Filing Income Tax Return (ITR) is an annual ritual by individuals and
other category of taxpayers.
This year's income tax return will be filed for the financial year 2017-18 or Assessment Year 2018-19.
The new fiscal has just kicked in and you would be keen to know all about your Income Tax slab, due date of filing your ITR etc.
The ITR this year is applicable for income earned between April 1, 2017 and March 31, 2018
For individual taxpayers, the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on July 31, 2018.
For Businesses requiring audit the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on September 30, 2018.
Income Tax Slab
Before you file for your ITR, you must know your tax bracket. Check out the following:
Individual Tax Payers
-Up to Rs 2,50,000: NIL NIL
-Rs 2,50,001 to Rs 5,00,000: 5% Rs 7,725 (Savings)
Senior Citizens 60 years but less than 80 years
-Up to Rs 3,00,000: NIL NIL
-Rs 3,00,001 to Rs 5,00,000: 5% Rs 2,575 (Savings)
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Senior Citizens 80 years and above
-Up to Rs 5,00,000: NIL NIL
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Surcharge of 10% on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 percent on income above Rs 1 crore.
It may be noted that the new Income Tax Return (ITRs) forms for the assessment year 2018-19 were notified on Thursday April 05,2018 by the Central Board of Direct Taxes.
The policy-making body of the tax department said some fields have been "rationalised" in the latest forms and that there is no change in the manner of filing of the ITRs as compared to last year.
All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement
The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.
The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.
Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs 50 lakh and one house property. Last year, 30 million taxpayers filled this form, the tax department said in a statement
This year's income tax return will be filed for the financial year 2017-18 or Assessment Year 2018-19.
The new fiscal has just kicked in and you would be keen to know all about your Income Tax slab, due date of filing your ITR etc.
The ITR this year is applicable for income earned between April 1, 2017 and March 31, 2018
For individual taxpayers, the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on July 31, 2018.
For Businesses requiring audit the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on September 30, 2018.
Income Tax Slab
Before you file for your ITR, you must know your tax bracket. Check out the following:
Individual Tax Payers
-Up to Rs 2,50,000: NIL NIL
-Rs 2,50,001 to Rs 5,00,000: 5% Rs 7,725 (Savings)
Senior Citizens 60 years but less than 80 years
-Up to Rs 3,00,000: NIL NIL
-Rs 3,00,001 to Rs 5,00,000: 5% Rs 2,575 (Savings)
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Senior Citizens 80 years and above
-Up to Rs 5,00,000: NIL NIL
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Surcharge of 10% on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 percent on income above Rs 1 crore.
It may be noted that the new Income Tax Return (ITRs) forms for the assessment year 2018-19 were notified on Thursday April 05,2018 by the Central Board of Direct Taxes.
The policy-making body of the tax department said some fields have been "rationalised" in the latest forms and that there is no change in the manner of filing of the ITRs as compared to last year.
All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement
New I-T return forms notified Thursday April 05,2018
New income tax return forms (ITR forms) notified on Thursday seek more details from individual taxpayers about their salary structure and income from property while making it mandatory for small businesses to report their goods and services tax identification number (GSTIN) and turnover reported under GST.The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.
The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.
Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs 50 lakh and one house property. Last year, 30 million taxpayers filled this form, the tax department said in a statement
No comments:
Post a Comment