Item
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Tax Details
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Slab Rate
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No tax for Income upto Rs. 2,50,000 INR-
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5% of income has to be paid as tax if income is
2,50,001 to 5,00,000 INR
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20 % of income has to be paid as tax if the income Rs. 5,00,001 to 10,00,000 INR
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Income above Rs. 10,00,000
- Tax @ 30%
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For senior citizens Age > 60 to 80 years no tax upto 3,00,000 And above 80 years, no tax upto 5,00,000)
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Additional Fee (Surcharge) on income exceeding .
50 Lakh INR to 1 Crore for individual, HUF (Hindu Undivided Family) , AOP
(Association of Persons) , BOI (Body of Individuals), Article Juridical
person
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10% on tax
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Additional Fee (Surcharge) on income exceeding
Rs. 1 Crore for individual, HUF (Hindu Undivided Family) , AOP (Association
of Persons) , BOI (Body of Individuals), Article Juridical person
|
15% on tax
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Tax Rebate (Refund if paid as excess) in case of
Resident Individual
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Tax rebate 2,500 INR if income is below 3.5 lakh
INR
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New section 194IB is introduce which requests TDS
in case of rent payment
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Section 194IB is applicable for all Individual
and Hindu Undivided Family for exceeding payment of rent of Rs. 50,000 for a
month or part of month
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Holding period if the Land and Building is for
Long Term Capital Gain
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2 Years. In Previous assessement year , it was 3
Years
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Base year for calculation of Long Term Capital
Gain
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Fair market value as on1st April 2001 or actual cost of asset
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No Notional Income for House property held as
stock in trade
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No Notional income for the period up to 1 year
from the end of financial year in which completion certificate is obtained
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Reduced the tax rate for presumptive taxation for
digital transaction
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6% in respect of turnover or receipts
accepted in digital form
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8% for other transaction.
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Increasing the threshold limit for maintenance of
books of accounts in case of professionals
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If income exceeds 2.5 lakh or turnover or gross
receipt exceed 25 lakh
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Phase out of deduction u/s 80CCG for investment
in Rajiv Gandhi Equity Saving Scheme.
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No Deduction will be available to those who has
not opted deduction till AY 2017-18.
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Adjustment of loss form house property
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Amount of 2 lakh INR loss is allowable for set off against other Income and remaining loss will be carried forward.
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Deduction of payment to NPS (National Payment
Scheme)
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20% of salary for an employee
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20% of gross total income in case of other than
employee
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Time limit for completion of assessment u/s 143
or 144
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18 month form the end of the assessment year
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12 months form the end of the assessment year
form AY 2019-20 onwards.
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Corpus donation to made by charitable trust to
other charitable to trust(TCS foundation)
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In view of insertion of new explanation Donation
made with specific direction and forming part of corpus is not considered as
application of income as it is not considered as income of trust who received
the donation.
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Fee for delayed filing of return
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5,000 after due date but before 31.12 of
assessment year.
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10,000 in any other case
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However in case of income does not exceed 5
lakh, fee will not exceed 1,000
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