Posts

Income Tax Slabs and Rates for Assessment Year 2018-19

Income Tax Slabs and Rates for Assessment Year 2018-19Income Tax Slabs and Rates for the Assessment Year 2018-19 (applicable on income earned during01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.1. Individual resident aged below 60 years (i.e. born on or after 1st April 1958)Income SlabsTax Ratesi.Where the taxable income does not exceed Rs. 2,50,000/-.NILii.Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.5% of amount by which the taxable income exceeds Rs. 2,50,000/-.Less : Tax Credit u/s 87A – Maximum of Rs. 2500/-. (Whose net income less than 3,50,000/-)iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.iv.Where the taxable income exceeds Rs. 10,00,000/-.Rs. 1,12,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.Surcharge : 10% of t…

TDS AND TCS RATES FY-18-19

Image
TDS AND TCS RATES FY-18-19


Fees for late filing of return. [Section 234F]

Image
Fees for late filing of return. [Section 234F]

*Applicable for ITR 1 to 7.
*Section 271F was omitted by the Finance Act, 2017.
*Finance Act, 2017 levies a new fee if assessee does not furnish the return of income on the due dates prescribed under Section 139(1) as under:
·         *Rs.5,000/– If return furnished after due date but before 31 Dec of AY-18-19.
·         *Rs.10,000/- In any other case.
·         *Rs.1,000/- In case income is less that Rs.5 Lakhs.
*Mandatory penalty to be paid - assessees shall now be required to pay the late filing fees under section 234F along with interest under section 234A, 234B and 234C before filing of return of income.
*A new row is added to enable the assessee to fill the details of late filing fees.

#Happy #Birthday #Moti

Image

State wise Income Tax E-filing count for current Financial Year 2017-18

State wise Income Tax E-filing count for Current Financial Year-2017-18 RanksStateCountPercentage1MAHARASHTRA 1,10,78,367.00 16.42%2GUJARAT70,85,944.00 10.50%3UTTAR PRADESH60,94,221.00 9.03%4TAMILNADU