Sunday, February 12, 2017

Income Tax SLAB rates for Assessment year 2017-18 India

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