Useful Information

If the assessee is a individual or HUF 31st July of Assessment Year If the assessee is a company or any person whose accounts are required to be audited 30th Sep. of Assessment Year

(i) For Individuals (other then Female and Senior Citizen), HUF, AOP,BOI

Income Slab Rates of Income Tax Up to Rs. 1,10,000/- Nil Rs. 1,10,001 to Rs. 1,50,000 10 Percent of the amount by which the total income exceeds Rs.1,10,000/- Rs.1,50,001 to Rs. 2,50,000 Rs.4000+20% of the amount by which the total income exceeds Rs.1,50,000/- Rs.2,50,001 and Above Rs.24,000+30% of the amount by which the total income exceeds Rs.2,50,000/-

(ii) For Women Resident (Below the age of 65 Years)

Income Slab Rates of Income Tax Up to Rs. 1,45,000/- Nil Rs. 1,45,001 to Rs. 1,50,000 10 Percent of the amount by which the total income exceeds Rs.1,45,000/- Rs.1,50,001 to Rs. 2,50,000 Rs.500+20% of the amount by which the total income exceeds Rs.1,50,000/- Rs.2,50,001 and Above Rs.20,500+30% of the amount by which the total income exceeds Rs.2,50,000/-

Income Slab Rates of Income Tax Up to Rs. 1,80,000/- Nil Rs. 1,80,001 to Rs. 3,00,000 10 Percent of the amount by which the total income exceeds Rs.1,80,000/- Rs.3,00,001 to Rs. 5,00,000 Rs.12,000+20% of the amount by which the total income exceeds Rs.3,00,000/- Rs.5,00,001 and Above Rs.52,000+30% of the amount by which the total income exceeds Rs.5,00,000/-

(iii) For Senior Citizens (Above the age of 65 Years)

Income Slab Rates of Income Tax Up to Rs. 1,95,000/- Nil Rs. 1,95,001 to Rs. 2,50,000 20 Percent of the amount by which the total income exceeds Rs.1,95,000/- Rs.2,50,001 and Above Rs.11,000+30% of the amount by which the total income exceeds Rs.2,50,000/-

(iii) For Senior Citizens (Above the age of 65 Years)

Income Slab Rates of Income Tax Up to Rs. 1,95,000/- Nil Rs. 1,95,001 to Rs. 2,50,000 20 Percent of the amount by which the total income exceeds Rs.1,95,000/- Rs.2,50,001 and Above Rs.11,000+30% of the amount by which the total income exceeds Rs.2,50,000/-

Income Slab Rates of Income Tax Up to Rs. 2,25,000/- Nil Rs. 2,25,001 to Rs. 3,00,000 10 Percent of the amount by which the total income exceeds Rs.2,25,000/- Rs.3,00,001 to Rs. 5,00,000 Rs.7,500+20% of the amount by which the total income exceeds Rs.3,00,000/- Rs.5,00,001 and Above Rs.47,500+30% of the amount by which the total income exceeds Rs.5,00,000/-

• Surcharge @ 10% of Income Tax if Income exceed Rs 10,00,000/-.
• Education Cess @ 2% of Income Tax (including Surcharge thereon) on all assessees.
• S.H.E.C. @ 1% of Income Tax (including Surcharge thereon) on all assessees.

(iv) For Partnership Firms and Company

Assessment Year Surcharge Education Cess 30% on whole of Income 10% of Income Tax if income exceeds Rs. 1 Crore 2% of Income Tax (including Surchage thereon) and Additional S.H.E.C.@ 1% on all Assessees.

(v) For Co-Operative Society

Income Slab Rates of Income Tax Up to Rs. 10,000/- 10% of total income Rs. 10,001 to Rs. 20,000 Rs. 1,000 +20% of the amount by which the total income exceeds Rs.10,000 Rs.20,001 and above Rs.3,000+30% of the amount by which the total income exceeds Rs.20,000

Savings which gives you income tax benefit.

• Investment in national saving certificate
• Investment in insurance policy
• Investment in public provident fund
• Investment in mutual funds
• Investment in five years fixed deposit
• Payment of housing loan installment ( Principle Amount )
• Payment of school fees
• Payment for mediclaim

Don't ignore children school fee certificate

New ITR Forms Subject ITR 1 For Individual having income from salary and interest. ITR 2 For Individual and HUF not having Business or Profession income. ITR 3 For Individual HUF being partners in firms and not carrying out business or profession under any proprietorship. ITR 4 For Individual having income from Proprietory business or profeesion ITR 5 For Firms, AOP's and BOI's ITR 6 For Companies other than companies claming exemption U/s 11. ITR 7 For person including companies required to furnish return U/s 139 (4A)/(4B)/ (4C)/(4D). ITR 8 Return of Fringe Benefit.

Applicability

• Whose income is chargeable to tax.
• Whose turnover or gross receipts from Business or Profession are likely to exceed Rs. 5 lakhs during the year.
• Any employer who is liable to furnish fringe benefit tax return.

Pan Form