you report your income accurately.
  1. Verify pre-filled information

The Income Tax Department provides several details in pre-filled ITR forms. However, do not assume that every detail is correct.

Verify your personal information, including your name, PAN, Aadhaar number, bank account details, email address as well as the mobile number.

Also ensure that your Aadhaar is linked with your PAN card.

  1. Claim deductions correctly

If you are eligible to claim deductions under the old tax regime or any other applicable provisions, ensure that you enter the correct amounts. Cross-check your investment and expenditure details before submitting the return.

Incorrect reporting of deductions may lead to an additional tax demand or a delay in processing your return.

  1. Do not provide incorrect information to claim a higher refund

Note that over deductions, under-reporting income or furnishing incorrect details merely to receive a larger tax refund is illegal. Any mismatch may attract scrutiny or notices from the Income Tax Department.

  1. File your ITR before the due date

It is always better to file returns before the due date. Filing early gives you enough time to correct mistakes, respond to any issues that may arise and avoid last-minute technical glitches.

  1. Avoid penalties and loss of benefits

Missing the due date may result in a late filing fee, interest on unpaid taxes and, in some cases, the loss of certain tax benefits.

  1. Complete e-verification after filing

Filing your ITR is not the final step. You must e-verify within the prescribed time limit; otherwise, it will not be treated as a valid return.

Source: The Economic Times.

ITR-7 filing begins: Income Tax Dept launches Excel utility for AY 2026-27; check who can use it

Story by Mohammad Haris

ITR Filing 2026: The income tax department has released the Excel Utility for ITR-7 for Assessment Year (AY) 2026-27, enabling eligible taxpayers to prepare and file their income tax returns offline through the income tax e-filing portal.

“Kind Attention Taxpayers! The Excel Utility for ITR-7 for Assessment Year 2026-27 is now available on the Income Tax e-Filing portal,” Income Tax India said in a post on X on Friday.

ITR-7 is applicable to entities such as charitable and religious trusts, political parties, scientific research associations, universities, educational institutions, hospitals, and other organisations required to file returns under specific provisions of the Income Tax Act.

Taxpayers can download the ITR-7 Excel Utility (Version 1.0) from the Income Tax e-Filing portal, fill in the required details offline, validate the data, generate the JSON file, and upload it on the portal to complete the return filing process.

The latest release follows the phased rollout of income tax return utilities for AY 2026-27, with the department gradually making offline filing tools available for different ITR forms.

What Is the Last Date To File ITR 2026?

Even as the income tax department has enabled ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5 forms for the assessment year 2026-27 (financial year 2025-26), the due dates for the income tax return filing this year are July 31 for individual taxpayers, August 31 for non-audit business cases, and October 31 for business cases that require audit.

The deadline for businesses that require transfer pricing reports (international transactions or specified domestic transactions) is November 30, 2026.

Under which Act will the ITR for income earned during FY 2025-26 be filed?

The ITR for income earned during FY 2025-26 will be filed for the assessment year 2026 -27 under the provisions of the Income Tax Act, 1961. Even though the filing will typically occur after April 1, 2026 (i.e., after the new Income Tax Act, 2025, has come into force), the return relates to a tax year beginning before April 1, 2026, and is therefore governed entirely by the old Act, the income tax department has said.

ITR filing: Don't let one small mistake cost you your tax refund; check these points

©The Economic Times

Filing your Income Tax Return sounds simple, until a small slip turns into a notice, a delayed refund, or an unexpected tax bill. Here's exactly what to double-check before you hit submit this year.

With the ITR filing season underway, the Income Tax Department has shared a simple checklist to help taxpayers file their returns correctly. In a post on X, the department urged taxpayers to prepare well in advance and avoid waiting until the last minute.

"A smooth ITR filing experience begins with the right preparation. Follow these Golden Rules to file your Income Tax Return (ITR) for AY 2026-27 accurately and confidently. Filing your ITR well before the due date can help you avoid unnecessary delays and last-minute rush," the department said.

Income Tax Department's 7 golden rules for ITR filing

CHOOSE THE RIGHT TAX REGIME AND ITR FORM

The department advises taxpayers to first decide whether the old tax regime or the new tax regime is more suitable for them.

It also stresses the importance of selecting the correct ITR form. Filing the wrong return form can lead to complications and delays in processing.

 MATCH YOUR INCOME DETAILS BEFORE FILING

Before submitting the return, taxpayers should download their Annual Information Statement (AIS) and Form 26AS from the Income Tax portal.

These documents help verify details such as TDS, TCS and taxes already paid. If there is any mismatch, taxpayers should contact their bank, employer or the concerned deductor and get the records corrected before filing the return.

KEEP ALL IMPORTANT DOCUMENTS READY

The department also advises taxpayers to keep all necessary financial documents handy before they start filing.

These include Form 16, bank statements, interest certificates and investment proofs. Reviewing these documents carefully helps ensure that no income or eligible deduction is missed.

CHECK PRE-FILLED INFORMATION CAREFULLY

Even if the return is pre-filled, taxpayers should not assume every detail is correct.

The department recommends verifying important information such as PAN, address and bank account details. Even a small error can lead to correction requests or delays in processing the return.

Taxpayers should also ensure that the mobile number and email ID mentioned in the return belong to them and are active. The department recommends using the mobile number linked with Aadhaar so that all official communications are received without any issues.

ENTER DEDUCTION DETAILS CORRECTLY

The Income Tax Department has reminded taxpayers to fill in deduction and exemption details accurately.

This includes providing the correct bank details, account numbers and claim amounts wherever required. The responsibility of entering the correct information rests with the taxpayer.

The department also cautioned taxpayers against believing unrealistic promises of higher tax refunds. Even if a tax professional prepares the return, taxpayers should review all the details themselves before submitting it.

DON'T WAIT UNTIL THE DEADLINE

The department has once again urged taxpayers to file their ITR well before the due date instead of waiting until the last few days.

Late filing may attract a late fee. It can also result in the loss of certain deductions and prevent taxpayers from carrying forward eligible losses.

DON'T FORGET TO E-VERIFY YOUR RETURN

Filing the return is only one part of the process. The department has reminded taxpayers to complete e-verification after submitting their ITR.

Those who choose physical verification must send the signed ITR-V to the Centralised Processing Centre (CPC) in Bengaluru by Speed Post within 30 days.

In other words, the Income Tax Department's message is simple, i.e., preparing in advance can help avoid unnecessary errors and delays. Choosing the right tax regime and ITR form, checking income details, verifying pre-filled information and completing e-verification are some of the key steps that can make the ITR filing process smoother for AY 2026-27.

ITR filing 2026: 10 situations where you cannot use ITR-1 and must choose another income tax return form

ITR Filing 2026: ITR-1 Is Not for Everyone—Know When ITR-2, ITR-3 or ITR-4 Becomes Mandatory

Filing an Income Tax Return (ITR) is more than just meeting the tax deadline—it also requires selecting the correct return form based on your income sources and financial transactions. While ITR-1 (Sahaj) is the most commonly used form by salaried employees and pensioners, it is not suitable for every taxpayer.

Tax professionals caution that choosing the wrong ITR form can result in your return being treated as defective by the Income Tax Department, leading to delays in processing or the need to submit a revised return. Therefore, before filing your tax return for the assessment year, it is important to understand whether you are eligible to use ITR-1 or if another form such as ITR-2, ITR-3, or ITR-4 is required.

Here are the key situations where taxpayers should avoid filing ITR-1.

  1. You Earned Short-Term Capital Gains From Shares or Equity Mutual Funds

If you sold listed shares or equity mutual funds during the financial year and earned Short-Term Capital Gains (STCG), ITR-1 cannot be used.

In most cases, taxpayers reporting such capital gains are required to file ITR-2. However, if your share transactions are treated as business income—such as frequent trading, intraday trading, or derivatives (F&O)—you may need to file ITR-3 instead.

  1. Long-Term Capital Gains Exceed ₹1.25 Lakh

Taxpayers who have earned Long-Term Capital Gains (LTCG) exceeding ₹1.25 lakh from listed equity shares or equity-oriented mutual funds under Section 112A are not eligible to use ITR-1.

Such capital gains must be reported using the appropriate return form, generally ITR-2.

  1. You Sold Property or Other Capital Assets

If you sold assets such as:

  • Residential or commercial property
  • Land
  • Gold or jewellery
  • Debt mutual funds
  • Any other capital asset

the resulting capital gains cannot be disclosed through ITR-1. In these cases, taxpayers should choose a form that allows reporting of capital gains, such as ITR-2 or ITR-3, depending on their overall income profile.

  1. You Have Business or Professional Income

Individuals earning income from:

  • Business operations
  • Freelancing
  • Consultancy services
  • Professional practice
  • Proprietorship businesses

cannot file ITR-1.

Generally, such taxpayers are required to file ITR-3. Those opting for the Presumptive Taxation Scheme under the Income Tax Act may instead be eligible to file ITR-4, depending on the nature of their business.

  1. You Trade in F&O or Intraday Stocks

Income generated through:

  • Futures & Options (F&O)
  • Intraday equity trading
  • Other trading activities classified as business income

cannot be reported in ITR-1.

Since these activities are considered business income under tax laws, the appropriate return form is usually ITR-3.

  1. You Held Unlisted Equity Shares

If you owned unlisted equity shares at any point during the previous financial year, you are not eligible to use ITR-1.

