Accurate Returns. Complete Peace of mind.
If you earn income from salary alone and/or interest from a Bank Savings account, Fixed or Recurring Deposits, there are no hassles you need be worried about. No matter the complex breakdowns of salary components, our tax expert pro-actively chooses the right deductions to apply, giving you maximum savings and minimum tax outgo.
Your salary is a composite of many parts including the Basic, Dearness allowance, Conveyance allowance, Medical Reimbursements, Leave Travel allowance (LTA), House Rent Allowance (HRA) and other assorted perquisites or perks.
While Basic and DA are fully taxable, for the AY 2018-19, Medical Reimbursements and Travel Allowance are also taxable, other components such as the HRA form part of tax deductions.
Salaried individuals with income from interest earned from any fixed or recurring deposits may subscribe to this plan. Interest income is taxable when it exceeds Rupees 10,000 in a year for those less than 60 years of age.
Income is not just salary but includes all income that you earn from all other sources. Other sources include house property, profit/loss from selling stocks, interest earned on a savings account/fixed deposits. All the income generated from these sources is your gross income and is taxable.
Given below are the income tax slabs applicable to different categories of taxpayers by age:
Rates of income-tax for those under 60 years of age | ||
---|---|---|
1 | where the total income does not exceed Rs. 2,50,000 | Nil |
2 | where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | 5% |
3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
4 | where the total income exceeds Rs. 10,00,000 | 30% |
Rates of income-tax for Senior Citizens between 60 and 80 years | ||
---|---|---|
1 | where the total income does not exceed Rs. 3,00,000 | Nil |
2 | where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 | 5% |
3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
4 | where the total income exceeds Rs. 10,00,000 | 30% |
Rates of income-tax for Senior Citizens over 80 years | ||
---|---|---|
1 | where the total income does not exceed Rs. 3,00,000 | Nil |
2 | where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 | Nil |
3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
4 | where the total income exceeds Rs. 10,00,000 | 30% |
Your employer deducts Tax Deducted at Source (TDS) every month and files TDS returns every quarter. But that doesn’t end your tax obligations. You are responsible for declaring your income and taxes paid on them at the end of the year. This is known as your income tax return for the relevant financial year.
From the year 2018, tax returns must be filed for those earning more than Rupees 2,50,000 in a year. Otherwise, there might be levied penalties to the tune of Rupees 10,000.
Income from sources other than salary, house property, capital gains (sale of shares, house etc.), business or profession is classified under the head, “Income from Other Sources”. Income from interest earned on deposits with banks, post offices, FDs, Recurring Deposit schemes appear under this head.
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