Powered by http://www.taxqueries.in/ INCOME TAX Powered by http://www.taxqueries.in/

CONTENTS Income tax introduction Income tax slab rates Changes in Income tax slab rates Income tax online services Powered by http://www.taxqueries.in/

INCOME TAX Income Tax is imposed on anybody who earns income in India, whether they are resident or non-resident. Every individual person, HUF (Hindu Undivided Family), AOP (Association of Persons), BOI (Body of Individuals), corporate firms, companies, local authorities and all other artificial juridical persons who/which have earned income are required to pay Income tax in India. It is charged on the Total Income of a Previous Year at the rates prescribed for the Assessment Year. Powered by http://www.taxqueries.in/

INCOME TAX IN INDIA Income: Salaried Person: In an Individual receives anything from an employer in cash, kind or as a facility is considered as income. Businessman: His/Her net profits will constitute income. Assessment Year: It is the period of 12 months commencing on April 1, every year. Simply, the year in which income is charged to tax is known as Assessment year. Previous Year: It is the financial year immediately preceding the assessment year. Simply, the year in which Income is earned in known as Previous Year. Powered by http://www.taxqueries.in/

INCOME TAX SLAB RATES According to the latest Union Budget 2017 Updates, the Slab Rates of Income Tax in India for the Assessment Year 2018-19 (Financial Year 2017-18) are changed when compared to AY 2016-17 (FY 2015-16) Income Tax Slabs. Income tax slab rates for AY 2018-19 and FY 2017-18 has been changed.  The present Income tax slabs for AY 2018-19 will be increased, and new Income tax slabs will be brought under effect by the Modi Government.  Your income from business, salary or other income from fixed/recurring deposits, etc. are taxed as per Income Tax Slabs FY 2017-18 and AY 2018-19 in India.  Powered by http://www.taxqueries.in/

INCOME TAX SLAB FOR FY 2017-18 Due to the massive inflow of cash in Demonetisation, Income Tax Slab Rates for AY 2018-19 and FY  2017-18 have been increased. Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on Budget 2017. The Union Budget 2017 has brought happiness to middle class. The Union budget 2017 will be presented by the Hon’ble Finance Minister Arun Jaitley at the parliament on 1st February 2017. One of the primary expectations of Indians on this union budget for the Financial Year 2017 –18 is the increase in the income tax slab rates (FY is Financial Year, and AY is Assessment Year) Powered by http://www.taxqueries.in/

CHANGES IN INCOME TAX SLAB RATES FY 2017-18 For Income from Rs 2.5 Lakhs – Rs 5 Lakhs, Income Tax reduced from 10% to 5%. 10 percent surcharge on income tax if the total income more than Rs 50 Lakhs but below Rs 1 crore. 100% rebate of Income tax or Rs. 2,500 or  (whichever is lower) for individuals with income below Rs 3.5 Lakhs under section 87A. For income above Rs. 1 crore, the surcharge of 15% remains same. Powered by http://www.taxqueries.in/

INCOME TAX ONLINE SERVICES Income tax department of India must know that you have paid correct tax. To find out this, you e-file income tax return online. e filing income tax return is an easy method rather than the manual income tax filing. To avoid the penalty for late filing every taxpayer of India must file the income tax return on or before Income Tax due date.  Powered by http://www.taxqueries.in/

INCOME TAX E-FILING Step by step process to E-file income tax return on online. On the homepage, Go to ‘Downloads’ and select applicable ITR Form of the relevant Assessment Year. Download the excel utility from of the Income Tax Return (ITR). Fill the excel utility form and Validate. Generate an XML file and save in destination to your desktop or system. Login to e-Filing IT Return application and then go to ==> e-File ==> Upload Return. Powered by http://www.taxqueries.in/

Take a printout of Acknowledgement/ITR-V Form for further use. Select the ITR Form( Income Tax Return) and the Assessment Year, and Select the XML file. Upload Digital Signature Certificate(DSC), if available and applicable, and click on ‘SUBMIT’. On successful upload of e-filing, acknowledgment details would be displayed. Take a printout of Acknowledgement/ITR-V Form for further use. ITR Form should be printed, signed and submitted to CPC, Bangalore by using Ordinary Post or Speed Post ONLY within 120 days from the date of e-Filing. Powered by http://www.taxqueries.in/

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