The Income Tax Department requires additional disclosures for such investments, making ITR-2 or ITR-3 the applicable return forms.

  1. You Are a Director in a Company

Individuals serving as directors in any company must use return forms that capture director-related disclosures.

As a result, company directors cannot file ITR-1 and are generally required to submit either ITR-2 or ITR-3.

  1. You Own Foreign Assets or Have Authority Over Overseas Bank Accounts

ITR-1 is not applicable if you:

  • Own property outside India
  • Hold financial assets abroad
  • Have signing authority over a foreign bank account

Foreign asset reporting requires additional schedules that are unavailable in ITR-1.

  1. You Receive Income From Outside India

If you receive any foreign income, including:

  • Salary
  • Dividend
  • Interest
  • Rental income
  • Capital gains

ITR-1 cannot be used.

Such taxpayers must report foreign income and applicable disclosures through ITR-2 or ITR-3, depending on the nature of their earnings.

  1. Your Taxable Income Exceeds ₹50 Lakh or You Have Special Income

You are not eligible to file ITR-1 if:

  • Your total taxable income exceeds ₹50 lakh
  • You wish to carry forward previous years' losses
  • You have income from lotteries, horse racing, or other specified categories

These situations require more detailed disclosures than those available in ITR-1.

What Happens If You Choose the Wrong ITR Form?

Selecting the wrong return form can create unnecessary complications during tax filing.

If the Income Tax Department finds that an incorrect form has been used, it may issue a Defective Return Notice. This can delay the processing of your return, postpone your refund (if applicable), and require you to submit a revised return using the correct form.

Tax experts recommend reviewing all sources of income—including salary, investments, capital gains, business income, and foreign assets—before deciding which ITR form to use.

Choose the Correct Return Form Before Filing

Although ITR-1 remains the simplest option for many salaried individuals and pensioners, it is designed only for taxpayers who meet specific eligibility conditions. The moment your income includes capital gains, business income, foreign assets, overseas earnings, or other complex financial transactions, you may need to switch to ITR-2, ITR-3, or ITR-4.

Choosing the correct form from the outset can help ensure faster processing, avoid notices from the Income Tax Department, and make your tax filing experience smoother.

ITR filing checklist: Keep these documents and details ready before filing income tax return

Filing an Income Tax Return (ITR) is more than just a yearly compliance exercise. So, before filing ITR, taxpayers should first ensure that core identity and banking details are updated and accurate. PAN and Aadhaar must be linked, bank accounts should be pre-validated for refunds, and taxpayers should keep the previous year’s ITR copy handy for reference.

“It is important to have access to e-verification methods such as Aadhaar OTP, net banking or digital signature certificate (DSC) to complete the filing process seamlessly,” said Preeti Gupta, Director at Deloitte.

Here is the checklist of financial documents and tax-related records that one must keep ready beforehand.

AIS, Form 26AS and Form 16 should be reviewed carefully

Apart from identity details, taxpayers should carefully review all tax-related documents before starting the filing process. “Taxpayers should review their Form 16, AIS, TIS and Form 26AS statements and other financial records while preparing the ITR form. These help in selection of the tax regime to be adopted during the year,” said Deepashree Shetty, Partner, Global Mobility Services, Tax & Regulatory Advisory at BDO India.

Choosing between the old and new tax regime

Choosing the correct tax regime is another important decision taxpayers should make before filing returns. The new tax regime, which is now the default system, offers lower tax slab rates but restricts most exemptions and deductions. On the other hand, the old tax regime allows taxpayers to claim benefits such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions under Section 80C, health insurance under Section 80D and home loan interest benefits. Tax experts suggest calculating tax liability under both systems before making a final choice.

Salary, pension and exemption-related documents to keep ready

Income-related documentation should also be organised based on the nature of earnings during the financial year. Salaried employees should keep salary slips, Form 16 and documents supporting exemptions such as rent receipts for HRA claims or travel bills for LTA claims. Pensioners should maintain pension statements and details of annuity income, if any.

Keeping these records ready helps taxpayers accurately report taxable and exempt portions of income while also avoiding errors during reconciliation.

House property and home loan documents

Taxpayers earning rental income should maintain rent agreements, municipal tax receipts and home loan interest certificates. In the case of home loans, the interest and principal repayment components are important not only for deduction claims but also for correctly reporting house property income.

Those claiming HRA should also ensure rent receipts and landlord details are properly maintained, particularly in cases where higher exemption claims are being made.

Capital gains reporting needs detailed records

Investors reporting capital gains must maintain detailed records of share transactions, mutual fund statements and property sale or purchase documents. Proper documentation becomes particularly important after the revised capital gains taxation rules and holding period changes introduced in recent years.

Business and professional income records are equally important

For freelancers, consultants and business owners, maintaining accurate books of accounts, invoices, expense records, GST returns and audit reports, where applicable, is critical. Mismatches between GST filings and ITR disclosures can invite departmental queries.

Professionals opting for presumptive taxation schemes should also verify turnover declarations and eligible deductions before filing returns.

Don’t ignore interest, dividend and other small income sources

Taxpayers should also collect supporting documents for income earned from other sources, such as savings account interest, fixed deposit interest, dividends, commission income or royalty receipts.

Why foreign assets and overseas income must be disclosed

Foreign income and overseas assets require special attention while filing returns. Even if there is no capital gain or active income generated from a foreign bank account, foreign stocks or overseas investments, Indian residents may still need to disclose these holdings in their ITR schedules.

Non-disclosure of foreign assets can attract penalties under the Black Money Act and may also trigger scrutiny from tax authorities. Tax experts advise resident taxpayers to maintain complete details of overseas bank accounts, foreign equity holdings, ESOPs, crypto assets held abroad and foreign income disclosures, wherever applicable.

An income tax refund is issued when the tax paid by a taxpayer during a financial year exceeds the actual tax liability. Excess tax may have been paid through Tax Deducted at Source (TDS), Tax Collected at Source (TCS), or advance tax. Taxpayers can claim the excess amount by filing their Income Tax Return (ITR). After filing the return, the refund status can be tracked online through the income tax e-filing portal and other available channels.

“Taxpayers should carefully review all available exemptions and deductions applicable to them, compare the benefits under both tax regimes, and verify that information reported in tax documents aligns with official records. Even small discrepancies can delay refunds or lead to avoidable notices," said Chandni Anandan, Tax Expert at ClearTax.

A well-prepared return that is complete, accurate, and promptly verified not only improves the likelihood of receiving the correct refund but also makes the filing experience significantly smoother,” added Anandan.

Strategies to maximise tax refund

To maximise an income tax refund, taxpayers should first compare their tax liability under both the old and new tax regimes before filing the return. Selecting the regime that results in the lower tax outgo can significantly increase the refund amount where excess TDS has already been deducted during the year.

Under the old tax regime, taxpayers can reduce taxable income through various deductions. Investments in instruments such as PPF, ELSS, EPF, NSC, life insurance premiums and 5-year tax-saving fixed deposits qualify for deductions of up to Rs 1.5 lakh under Section 80C. Additional tax savings can be claimed through health insurance premiums under Section 80D, where deductions range from Rs 25,000 to Rs 50,000 depending on the age of the insured and family members covered.

Salaried individuals can further reduce their tax liability by claiming House Rent Allowance (HRA) exemption, subject to prescribed conditions, and deduction of up to Rs 2 lakh on interest paid for a self-occupied home loan under Section 24(b). Those contributing to the National Pension System (NPS) can claim an additional deduction of up to Rs 50,000 under Section 80CCD(1B), over and above the Section 80C limit.

Employer contributions to NPS can also provide tax benefits under Section 80CCD(2). This deduction is available under both tax regimes and can be claimed on employer contributions of up to 10 percent of salary under the old regime and up to 14 percent under the new regime, depending on the employer category.

Salaried taxpayers are also entitled to the standard deduction, which is automatically available while computing taxable income. The deduction is Rs 50,000 under the old regime and Rs 75,000 under the new regime. Eligible taxpayers can also benefit from the rebate under Section 87A, which can reduce tax liability to nil if taxable income remains within the prescribed threshold.

Family pension recipients can claim a deduction under Section 57(iia). The deduction available is up to Rs 15,000 under the old regime and up to Rs 25,000 under the new regime, helping reduce taxable income and improve refund eligibility.

How to claim an income tax refund

Filing an Income Tax Return (ITR) is mandatory to claim a refund, even if a taxpayer is not otherwise required to file a return. Once income details and taxes already paid through TDS, TCS, or advance tax are reported, the tax filing utility automatically computes the actual tax liability and any refund due. If the taxes paid exceed the final tax liability, the excess amount is processed as a refund.

Select the correct ITR form: Choose the appropriate ITR form based on factors such as income sources, residential status, and taxpayer category. Filing under an incorrect form can lead to reporting errors, compliance issues, delays in return processing, and slower refund issuance.

Calculate and report income accurately: Ensure that all sources of income, eligible deductions, and exemptions are disclosed correctly to arrive at the right tax liability.

Verify TDS details: Cross-check the TDS information pre-filled in the return with Form 16, Form 16A, or other relevant records to ensure there are no discrepancies.

Provide correct bank account details: Enter accurate and active bank account information, as refunds are credited directly to the bank account linked with the return. Incorrect details may result in delays or failed refund transfers.

