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Faster, easier and secure gateway to e-file income tax return

Income Tax Returns Basics

Indian Government has fixed slabs for everyone for filing tax and these slabs are based on income generated for each financial year. Anyone who crosses the exemption limit is required to file income tax return. It is also important to claim refund or to carry forward any financial losses that had occurred during the year. Also, being regular with tax paying improves your credibility which helps in getting a financial loan or credit for projects. Also, it is an important document while applying for a visa. The tax collected by government is utilized for the development and growth of the country and that’s why being a responsible citizen, one must pay tax.

Income tax Slabs for Individual and HUF for AY 2017-18

Below 60 years of age

Tax Slabs Tax Rate
Up to INR 2,50,000 Nil
Between INR 2,50,001 to INR 5,00,000 5% of the income above INR 2,50,000
Between INR 5,00,001 to INR 10,00,000 10% of the income above INR 5,00,001
Above INR 10,00,001 30% of the income above INR 10,00,001

Age between 60 years to 80 years

Tax Slabs Tax Rate
Up to INR 3,00,000 Nil
Between INR 3,00,001 to INR 5,00,000 10% of the income above INR 3,00,000
Between INR 5,00,001 to INR 10,00,000 20% of the income above INR 5,00,001
Above INR 10,00,001 30% of the income above INR 10,00,001

Above 80 years

Tax Slabs Tax Rate
Up to INR 5,00,000 Nil
Between INR 5,00,001 to INR 10,00,000 20% of the income above INR 5,00,001
Above INR 10,00,001 30% of the income above INR 10,00,001

Surcharge: Up to the amount of INR 10,00,000, there is no surcharge need to be paid, but above the limit, a 15% of Surcharge will be applicable. This is the 15% of the total tax amount, but taking this surcharge is subjected to marginal relief.

Education Cess: 2% of the (income tax + surcharge) will be applicable further on top of the income tax and surcharge.

Secondary and Higher Education Cess: 1% of the (income tax + surcharge) will be applied further on top of the income tax and surcharge.

Rebate under Section 87A: A rebate of INR 5,000 or 100% of the amount which ever is less is available for resident individual whose taxable total income does not exceed INR 5,00,000.

Income tax slabs for Partnership firms for AY 2017-18

  • Partnership firms or LLP or PLC will be liable to pay taxes at a rate of 30%.
  • In case of income of the firm crosses the INR 1 crore limit, then a 12% of surcharge will be added but it is also subjected to marginal relief.
  • Education Cess will be collected at a rate of 2% of the (income tax+surcharge).
  • Secondary and Higher Education Cess will be applicable on a 1% rate of the (income tax+surcharge).

Income tax slabs for Domestic Company for AY 2017-18

  • A domestic company will be liable to pay taxes at a rate of 30% for turnover exceeding INR 5 crores. If the turnover does not exceed the specified limit than the tax rate applicable will be 29%.
  • For income over INR 1 crore and below INR 10 crores, the surcharge applicable will be 7% of the total income tax but it is subjected to marginal relief.
  • In case of income of the firm crosses the INR 10 crores limit, then a 12% of surcharge will be added but it is also subjected to marginal relief.
  • Education Cess will be collected at a rate of 2% of the (income tax+surcharge).
  • Secondary and Higher Education Cess will be applicable on a 1% rate of the (income tax+surcharge).

Income tax slabs for Foreign Company for AY 2017-18

  • A foreign company will be liable to pay income taxes at a rate of 40% of the total turnover.
  • For turnover exceeding INR 1 crore but below INR 10 crores, a surcharge of 2% will be applied.
  • If the turnover exceeds the limit of INR 10 crores, than a surcharge of 5% will be added, but it is also subjected to marginal relief.
  • Education Cess will be collected at a rate of 2% of the (income tax+surcharge).
  • Secondary and Higher Education Cess will be applicable on a 1% rate of the (income tax+surcharge).

Income tax slabs for Co-operative Society for AY 2017-18

Income Slabs Tax Rate
Up to INR 10,000 10%
Between INR 10,001 to INR 20,000 20% of the income above INR 10,000
Above INR 20,001 30% of the income above INR 20,000

Income tax slabs for Local authority for AY 2017-18

  • A 30% tax rate will be applicable for income generated by any local authority.
  • A surcharge of 12% will be applied for turnover exceeding INR 1 crore but it is subjected to marginal relief.
  • Education Cess will be collected at a rate of 2% of the (income tax+surcharge).
  • Secondary and Higher Education Cess will be applicable on a 1% rate of the (income tax+surcharge).

Marginal Relief

It is always deducted from the total tax amount if a business gets a turnover just above the specified limit of 1Cr. It is made to offer relieve smaller firms from the bigger tax burden. If the total income exceeds 1Cr than the amount of (tax+surcharge) should not exceed the amount of total tax payable for 1 Cr. The excess amount will be deducted.

To file income tax with All India ITR, you need to sign in to your account and start with income tax E-filing process. You can also check your tax filing process status with us using our web and mobile app. All you need to do is sign into your account and click on “tax filing status”. Then select the year, along with entering the captcha word and it will show your tax return status.

To revise income tax return to modify any wrong entry, log into your All India ITR account and select the financial year to revise. Then click on “revise” button and edit the form with regular tax filing wizard. While E-filing, it will ask you to enter the original date of filing return and original acknowledgement number. Now make payment and confirm revised filing.

To download tax credit statement or form 26AS log into your user dashboard. Select “View Form 26AS” and it will redirect you to the Government website. Select on “I Agree….” button, and click on “View Tax Credit” button along with selecting the assessment year. Now select, PDF from the “view as” window and it will download the file. To open the file, use DOB as the password.