Most important points you must understand being an Income Tax Payer

Tax payers are being worried as the final date for IT returns is nearing. Here we come up with important points one should know being a Income tax payer regarding the slab rate in order to assess the tax liability as an
individual or a firm and the important dates (filing of tax return, payment of TDS/TCS, service tax , VAT, Advance Income Tax).

1. Income Tax Slab Rate :-

Income Slab                       Tax Rate

Income up to Rs. 2,50,000* No Tax

Income from Rs. 2,50,000 – Rs. 5,00,000 5%

Income from Rs. 5,00,000 – 10,00,000 20%

Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

2. Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) :-

Income Slab                       Tax Rate

Income up to Rs. 3,00,000* No Tax

Income from Rs. 3,00,000 – Rs. 5,00,000 5%

Income from Rs. 5,00,000 – 10,00,000 20%

Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

3. Income tax slab for super senior citizens (80 years old or more) :- 

Income Slab                      Tax Rate

Income up to Rs. 2,50,000* No Tax

Income up to Rs. 5,00,000* No Tax

Income from Rs. 5,00,000 – 10,00,000 20%

Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

4. Income Tax Slab for Co-operative societies :-

Income Tax Slab                       Tax Rates

Total income less than Rs.10,000. 10% of the income.

Total income greater than Rs.10,000 but less than Rs.20,000. 20% of the amount by which it exceeds Rs.10,000.

Total income greater than Rs.20,000. 30% of the amount by which it exceeds Rs.20,000.

5. Firms, Local Authorities, Corporates and Domestic Companies:

Companies are taxed at a flat rate of 30% on the total income declared.

A surcharge of 5% is levied on the total income tax of domestic companies if their income exceeds Rs.1 crore. This surcharge does not apply to firms and local authorities.

Due Dates for Payment of Various Taxes

TDS/TCS Due Dates (For Individual)

7th of Every Month - Pay TDS/TCS of Previous Month

15th Jan, May, July, Oct. - File Quarterly Return of TDS/TCS

30th of Jan, May, July, Oct. - Issue Quarterly TDS/TCS Certificate (Other Than Salary)

7th April - Deposit 15G/15H Forms

30th of April - Deposit TDS/TCS Deducted in March

31st of May - Issue Yearly TDS Certificate of Salary

Income Tax Due Dates

15th June - Deposit Advance tax Corporate Assesse

15th Sep. Dec. March - Deposit Advance tax

31st March - Last Date for filling of belated return or revise return in some cases

31st July - Last Date of Return Filling for non-audit cases.

30th September - Last Date of Return Filling for audit cases.

Service Tax Due Dates

5th Of Every Month - Deposit Service Tax of Company/ Society.

6th July, 6th Oct, 6th Jan, 31st March - Deposit Quarterly Service Tax of individual/ Partnership firm.

31st March - Deposit Quarterly Service Tax of individual/ Partnership firm & Monthly for Company & Society

25th April - File 2nd  Half yearly return

25th Oct. - File 1st   Half yearly  return

VAT Due Dates

VAT PAYMENT DUE DATES10 DAYS (FOR VERY LARGE TAX PAYERS)

Tax on Turnover of every month

From 1st to 10th

From 11th to 20th

From 21st to End of Month

Deposit VAT up to

15th of every month

25th of every month

5th of next month