Complete e-verification promptly: After filing the return, e-verify it at the earliest. A return is processed only after verification, and timely e-verification helps speed up both return processing and refund issuance.

Source: money Control, LiveMint, Economic Times

Income Tax Slabs – FY 2019-20 (AY-2020-21) & FY 2020-21 (AY 2021-22)

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22

  1. Income Tax Rate & Slab for Individuals & HUF:
    1. Individual (Resident or Resident but not Ordinarily Resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year & for HUF:
      Taxable income Tax Rate
      (Existing Scheme)      		 Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 5,00,000 5% 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%
    2. Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily 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
      (Existing Scheme)      		 Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 3,00,000 Nil 5%
      Rs. 3,00,001 to Rs. 5,00,000 5% 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%
    3. Resident or Resident but not Ordinarily Resident super senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at any time during the previous year:
      Taxable income Tax Rate
      (Existing Scheme)      		 Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 5,00,000 Nil 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%

      Surcharge:
      a) 10% of Income tax where total income exceeds Rs.50 lakh
      b) 15% of Income tax where total income exceeds Rs.1 crore
      c) 25% of Income tax where total income exceeds Rs.2 crore
      d) 37% of Income tax where total income exceeds Rs.5 crore

      Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).

      Education cess: 4% of income tax plus surcharge

      Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. 5, 00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less. rebate under section 87A is available in both scheme I.e. existing scheme as well as new scheme.

      To know about this optional New Scheme which is optional for individual and HUF Click here

  2. 2.Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:
    Taxable income Tax Rate
    Up to Rs. 2,50,000 Nil
    Rs. 2,50,001 to Rs. 5,00,000 5%
    Rs. 5,00,001 to Rs. 10,00,000 20%
    Above Rs. 10,00,000 30%

    Surcharge:
    a) 10% of Income tax where total income exceeds Rs.50 lakh
    b) 15% of Income tax where total income exceeds Rs.1 crore
    c) 25% of Income tax where total income exceeds Rs.2 crore
    d) 37% of Income tax where total income exceeds Rs.5 crore

    Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).

    Education cess: 4% of tax plus surcharge

  3. Tax Rate For Partnership Firm:A partnership firm (including LLP) is taxable at 30%.Surcharge: 12% of Income tax where total income exceeds Rs. 1 croreEducation cess: 4% of Income tax plus surcharge
  4. Income Tax Slab Rate for Local Authority:A local authority is Income taxable at 30%.Surcharge: 12% of Income tax where total income exceeds Rs. 1 croreEducation cess: 4% of tax plus surcharge
  5. Tax Slab Rate for Domestic Company:A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.
    Particulars Tax Rate(%)
    If turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year 2018-19 25%
    If company opted section 115BA (Note 1) 25%
    If company opted for section 115BAA (Note 2) 22%
    If company opted for section 115BAB (Note 3) 15%
    Any other domestic company 30%

    Note 1: Section 115BA - A domestic company which is registered on or after March 1, 2016 and engaged in the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it and also It is not claiming any deduction u/s 10AA, 32AC, 32AD, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB), 35AC, 35AD, 35CCC, 35CCD, section 80H to 80TT (Other than 80JJAA) or additional depreciation, can opt section 115BA on or before the due date of return by filing Form 10-IB online. Company cannot claim any brought forwarded losses (if such loss is related to the deductions specified in above point).

    Note 2: Section 115BAA - Total income of a company is taxable at the rate of 22% (from A.Y 2020-21), if the following conditions are satisfied:
    - Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA).
    - Company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).
    - Provisions of MAT is not applicable on such company after exercising of option. company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

    Note 3: Section 115BAB - Total income of a company is taxable at the rate of 15% (from A.Y 2020-21), if the following conditions are satisfied:

    - Company (not covered in section 115BA and 115BAA) is registered on or after October 1, 2019 and commenced manufacturing on or before 31st March, 2023.
    - Company is not formed by splitting up or reconstruction of a business already in existence.
    - Company does not use any machinery or plant previously used for any purpose.
    - Company does not use any building previously used as a hotel or a convention center, as the case may be.
    - Company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it. Business of manufacture or production shall not includes business of -

    • Development of computer software;
    • Mining ;
    • Conversion of marble blocks or similar items into slabs;
    • Bottling of gas into cylinder;
    • Printing of books or production of cinematographic film; or
    • Any other notified by Central Govt.

    - Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA and 80M).

    - Company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).

    - Provisions of MAT is not applicable on such company after exercising of option. company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

    Surcharge:
    a) 7% of Income tax where total income exceeds Rs.1 crore
    b) 12% of Income tax where total income exceeds Rs.10 crore
    c) 10% of income tax where domestic company opted for section 115BAA and 115BAB

    Education cess: 4% of Income tax plus surcharge

  6. Tax Rates for Foreign Company:A foreign company is taxable at 40%Surcharge:
    a) 2% of Income tax where total income exceeds Rs. 1 crore
    b) 5% of Income tax where total income exceeds Rs. 10 croreEducation cess: 4% of Income tax plus surcharge
  7. Income Tax Slab for Co-operative Society:
    Taxable income Tax Rate
    (Existing Scheme)    		 Tax Rate
    (New Scheme)
    Up to Rs. 10,000 10%
    Rs. 10,001 to Rs. 20,000 20% 22%
    Above Rs. 20,000 30%

    Surcharge:

    a) 12% of Income tax where total income exceeds Rs. 1 crore

    b) In case of Concessional scheme, surcharge rate is 10%

    Education cess: 4% of Income tax plus surcharge

    To know about this optional New Scheme which is optional for Co-operative society Click here

    Disclaimer: This information has been taken from https://www.incometaxindia.gov.in/news/finance-act-2020.pdf. Tax laws are subject to amendments made thereto from time to time. Please consult a professional tax advisor before acting on the above.

Any individual opting to be taxed under the new tax regime from FY 2020-21 onwards will have to give up certain exemptions and deductions.

  • Here is the list of exemptions and deductions that a taxpayer will have to give up while choosing the new tax regime.
    1. Leave Travel Allowance (LTA)
    2. House Rent Allowance (HRA)
    3. Conveyance
    4. Daily expenses in the course of employment
    5. Relocation allowance
    6. Helper allowance
    7. Children education allowance
    8. Other special allowances [Section 10(14)]
    9. Standard deduction
    10. Professional tax
    11. Interest on housing loan (Section 24)
    12. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA)

Points to remember while opting for the new tax regime:

    1. Option to be exercised on or before the due date of filing return of income for AY 2021-22
    2. In case a taxpayer has a business income and exercised the option, he/she can withdraw from the option only once. A business taxpayer withdrawing from the optional tax regime has to follow the regular income tax slabs.

We give below the Ready Reckoner for Comparision of Income Tax for FY 2020-21 (AY 2021-22 )under Existing and New Regime:

Ready-Reckoner-Comparison-of-Income-Tax-under-Existing-and-New-Regime

Tax Rates for Individuals as per budget for FY 2019-2020. Income Tax Slabs for Individuals:

Individuals have been categorized into three categories of taxpayers:
1. Individuals who are below the age of 60 years

2. Senior citizens who are between 60 years and 80 years old.

3. Super senior citizens who are above 80 years old.

Income Tax Slab

(in Rupees)

 Tax Rate for Individual Below the Age Of 60 Years
0 to 2,50,000* Nil
2,50,001 to 5,00,000 5% of total income exceeding 2,50,000
5,00,001 to 10,00,000 Tax Amount of 12,500 for the income up to 5,00,000

+ 20% of total income exceeding 5,00,000
Above 10,00,000 Tax Amount of 1,12,500 for the income up to 10,00,000

+ 30% of total income exceeding 10,00,000

Tax Rates for Senior Tax Payers between the age of 60 years to 80 years old

Income Tax Slab Senior Citizens (between 60 years – 80 years)
Up to 3,00,000 Nil
 3,00,001 to 5,00,000 5% of income exceeding 3,00,000
 5,00,001 to 10,00,000 Tax Amount of 10,000 for the income up to 5,00,000

+ 20% of total income exceeding 5,00,000
Above 10,00,000 Tax Amount of 1,10,000for the income up to 10,00,000

+ 30% of total income exceeding 10,00,000

Tax Rates for Super Senior Tax payers above the age of 80 years

Income Tax Slab Very Senior Citizens of and above 80 years of age
Up to 5,00,000 Nil
 5,00,001 to 10,00,000 20% of income exceeding 5,00,000
Above 10,00,000 Tax Amount of 1,00,000for the income up to 10,00,000

+ 30% of total income exceeding 10,00,000

SOME IMPORTANT POINTS:

  • The income tax rates are applied to the annual income calculated. Thereafter Surcharge and Cess is added to the tax payable.
    • A surcharge is also applicable slab wise. The surcharge is calculated on the Tax amount. If the income is:
  1. Above Rs.50,00,000 and up to Rs.1 crore – then 10% surcharge is applicable
  2. Above Rs.1 crore and up to Rs.2 crore – then 15% surcharge is applicable.

In the Union Budget 2019-20, a new surcharge on income tax for super-rich individuals has been levied. So, individuals earning:

  1. Between Rs.2 crores and up to Rs.5 crore –then 25% surcharge is applicable;
  2. For Above Rs. 5 crore – then 37% surcharge is applicable.
  • An additional Cess of 4% for Health & Education is applicable to the income tax plus surcharge.

