Filing of IT returns is a must and right of an individual or a business. Regular filing of Income Tax return will enhance the credibility of a person. Once your income tax return is filed, you can claim the refund on the excess income.
Income Tax return filing in India is applicable to any individual who is earning. The income can be in the source of salary, rental income, income from a business or profession, income from other sources and income from capital gains.
The due date for filing the income tax returns is fixed by the government and a certain tax slab is fixed on the total income which varies for different income range. The government keeps changing the tax compliances and individuals should
file their returns on time to avoid further penalties, and benefits to be received.
| Income Tax Slabs |
Tax Rate |
Health and Education Cess |
|---|---|---|
| Income up to Rs 2,50,000* |
No tax |
|
| Income from Rs 2,50,000 – Rs 5,00,000 |
5% |
3% of Income Tax |
| Income from Rs 5,00,000 –10,00,000 |
20% |
3% of Income Tax |
| Income more than Rs 10,00,000 |
30% |
3% of Income Tax |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
| Income Tax Slabs |
Tax Rate |
Health and Education Cess |
|---|---|---|
| Income up to Rs 2,50,000* |
No tax |
|
| Income from Rs 2,50,000 – Rs 5,00,000 |
5% |
3% of Income Tax |
| Income from Rs 5,00,000 –10,00,000 |
20% |
3% of Income Tax |
| Income more than Rs 10,00,000 |
30% |
3% of Income Tax |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
| Income Tax Slabs |
Tax Rate |
Health and Education Cess |
|---|---|---|
| Income up to Rs 5,00,000* |
No tax |
|
| Income from Rs 5,00,000 – 10,00,000 |
20% |
3% of Income Tax |
| Income more than Rs 10,00,000 |
30% |
3% of Income Tax |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
| Turnover Particulars |
Tax Rate |
|---|---|
| Gross turnover upto 50 Cr. in the previous year 2015-16 |
25% |
| Gross turnover exceeding 50 Cr. in the previous year 2015-16 |
30% |
Surcharge: In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax
Surcharge:
Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%
Individuals can forgo the penalties which vary for the taxpayers. Like for eg. In the financial year 2017-2018, government of India has fixed a penalty of 5000/- for late filing of returns between August 1st 2018 to December 31st 2018.
For individuals filing after 31st December 2018 to March 31st 2018, the penalty is 10,000/-. For those whose income is below 5 lakh it will be 1,000/-.
Individuals can earn an interest of 0.5% if they claim for a refund on excess of tax paid and if the income tax department delays in the payment of refund.
Avoid the load of being charged of interest for late filing. As per section 234A of The Income Tax Act, there is a certain interest fixed for people filing the returns late only if there is any tax liability due from the taxpayer’s
end.
You will lose the advantage to advance your losses for the next year if any from the aforesaid income groups like income from salaries, income from capital gains, self earned income from any business or profession or income from other
sources.
Filing of income tax returns has become less complicated and with the growth of technology it has become way easier to do it. You can also take the advice of expert tax consultants at Regal Corporate Solutions for filing of your income tax returns.
We strive in offering you with best of services and help in filing your taxes quickly ensuring that we maintain the confidentiality of any information or data provided by you.
Have your important documents ready like PAN, Aadhar, Bank account details, Investment details and Form 16
Enter personal Information
Enter Salary Details
Furnish Deduction claim particulars
Details on taxes paid
Give your bank account particulars and move for e-filing
Once done E-Verify details.
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