Investments under Section 80C can be made up to the tune of Rs.1,50,000 in different investments such as PPF, NSC, etc. and an additional Rs.50,000/- under Section 80 CCD(1B) in NPS can be made.

  • Section 87A allows tax rebate to Individuals whose total annual income falls below Rs.5,00,000. This rebate is limited to Rs.12,500/- and essentially acquits people from having to pay taxes under Rs.5,00,000/-, However, the return of income has to be filed if income is over Rs.2,50,000/-. Individuals with income exceeding Rs.5,00,000/- do not get the benefit of any rebate under section 87A

Exempted Income Categories

Income which is exempt from Tax is stated under Section 10 of the Income Tax Act. These include among others income from agriculture, special allowances etc.

Income Tax Slabs for HUF

The Income Tax Slab for Hindu Undivided Family (HUF) is the same as the Tax slabs for Individuals under the age of 60 years in the year 2019 – 2020.

Income Tax Slabs for Partnership Firms

There is a flat tax rate for Partnership Firms and LLPs (Limited Liability Partnerships) and they are to pay Income Tax at the rate of 30%.

Added to the tax amount is:

  1. Surcharge on tax: 12% in cases where the annual income is more than Rs.1 Crore
  2. Cess for Health & Education: is at the rate of 4% - calculated on tax amount plus surcharge

Income Tax Slabs for Local Authorities

Local Authorities too are to be taxed at a flat tax rate of 30%.

Added to the tax amount is:

  1. Surcharge on tax: 12% in cases where annual income is more than Rs.1 Crore
  2. Cess for Health & Education: is at the rate of 4% - calculated on tax amount plus surcharge

Income Tax Slabs for Domestic Companies

Domestic Companies have received a boost. With the turnover raised from 250 crores to 400 crores for a tax rate of 25%. The turnover slab wise tax calculation is:

Turnover Particulars
Gross turnover up to 400 Cr. in the previous year 25% (subject to conditions as set out in the Taxation Laws Amendment Ordinance, 2019)
Gross turnover exceeding 400 Cr. in the previous year 30% (subject to conditions as set out in the Taxation Laws Amendment Ordinance, 2019)

Added to the tax amount is:

Surcharge on tax:

  1. 7% in cases where annual income is between Rs.1 Crore to Rs.10 Crore
  2.  12% in cases where annual income is more than Rs.10 Crore

Cess for Health & Education: is at the rate of 4% - calculated on tax amount plus surcharge

Income Tax Slabs for Foreign Companies

Foreign Companies are taxed at a rate of 40%.

Added to the tax amount is:

  1. Surcharge on tax: 2% in cases where annual income is between Rs.1 Crore to Rs.10 Crore
  2. 5% in cases where annual income is more than Rs.10 Crore
  3. Cess for Health & Education: is at the rate of 4% - calculated on tax amount plus surcharge

Income Tax Slabs for Co-operative Societies

Income Tax Slab Income Tax Slab Rate
Up to Rs.10,000 10% of Income
Rs.10,000 to Rs.20,000 20% of Income exceeding Rs.10,000
Over Rs.20,000 30% of Income exceeding Rs.20,000

Added to the tax amount is:

  1. Surcharge on tax: 12% in cases where annual income is more than Rs.1 Crore
  2. Cess for Health & Education: is at the rate of 4% - calculated on tax amount plus surcharge
  3. So, to calculate your tax liability for the year, you should keep a track of your annual income to know what Income slab you will be falling under for the year 2019 – 2020.

Disclaimer: The above-mentioned tax rates and tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

FAQ:

How can I save tax for Assessment Year 2020-21?

You can reduce your tax liabilities to a considerable extent by adopting certain strategies.

  1. Get health insurance: Section 80D of the Income Tax Act allows exemption of Rs 25,000 for health insurance of individuals and an additional Rs 25,000 for health insurance of parents. 50000 in case of mediclaim premium paid for parents who are senior citizens

  2. Invest in Public Provident Fund: Interest on PPF is free.

  3. Contribute to NPS: Not only will you be building a pension corpus but by contributing to National Pension Scheme, you will also save taxes. NPS contributions qualify for up to Rs 50,000 deduction under Sec 80 CCD.

  4. Be charitable: Donations to charitable institutions are deductible under Section 80 G. However not all deductions are covered here, so it’s best to confirm with your CA or tax consultant.

What is the standard deduction for AY 2020-21?

With an additional Rs 10,000, the standard deduction allowed for Financial Year 2019-20 was taken up to Rs 50,000 following the provisions of the Interim Budget 2019. This brought much relief to the salaried and middle class, thereby also softening the impact of inflation. The standard deduction in the previous assessment years was Rs 40,000. With this, the taxable income of a person earning an annual salary of Rs 8 lakh is reduced from Rs 7,60,000 to Rs 7,50,000.

What is the meaning of section 87 A under the IT Act?

Section 87A is a legal provision which allows for tax rebate under the Income Tax Act of 1961. The section which was inserted through the Finance Act of 2013 provides tax relief for individuals earning below a specified limit. Section 87 A provides that anyone who is residing in India and whose income does not exceed Rs 3,50,000 is eligible to claim a rebate. This rebate is applicable only to individuals and not companies, etc and is calculated before adding the health and educational cess of 4 %.

What are the exemptions available under Home Loan and Interest on Home Loans?

Please click on the following link for Housing Loan & Interest Exemptions: Home Loan Tax Benefit

Income Tax Slabs – FY 2018-19 (AY-2019-20)

What is an Income Tax Slab?

In a country like India, the range of income among its citizens is diverse. So it isn’t fair to levy a single tax rate for every individual. Therefore, the government has categorized the taxpayers into different groups based on their income. These groups are referred to as Tax Slabs. Each group is charged tax at varying rates. Each year, the income tax slab rates are revised during the budget session. The provisions for income tax in India is governed by the laws of the Income Tax Act 1961. However, the budget proposals are required to  to be approved by the Parliament and requires presidential assent before becoming the law. Post that these will be applicable from April 1, 2018.

Income Tax Slab  For FY 2018-19

The finance minister during his budget speech has announced  that there will be no change in the structure of the income tax rates for individuals.

There is a proposal of 4% Heath and education cess in place of earlier 3% education cess on the Income tax

Here are the Proposed income tax slab rates  in India for different categories of tax payers for FY 2018-19:

Income Tax Slab Rate for men below 60 Years of Age

Income Tax Slab Rate for men below 60 Years of Age

Income Tax Slab

Income Tax Rate
Income upto Rs. 2,50,000

Nil
Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Plus:

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

                      15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge

Income Tax Slab Rate for Women below 60 Years of Age

Income Tax Slab

Income Tax Rate
Income up to Rs. 2,50,000

Nil
Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Plus:

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

                      15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge

Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab

Income Tax Rate
Income upto Rs. 3,00,000

Nil
Income between Rs. 3,00,001 - Rs. 500,000

5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Plus:

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

                      15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge

Income Tax Slab Rate for Senior Citizens (Age 80 years or more)

e Tax Slab

Income Tax Rate
Income upto Rs. 5,00,000

Nil
Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Plus:

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

                      15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge

Income Tax Slab Rate Hindu Undivided Families (HUF)

Income Tax Slab

Income Tax Rate
Income up to Rs. 2,50,000

Nil
Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Plus:

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

                      15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge

Partnership Firms

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.

Plus:

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

Health & Education cess: 4% of tax plus surcharge

Local Authorities

Local Authorities are to be taxed at the rate of 30%.

Plus:

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

Health & Education cess: 4% of tax plus surcharge

Domestic Companies

Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crores.

Plus:

Surcharge: 7% of tax where total income exceeds Rs. 1 Crore

12% of tax where total income exceeds Rs. 10 Crore

Health & Education cess: 4% of tax plus surcharge

Income Tax Slab Rate of Co-operative Societies

Income Tax Slab Income Tax Slab Rate
Up to Rs.10,000 10% of Income
Rs.10,000 to Rs 20,000 20% of Income exceeding Rs. 10,000
Over Rs. 20,000 30% of Income exceeding Rs. 20,000

Plus:

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

Health & Education cess: 4% of tax plus surcharge

Medical Insurance ( Section 80D ) – Applicability, Deductions & Policies

Emergencies have a tendency to take us by surprise and we never know when we might get embroiled in one, especially a medical emergency. It is always advised to be safe than sorry and it is no different when it comes to medical insurance. It is a must in your investment portfolio. Our government encourages everyone to buy adequate medical insurance and allows you to avail tax deductions on it under Section 80D.

  1. Applicability of Section 80D
  2. Quantum of Deduction available under Section 80D
  3. Preventive Health Check-up
  4. Single Premium Health Insurance Policies

1. Applicability of Section 80D

Every individual or HUF can claim a deduction under Section 80D for their medical insurance which is taken from their total income in any given year.

2. Quantum of Deduction available under Section 80D

Individual: An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000, if they are less than 60 years of age, or Rs 50,000 (as per the Budget 2018) if your parents are aged above 60. If both the taxpayer and the parent whom the medical covers have been taken for are aged more than 60 years, the maximum deduction that can be availed under this section is to the extent of Rs. 100,000. The below table captures the quantum of deduction available to an individual taxpayer under various scenarios:

Scenario Premium paid Deduction under 80D
Self, family, children Parents
Individual and parents below 60 years 25,000 25,000 50,000
Individual and family below 60 years but parents above 60 years 25,000 50,000(*) 75,000
Both individual, family and parents above 60 years 50,000(*) 50,000(*) 1,00,000

* This limit has been increased from Rs. 30,000 to  Rs 50,000 in Budget 2018 for senior citizens, applicable w.e.f 1 April 2018. Example: Rohan is aged 45 and his father is aged 65 years. Rohan has taken a medical cover for himself and his father for which he pays an insurance of Rs. 30,000 and Rs 35,000 respectively. What would be the maximum amount he can claim by way of a deduction under Section 80D? Ans: Rohan can claim up to Rs 25,000, for the premium paid on his policy. As for the policy taken for his father, who is a senior citizen, Rohan can claim upto Rs 50,000. Therefore, the total deduction that he can claim for the year is Rs 60,000. HUF A HUF can claim a deduction under section 80D for a mediclaim taken for any of the members of the HUF. This deduction will be Rs 25,000 if the member insured is less than 60 years, and will be Rs 30,000(increased to Rs 50,000 in Budget 2018) if the insured is 60 years of age or more.

3. Preventive Health Check-up

Any payments made towards preventive health check-ups will entitle a taxpayer to a deduction of up to Rs 5,000, which is within the overall limit of Rs 25,000 / Rs 30,000 (Rs 50,000 w.e.f. 1 April 2018) as the case may be. Example 1: Rahul has paid a health insurance premium of Rs 23,000 for the insurance of the health of his wife and dependent children in the financial year 2017-18. He also got a health check-up done for himself and paid Rs 5,000. Rahul can claim a maximum deduction of Rs 25,000 under Section 80D of the Income Tax Act. Rs 23,000 has been allowed towards insurance premium paid, and Rs 2,000 has been allowed for a health check-up. The deduction towards preventive health check-up has been restricted to RS 2,000 as the overall deduction cannot exceed Rs 25,000 in this case.

4. Single Premium Health Insurance Policies

Budget 2018 has introduced a new provision for claim of deduction with regards to single premium health insurance policies. Under the new provision, where a taxpayer has made a lumpsum premium payment in a single year for a policy valid for more than one year, he can claim a deduction equal to the appropriate fraction of the amount, under Section 80D. The appropriate fraction is arrived at, by dividing the lump sum premium paid, by the number of years of the policy. However, this would again be subject to the limits of Rs 25,000 of Rs 50,000 as the case may be.

Deductions-Summary - Section 80 Deduction Table

Section Deduction on Allowed Limit (maximum) FY 2018-19
80C Investment in PPF
– Employee’s share of PF contribution
– NSCs
– Life Insurance Premium payment
– Children’s Tuition Fee
– Principal Repayment of home loan
– Investment in Sukanya Samridhi Account
– ULIPS
– ELSS
– Sum paid to purchase deferred annuity
– Five year deposit scheme
– Senior Citizens savings scheme
– Subscription to notified securities/notified deposits scheme
– Contribution to notified Pension Fund set up by Mutual Fund or UTI.
– Subscription to Home Loan Account scheme of the National Housing Bank
– Subscription to deposit scheme of a public sector or company engaged in providing housing finance
– Contribution to notified annuity Plan of LIC
– Subscription to equity shares/ debentures of an approved eligible issue
– Subscription to notified bonds of NABARD		 Rs. 1,50,000
80CCC For amount deposited in annuity plan of LIC or any other insurer for a pension from a fund referred to in Section 10(23AAB) -
80CCD(1) Employee’s contribution to NPS account (maximum up to Rs 1,50,000) -
80CCD(2) Employer’s contribution to NPS account Maximum up to 10% of salary
80CCD(1B) Additional contribution to NPS Rs. 50,000
80TTA(1) Interest Income from Savings account Maximum up to 10,000
80TTB
Exemption of interest from banks, post office, etc. Applicable only to senior citizens
Not all interest income can be claimed as a deduction 
Under section 80TTB, only interest received from deposits held with a bank, a co-operative society engaged in banking or with a post office can be claimed as deduction. 

This would mean that interest earned on savings accounts and deposits (such as fixed deposits or recurring deposits) held with any of these three entities will be eligible for deduction under this section. Further, interest earned on other types of deposits with post offices such as Senior Citizen Savings Scheme accounts, post office time deposits, 5-year recurring deposits and Post Office Monthly Income Schemes will also be eligible for deduction. 
Maximum up to 50,000
80GG
 For rent paid when HRA is not received from employer Least of :
– Rent paid minus 10% of total income
– Rs. 5000/- per month
– 25% of total income
80E Interest on education loan Interest paid for a period of 8 years
80EE Interest on home loan for first time home owners Rs 50,000
80CCG Rajiv Gandhi Equity Scheme for investments in Equities Lower of
– 50% of amount invested in equity shares; or
– Rs 25,000
80D Medical Insurance – Self, spouse, children
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old		 – Rs. 25,000
– Rs. 50,000
80DD Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more		 – Rs. 75,000
– Rs. 1,25,000
80DDB Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
– For less than 60 years old
– For more than 60 years old		 – Lower of Rs 40,000 or the amount actually paid
– Lower of Rs 1,00,000 or the amount actually paid
80U Self-suffering from disability :
– An individual suffering from a physical disability (including blindness) or mental retardation.
– An individual suffering from severe disability		 – Rs. 75,000
– Rs. 1,25,000
80GGB Contribution by companies to political parties Amount contributed (not allowed if paid in cash)
80GGC Contribution by individuals to political parties Amount contributed (not allowed if paid in cash)
80RRB Deductions on Income by way of Royalty of a Patent Lower of Rs 3,00,000 or income received

Income Tax Slabs – FY 2017-18 (AY-2018-19) and FY 2016-17

Income Tax Slabs for FY 2017-18 (AY 2018-19) and FY 2016-17 (AY 2017-18)

 

 

 

 

Given below are the rates at which income is taxed in India for income earned in different slabs, and through various heads of income.

The tax rates and Tax Slabs have been arranged depending on the profile and category of the taxpayer / tax paying entity.

Income Tax Slabs For Individual Tax Payers

Income Tax Slabs For Hindu Undivided Families

Income Tax Slabs For Resident Senior Citizens

Income Tax Slabs For Foreign Companies

News About Income Tax Slabs and Rates

  

View Tax Slabs for FY 2016-17

New Income Tax Slab Rates for FY 2017-18 (AY 2018-19) - Budget 2017

The Finance Minister also announced that income tax for small companies with an annual turnover of Rs.50 crore would be reduced. Income tax has been reduced to 25% from the previous rate of 30%. It was also announced that all individuals who earn less than Rs.5 lakh per year will have to file a one page I-T return form. The revised tax rates are as given below –

Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)

Income Tax 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.

Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)

Income Tax 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.

Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Tax 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.

Customers should note that the Income Tax Exemption limit per FA 2016 is up to a maximum of Rs.2,50,000 for all individuals and HUF other than those who are covered in Part(II) or Part(III).

 View Tax Slabs for FY 2017-18

Below, you Can find a few tables that list out

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

 

These income tax slab rates are also applicable for :

* FY 2015-16 (AY 2016-17)

* FY 2014-15 (AY 2015-16)

  1. Income Tax Slab for Individual Tax Payers :

Income Tax Slab

Rate

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For individuals with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. Income Tax Slab for Hindu Undivided Families (HUF) :

Income Tax Slab

Rate

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For HUFs with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. Income Tax Slab for legal Entities Registered as Associations of Persons :

Income Tax Slab

Rate

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For Associations of Persons with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. Income Tax Slab for Legal Entities Registered as Bodies of Individuals :

Income Tax Slab

Rate

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For Bodies of Individuals with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. Income Tax Slab for Other Artificial Judicial Persons :

Income Tax Slab

Rate

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For Judicial entities with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. For Resident Senior Citizens (Over the Age of 60, and Under the Age of 80 on the last day of the Previous Year) :

Income Tax Slab

Rate

Up to Rs.3,00,000

No tax

Rs.3,00,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

Less:

  • Rebate under Section 87A:For Resident Indian Senior Citizen taxpayers with total income less than Rs.5,00,000 – a total rebate amount of Rs.2,000 or 100% of the income tax (whichever is lesser).
  1. For Resident Super Senior Citizens (who are over the age of 80 as on the last day of the Previous Year) :

Income Tax Slab

Rate

Up to Rs.5,00,000

No tax

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.
  1. For Partnership Firms:

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.
  1. For Local Authorities :

Local Authorities are to be taxed at the rate of 30%.

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.
  1. For Domestic Companies :

Domestic Companies are to be taxed at the rate of 30%.

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 7% of the income tax amount. If income is greater than Rs.10,00,00,000 – 12% of the income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.
  1. For Foreign Companies :

Nature

Rate

If the income received by the Foreign Company is in the form of royalties paid by the Indian Government in relation to agreements made with an Indian concern (after March 31st, 1961, and before April 1st, 1976)

50%

If the income received is in the form of fees for technical services rendered for agreements made with Indian concerns (after February 29th, 1964, and before April 1st, 1976)

50%

Any other income

40%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 2% of the income tax amount. If income is greater than Rs.10,00,00,000 – 5% of the income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.
  1. For Co-operative Societies :

Income Tax Slab

Rate

Up to Rs.10,000

10%

Rs.10,000 to Rs.20,000

20%

Over Rs.20,000

30%

Plus:

  • Surcharge:If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
  • Education Cess:2% extra – charged on the amount of income tax + surcharge being paid.
  • Secondary and Higher Education Cess:1% extra – charged on the amount of income tax + surcharge being paid.

ITR filing for FY 2017-18: Common mistakes that may get you a tax notice – Innocent mistakes Honest taxpayers usually make

A taxpayer should start the ITR filing process by choosing the right form. Income tax experts warn against claiming deductions one is not eligible for.

The due date for filing of income tax return (ITR) for the financial year 2017-18 (assessment year 2018-19) is 31 July 2018. In a rush to meet the deadline, many taxpayers might end up making mistakes which might fetch them a notice from income tax authorities. “Though mistakes committed in ITR filing can be rectified by filing revised return, it would require extra time and efforts,” said Vishal Raheja, assistant manager at Taxmann, an online publisher on taxation and corporate laws.

Income tax return for the assessment year 2018-19 can be revised by 31 March 2019.

The income tax department has notified seven ITR forms for filing of return for FY 2017-18. ITR filing process starts from choosing the correct form, which depends on the nature of income and the status of the taxpayers. Some of the common mistakes that you should avoid committing during ITR filing:

(1) “Don’t presume that if tax has already been paid, you don’t need to file the return,” says Vishal Raheja of Taxmann. If you are resident in India, irrespective of tax liability, you have to file ITR if taxable income exceeds basic exemption limit, which is ₹ 3 lakh for senior citizens (age above 60 years), ₹ 5 lakh for super-senior citizens (above 80 years) and ₹ 2.5 lakh for all other individual taxpayers.

(2) If you choose the wrong ITR form, you may not report the complete information and the income tax department can issue a notice for under-reporting income.

3) However small the income may be, you should report it in our ITR, say tax experts. “Income tax department gets regular information from banks and financial institutions about your transactions which are reconciled with your ITR. If some tax has been deducted from your income but you don’t report the corresponding income in ITR, you might get a notice,” says Raheja.

(4) If you have changed jobs during the year, you have to report income earned from all the employers in your tax return. Further, “if any income of your minor child or spouse is required to be clubbed with your income then you have to report it,” he adds.

(5) Tax experts warn against claiming deductions in ITR for which you are not eligible for. “Some taxpayers claim fake deductions or inflate existing deductions to reduce their income tax liability or to claim refunds,” says Raheja.

(6) A taxpayer should also ensure that ITR data is in sync with that of Form 26AS. In case of any discrepancy, the income tax department could issue notice, seeking explanation for discrepancies in the figures of income or TDS appearing in Form 26AS and income tax return. Form 26AS is basically a consolidated tax credit statement that has all details of various taxes deducted on your income at source. Form 26AS can be accessed from the tax department’s website.

(7) If you are filing ITR belatedly, then make sure that pay late filing fees before filing of ITR, say tax experts. “A late filing fees of ₹ 5,000 shall be charged if the return is filed between 01.08.2018 and 31.12.2018. The fees shall be ₹ 10,000 if return is filed between 01.01.2019 and 31.03.2019. The late filing shall be ₹ 1,000 for small taxpayers whose taxable income is up to ₹ 5 lakh,” says Raheja.

(8) If you fail to either e-verify your ITR or post it to Centralized Processing Centre (CPC) of the income tax department in Bengaluru, return will be treated as an invalid return. While filing ITR you are asked to digitally sign or e-verify it. In case, you do not e-verify your return, you can sign the acknowledgement copy of ITR and post it to CPC, Bangaluru. The acknowledgement has to be sent within 120 days of filing of the return.

1. Not reporting interest income

Though interest earned from fixed deposits, recurring deposits, even tax-saving bank deposits and infrastructure bonds, is fully taxable, people often do not report any interest income below Rs 10,000. The exemption of Rs 10,000 a year under Section 80TTA applies only to the interest earned on the balance in a savings bank account. Even so, you are supposed to declare it in ITR and then claim the deduction. Please click on the following link for Sec. 80TTA : " Deduction under Section 80TTa – Interest on Savings Account"

Another common misassumption is that one need not pay tax as TDS has been deducted on the income. What people forget is that the tax deducted by the bank at source is at a flat rate of 10%. However, tax slabs may vary. So, if you fall in a higher tax slab, your liability may be more and you will have to pay the balance while filing returns. "Many people forget to re-calculate their liability and end up with a notice, paying higher taxes with interest and penalties," says Archit Gupta, Founder and CEO, ClearTax.com.

The department can catch such mistakes by matching your ITR with Form 26AS. The taxman also digs deeper, going beyond TDS. It tracks the deposits and interest income where TDS has not been deducted, that is, where you have submitted Form 15 G/H. The penalty is more severe (up to 200% of the tax evaded) as it is not a mis-calculation, but concealment of income.

2. Overlooking clubbing of income

Many people invest in the names of spouse or minor children. There is no limit to the amount you can give your spouse, but if you invest the gifted money, Section 64 of the Income Tax Act, a provision for clubbing income, comes into play. Under this, any earning from the gifted amount is added to your taxable income. "It doesn't matter if your spouse has an income or not. The money will be clubbed with your income," says Tapati Ghose, Partner, Deloitte Haskins & Sells LLP. For a minor child, the earning is treated as income of the parent who earns more. You also get an exemption of Rs 1,500 a year, per child, up to a maximum of two kids. If you want to escape tax, invest the gifted money in a tax-free option, such as the PPF or ELSS scheme. Or invest in the name of your parents or a major child, where clubbing provision does not come into play. Please click on the following link for Sec 64 of IT Act: "Clubbing of income under Income Tax Act 1961 with FAQ's"

3. Not filing returns
If you think you don't need to file returns because you don't have a tax liability, you are mistaken. This exemption is only for those with an annual gross income below the basic exemption level of Rs 2.5 lakh. Anyone with an income above this has to file a return. The basic exemption is Rs 2.5 lakh per year for people below 60 years, Rs 3 lakh for senior citizens above 60, and Rs 5 lakh for very senior citizens above 80. The rest, including NRIs, have to comply. If you fail to file your return in time, the assessing officer may levy a penalty of Rs 5,000 under Section 271F. Please click on the following links for Sec. 271F: "Penalty u/s 271F for belated returns"

Besides, the limits are for gross incomes, that is, the income before deductions and tax breaks. So, if your annual income is Rs 4 lakh and you invest Rs 1.5 under Section 80C, your tax liability will be zero. However, you are required to file your ITR. Similarly, if you have paid tax as TDS or advance tax, you will need to file the return.

Many salaried people, who earn less than Rs 5 lakh, don't file an ITR. The confusion is because of an ad hoc rule introduced in 2011-12, where salaried individuals with taxable incomes of Rs 5 lakh or less, and earning less than Rs 10,000 as interest from savings account, with no refund due, were exempt from filing returns. However, this rule has long been withdrawn.

4. Missing income from old job
Whether you received a single cheque from a part-time freelance assignment, or salary was credited regularly to your account, every single paisa has to be reported. If you fail to inform your current employer about a job change, there is a chance that lesser tax will be deducted from your salary than you are liable to pay. However, this discrepancy will be immediately reflected when you file your return. You may have to pay higher tax as duplicate benefits will be rolled back. Do not try to escape it as defaulters have to pay the balance tax along with interest at the rate of 1% per month for delay as penalty.

  1. Not reporting tax-free income
    Tax-free does not mean it is not your income. All your earnings are included, be it the interest earned on PPF, tax-free bonds, or capital gains from stocks and gifts from specified relatives. "Even if you are not liable to pay any tax on these incomes, all your interest income has to be reported in the ITR," says Gupta. You can later claim exemption for it under various sections.
    Source: Economic Times, http://www.incometaxindia.gov.in & Tax Guru.in

Source: Live Mint.

Income Tax Slabs for FY 2016-17

UPDATE - There is change in the personal income tax slabs for the next financial year (FY 2016-17), the government has provided some other benefits:

1. Additional Rs. 50,000 per annum interest deduction for loans upto 35 lacs sanctioned in FY 2016-17 for first time buyers where house costs doesn't exceed 50 lacs.

2. Increase the limit of deduction of rent paid from Rs. 24,000 to Rs. 60,000.

3. Increasing the ceiling of tax rebate from Rs. 2.000 to Rs. 5,000 for individuals earning less than 5 lacs per annum

Additional Income Tax Details

While making no change in personal Income Tax slabs in the Union Budget 2016-17, Finance Minister Arun Jaitley on Monday announced deduction for additional interests of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-17 for first time home buyers, where house costs does not exceed Rs 50 lakh. Jaitley also proposed to increase the limit of deduction of rent paid from Rs 24,000 per annum to Rs 60,000 spelling respite to those who don’t own any house and live in rented accommodation. For those earning less than Rs 5 lakh per annum, FM announced to raise the ceiling of tax rebate from Rs 2000 to Rs 5000 giving an additional relief of Rs 3000 in their tax liability. No change in Income Tax slabs -First time home buyer – Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh -Reduction of Rs 60,000 per annum for those who don’t own house and pay rent -Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts -National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt -National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt -FM announces 9 objectives for tax reforms -Tax rebate for those earning less than 5 lahk per annum -Under 5 lakh income – rebate increased from 2000 to 5000 -Corporate Tax – New manufacturing companies registered on/post March 01, 2016 – option of tax 25% surcharge + cess -Lower Corporate tax for small companies at 29% surcharge + cess -National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt -Presumptive tax extended for professional earning up to Rs 50 lakh New grading system of imposing penalties - on the basis of under reporting or concealment of income -Excise duty on Tobacco products increased by 10-15% -Net impact of taxation proposals is an increase in Govt revenue by Rs 19,610 cr -Scope of e-assessment to be expanded to 7 mega cities -Income tax department will expand e-sahyog to assist small taxpayers -Income tax dept. will expand e-sahyog to assist small taxpayers: -Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019

 

INCOME TAX RATES for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - AY 2016-17

Income Tax Slabs & Rates for Assessment Year 2016-17 (FY-2015-16)

Income Tax Slabs & Rates for Assessment Year 2016-17 (FY-2015-16)
------------------------------------------------------------------

Individual resident aged below 60 years (i.e. born on or after 1st April 1956)

Where the taxable income does not exceed Rs. 2,50,000/-. - NIL

Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. - 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. - Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/-. - Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

....................................................

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1936 but before 1st April 1956)

Where the taxable income does not exceed Rs. 3,00,000/-. - NIL

Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- - 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- - Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/- - Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

....................................................

Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1936)

Where the taxable income does not exceed Rs. 5,00,000/-. - NIL

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- - 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/- - Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

....................................................

Any NRI or HUF or AOP or BOI or AJP

Where the taxable income does not exceed Rs. 2,50,000/-. NIL

Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

....................................................

Co-operative Society

Where the taxable income does not exceed Rs. 10,000/-. 10% of the income.

Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

Where the taxable income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

....................................................

Firm

Income Tax : 30% of taxable income.

....................................................

For all the above mentioned cases,

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

....................................................

Local Authority

Income Tax : 30% of taxable income.

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

....................................................

Domestic Company

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
Education Cess : 3% of the total of Income Tax and Surcharge.

....................................................

Company other than a Domestic Company

Income Tax :

@ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
@ 40% of the balance

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Source : K. Murugan - JAIIB/CAIIB Mock Test

INCOME TAX RATES for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - AY 2016-17

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - Assessment Year 2016-17)

Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2015-16 or AY 2016-17.   [As there was no change in Income Tax slabs for FY 2015-16 (i.e. AY 2016-17), the following rates were also applicable for FY 2014-15 (AY 2015-16)

Income Range General (non-senior citizens) Category

Women (Below 60 years of age)

(This category is abolished from this year and is thus is same as that of  General Category

 Senior Citizens (Men and Women above 60 years of age), but below 80 years Very Senior Citizens (Men and Women above 80 years of age)
Upto Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,001 to Rs. 3,00,000 10% * 10% * Nil Nil
Rs. 3,00,001 to Rs. 5,00,000 10% * 10% * 10% * Nil
Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20% 20%
Above Rs. 10,00,000 30% ** 30% ** 30% ** 30%**
         

Thus, we can say :-

  1. The basic exemption limit for individuals (i.e. below 60 years of age) is Rs 2.50 lakhs
  2. The basic exemption limit for Senior citizens (60 years to below 80 years) is : Rs 3.00 lakhs
  3. The basic exemption limit for Very Senior Citizens(80 years and above)  is Rs3.50 lakhs

* A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.   However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.  Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;

The education cess to continue at 3 percent.

** The Surcharge @  12% for the FY 2015-16 or AS 2016-17 will be payable if the income is above Rs 1 crores).    For the FY 2014-15 it was 10% .

 Major Changes in Budget for FY 2015-16

Particulars

Existing Provisions for FY 2014-15OR

AY 2015-16

Changes as per Budget for FY 2015-16 OR

AY 2016-17
Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities 10% of Income Tax 12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance Rs. 800/- per month Rs. 1,600/- per month
Section 80D - Deduction for Health  Insurance premium Rs. 15,000/- Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens Rs. 20,000/- Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme - Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseases Rs. 60,000/- Rs. 80,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability Rs. 50,000/- Rs. 75,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability Rs. 1,00,000/- Rs. 1,25,000/-
Section 80U - Person with disability Rs. 50,000/- Rs. 75,000/-
Section 80U - Person with severe disability Rs. 1,00,000/- Rs. 1,25,000/-
Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer Rs. 1,00,000/- Rs. 1,50,000/-
Section 80CCD - Contribution by the employee to National Pension Scheme (NPS) Rs. 1,00,000/-

Rs. 1,50,000/-Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh.

In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.

Wealth Tax Has been Abolished in the Budget for 2015-16

Changes that were effected from earlier year ie  the FY 2014-15 (AY 2015-16)

  •        Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lakh.
  • Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs. 2 lakh.
  • Personal Income-tax exemption limit raised by Rs 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years.   

 [Click Here to see the Income Tax Slab Rates for FY 2013-14 or AY 2014-15]

[Click Here to see the Income Tax Slab Rates for FY 2012-13 or AY 2013-14]

Important Rules for filing of Tax Return

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  1. Filing of income tax is compulsory for all individuals whose gross annual income exceeds the maximum amount which is not charageble to income tax (e.g. Rs.3,00,000 for Senior citizens, Rs.2,50,000/- for resident individuals
  2. The last date for filing of income tax return is usually July 31 for individuals (sometimes the same is extended).However, for the FY 2014-15 i.e. Assessment Year 2015-16, the last date has been extended upto 31st August 2015.
  3. The penalty for non filing of income tax return is Rs.5,000/-

(1) Deductions from Taxable Income (Section 80C) :-

VARIOUS INVESTMENTS OPTIONS AVAILABLE TO INDIVIDUALS AND TAX BENEFITS AVAILABLE UNDER EACH OF THEM - Financial Year 2015-16

A new section 80C was introduced (replacing section 88) from the financial year 2005-06.  Under this Section, a deduction of upto Rs.1,50,000/- (wef FY 2014-15)  is allowed from Taxable Income in respect of the investments made in some specified schemes.   The schemes are  similar as were available in Section 88 earlier.  Now there are no sectoral caps and individuals can save in any of the schemes upto Rs.1,50,000/- (now even in PPF it is allowed upto Rs. 150 lac as against only Rs.1 lakh upto March 2014)..  The tax payers can plan their investments / savings so as to achieve their financial goals.   The details of such schemes alongwith some major features of each of these are given below : -

(last reviewed  in July, 2015)

Saving Scheme Sec. under which Tax Benefit available Return Tax benefits for earnings (i.e. interest received / dividend received) Lock in Period and other Remarks
National Saving Certificates -  ( NSC scheme  ) Section 80C 8.50% for VIII Series 5 Year NSCs; and  8.80% for 10 year NSCs for FY 2015-16 Taxable 5 years (reduced wef  Dec 2011 from 6 years to 5 years for new investments).  The yield on these NSCs will now be revised every year and will be 25 bps above the 5 year government bond yields
Equity Linked Savings Schemes (ELSS) Section 80C Varies from year to year  (Market linked) Dividend is tax free 3 years
Life Insurance Policies Section 80C Varies from year to year Varies from scheme to scheme Varies from scheme to scheme
Unit Linked Insurance Plan (ULIP) Section 80C Varies from year to year Varies from scheme to scheme Varies from scheme to scheme (15 to 20 years)
Infrastructure Bonds (NO LONGER AVAILABLE FOR FRESH INVESTMENT) Section 80C Varies from issue to issue. These were around 8%+ in Dec 2011.   These have lost their charm as Additional Tax rebate of Rs 20,000 is NOT given now from FY 2012-13 onwards.  Taxable 3 to 5 years
Contribution to EPF / GPF / Voluntary PF Section 80C 8.75% on EPF for 2013-14 (announced in August 2013) Interest earned is tax free Till retirement (loans are permitted only after 5 years)
Insurance Policies Section 80C 6 to 7% only Earnings are tax free in most of the cases Locked till maturity
ULIPS Section 80C Market linked Earnings are tax free Partial withdrawal allowed
Public Provident Fund (PPF) Section 80C 8.70% for FY 2015-16 Interest earned is tax free 15 years and extendable.  Withdrawals allowed after 7 years.  Yield on PPF will vary and will be fixed at 25 basis point above the 10 year government bonds.
NPS Section 80C Market Linked Interest earned is tax free Withdrawal not permitted before maturity
Tuition Fees including admission fees or college fees paid for full time education of any two children of the assessee. Section 80C Not applicable Not applicable Not applicable
Repayment of Housing Loan (Principal) Section 80C Not applicable Not applicable Not applicable
Bank Tax Saving Fixed Deposits Schemes - 5 Years Section 80C Varies  from bank to bank (around 7.50% - 8.75%) Taxable 5 Years
Senior Citizens Savings Scheme 2004 (from financial year 2007-08) Section 80C 9.30% for FY 2015-16 Taxable As per the guidelines issued in December 2011, there will be spread of 100 basis points above the 5 year bonds yields for this scheme.
Post Office Time Deposit Account (from financial 2007-08) Section 80C 8.50% for five year Time Deposit Taxable  
 

PS Note : Now some of the above investments (like PPF and  5 Year Senior Citizens Saving Schemes etc.) are linked to the benchmark of 10 year / 5 Year  government bond yields, and thus the return on these investments will vary as and when the yield on government bonds changes.    Therefore, now remember that you will not have fixed rate of return on these investments.    On the other hand, for other Small Saving schemes GoI will advise before 1st April every year, the rates applicable for those schemes for the next FY.  Such instruments will continue to have same return for the whole tenure of the investment.  [For clarification see below the notification which is self explanatory]

 

Deductions Allowed In Sections Beyond 80 C :

(1) Deductions Under Section 80CCC(1) :

Under this section, the contributions by individuals towards "Pension" schemes of LIC or any other Insurance company, is allowed as deduction of Rs.10,000/-.  However, as provided under section 80CCE, the aggregate deduction u/s 80C, and u/s 80CCC and 80CCD can not exceed Rs.1,50,000/-.  Thus effectively, now these are covered under the maximum limit of  Rs.1,50,000/- under section 80C.

(2) Deductions Under Section 80 D :

  • Basic Deduction under Section 80D,   Mediclaim premium paid for Self, Spouse or dependant children has now been raised to Rs 25,000 wef FY 2015-16. 
  • The deduction for senior citizens is raised from Rs 20,000 to Rs 30,000.   For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D.  However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 30,000.

However, there are a few conditions:

  • You can not claim tax benefit on health insurance premium paid for your in-laws;
  • Proof of payment of premium has to be furnished, in order to avail the tax benefit
  • The health insurance premium must be paid from taxable income of that year only if you want to claim a deduction.   Thus, if one has paid the premium from ones savings or from gifts of money received, then one is not eligible for tax benefits under this section.

    However, you have to remember that the premium paid by any mode of other than cash is eligible. Note prior to 1st April 2009, premium payment was required to be paid only by cheque.  However, now even the payments through Credit card or other on line  mechanism are allowed.  Thus, now all payment modes except cash payment are accepted

(3) Deductions Under Section 80 E : 

Under this section, deduction is available for payment of interest on a loan taken for higher education from any financial institution or an approved charitable institution. The loan should be taken for either pursuing a full-time graduate or post-graduate course in engineering, medicine or management, or a post-graduate course in applied science or pure science.
Loan should have been taken for the purpose of pursuing higher studies of Individual , Spouse, Children of Individual or of the student of whom individual is legal Guardian.  Education loan taken for siblings (brother / sister) or other relatives (in-laws, nephew, niece, etc.) would not qualify for section 80E benefit.

The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.    Deduction shall be allowed in computing the total income in respect of the initial assessment year* and seven assessment years immediately succeeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier.  The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.

(4) Deductions Under Section 24(b) :

Under this section, interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable income upto Rs.2,00,000/- is deductible from income.  (certain conditions are to be fulfilled)

We have seen that the principal amount in the repayment of a home loan can be added to the 80C limit of Rs1.5 lakh for tax savings.    However, the interest component of home loans is allowed as deduction under Section 24 B for up to Rs2 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs2 lakh interest component deduction.   This limit is only for self-occupied house. If you have property which is rented out, you can deduct the full interest paid on the home loan. The rent on the property does become part of your income. If the rent is lesser than the loan interest, it will lower your overall tax liability.

PS  : 1A) Section 80CCF  : Infrastructure Bonds  :  (NOT PERMITTED FROM FY 2012-13) onwards) :

Section 80CCF allowed you to invest an additional Rs. 20,000 in infrastructure bonds, and such an investment was  reduced from your taxable income in addition to the Rs.100,000 deduction you get from the other instruments listed above.   You were to get the tax benefit only in the year in which you have invested in these instruments.   NOW THIS IS NOT ALLOWED

TAX FREE INCOMES :

Some of the incomes are completely exempted from income tax and that too without any upper limit.   The following incomes which are tax free :-

(a) Interest on EPF / GPF / PPF

(b) Interest on GOI Tax Free Bonds / Tax Free Bonds issued with specific stipulation to this effect

(c) Dividends on Shares and Mutual Funds.  Dividend income from companies / Equity Oriented Mutual funds is completely exempt in the hands of investors.  Dividend is also tax free in the hands of investors in case of debt-oriented Mutual Fund schemes.  (However, the Asset Management Company is liable to deduct 22.44% distribution tax in case of non individuals / non HUF investors and 14.025% in case of individuals or HUF investors.)

(d) Capital receipts from Life Insurance policies i.e. sums received either on death of the insured or on maturity of Life insurance plans.  However, in case of life insurance policies issued after March 31, 2004, exemption on maturity payment u/s 10(10D) is available only if premium paid in any year does not exceed 20% of the sum asssured;

  1. e) Interest on Saving Bank accounts in banks upto Rs10,000/- per year (from FY 2012-13 onwards)

(f) Long term capial gains on sale of  shares and equity mutual funds after 01/10/2004, if security transaction is paid / imposed on such transactions.

GIFT TAX :

Gift tax was abolished with effect from October 1, 1998.  The gifts are no longer taxable in the hands of donor or donee.   However, w.e.f. September 1, 2004, any gift received by an individual or HUF will be included in taxable income, if the amount of tax exceeds Rs.25,000/-.   However,  gifts received from any of the following will continue to remain tax free :-

(i) Spouse;

(ii) Brother or sister;

(iii) Brother or sister of the spouse;

(iv) Brother or sister of either of the parents of the individual;

(v) Any lineal ascendant or descendant of the individual

(vi) Any lineal ascendant or descendant of the spouse of the individual

(vii) spouse of the person referred to in (2) or (6) or received on the occasion of marriage or under a will by way of inheritance 

Capital Gains :Capital gains arise when an individual sells at a profit  certain assets like property or shares or mutual funds or bonds etc  The treatment of such income is not the same as income from other sources.    There are two types of capital gains, viz Short Term Capital Gains or Long Term Capital Gains.

(a) Short Term Capital Gains :  Capital gain is considered as Short Term Capital Gain, if immovable property is sold / transferred within three years of acquiring the same.   Similarly, if shares or other financial securities such as mutual funds are sold within one year of purchase, the profit earned is treated as Short Term Capital Gain.

Short term capital gain is included in the gross taxable income and normal tax rates are applicable.  However, w.e.f. 1st October, 2004, the short term capital gains from sale of equity shares or units of equity oriented mutual fund schemes are taxed only at a flat rate of 10%, irrespective of the tax slab on other sources of income, provided securities transaction tax is paid on such sale.

(b) Long Term Capital Gains : Capital gain is considered as the Long Term, if the immovable property is sold after three years from purchse, or financial securties such as shares, deep discount bonds, units of open ended or close ended schemes of mutaula funds are disposed (i.e. sold / redeemed / transferred) after holding the same for more than twelve months, then the gain is considered to be long term capital gain.

Long term capital gains on transfer of listed shares / units of equity oriented mutual funds schemes has been exempted from tax w.e.f. 1st October, 2004, provided securities transaction tax has been paid on such sale.  For assets other than the listed shares / units of mutual funds schemes, tax is payable in respect of long term capital gains at a flat rate of 20% and the amount of gain has to be adjusted for inflation through indexation benefit.

Long term capital gains tax in respect of bonds and debt securities or debt oriented mutual fund schemes listed on stock exchanges is payable at a flat rate of 10% of the capital gains amount. In case an individual wishes to avail the benefits of indexation, then tax has to be paid at normal long term capital gains tax rate of 20%.

Section 54EC of the I-T Act, 1961 : Relief from Capital Gains Tax

You can make good use of this Section to save Taxes specially when you sell some property.   The Income Tax laws provides for taxes on long-term capital gains at 20 per cent for individuals and foreign firms and 30 per cent for domestic companies. However, Section 54EC of the I-T Act, 1961, provides relief from capital gains tax.    Under this Section, gains on transfer of a long-term capital asset can be exempted from tax if the money is invested in bonds of specified institutions such as NABARD, the Rural Electrification Corporation (REC), SIDBI or the National Highway Authority of India.   Such bonds are redeemable after three years.  However,  to save tax, you have  to invest in these bonds within six months from the date of transfer of the original asset.  Thus investing in these bonds will effectively mean that your money is locked in for three years. If you want to buy a new property one or two years after transferring the original asset, you will have to either wait or look for alternative funds.   After the lock-in period or on the maturity of the bonds, the investor is free to put in his money in any kind of asset.   However, the interest on the bond is taxable.

On the other hand, State Bank of India, offers  SBI Capgains Plus Scheme where  lock-in period is absent, a slightly higher interest rate compared to the capital gain tax saving bonds is offered.    The proceeds of the sale of the capital asset can be parked in the fixed deposit scheme under the Capgains Plus plan at an interest rate marginally higher than what bonds under Section 54 EC would fetch. The interest earned will be taxed at prevailing rates.  However, unlike the bonds under 54 EC, the depositor cannot put the money in a different kind of asset. The plan stipulates that re-investment should be made on the specified asset only.   Therefore, this scheme is a boon for people who have sold their property but haven't been able to purchase the property within the stipulated period.    Once a final decision is taken  on the property you want to reinvest in, you can opt for an exit from SBI Plan, but you will need to get a certificate of consent from the assessment officer.

Other Important Links :

 Download FREE Major ITR Forms for Financial Year 2014-15 - ITR1, ITR2, ITR2A, ITR4S - pdf files, Fillable files AND Instructions

 HOW TO MAKE BEST USE OF SECTION 80C  OR Saving Tax By Investing Under  Section 80C

 How to Avoid TDS  Deduction by Banks - HOT TIPS FOR TDS in Banks 

  SOME VERY POPULAR SCHEMES FOR INVESTMENTS (INCLUDING FOR TAX SAVINGS)

 Download PDF files for Form 15G, Form 15H, Form 60, Form 61

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