April 19, 2017

MOST IMPORTANT POINTS YOU MUST KNOW BEING AN INCOME TAX

PAYER
Dear Taxpayers, We are heading toward a new financial year 2017-18. Here are the most important points you must 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)

Income Tax Slab Rate:

Income tax slab rates are for different classes of taxpayers, who are taxed progressively more according to their earning. The income tax slab rates
can be classified into the following categories:

1. Income Tax Slab for Individual & HUF ( age less than 60 years old)

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

Last Date for filling of belated return or revise return in some

31st March
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.

Deposit Quarterly Service Tax of individual/ Partnership firm &

31st March
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

1. From 1st to 10th Deposit VAT up to
2. From 11th to 20th 1. 15th of every month
3. From 21st to End of Month 2. 25th of every month
3. 5th of next month

15 Days ( FOR LARGE TAX PAYERS)

1. From 1st to 15th 1. 20th of every month

2. From 16th to End of Month 2. 7th of Next Month

Monthly

1. Monthly 1. 14th of every month

Quarterly

1. Monthly 1. 14th of next month (Below Rs. 20 thousand in a

 year)

Return Filling Dates

15th August, 15th November Deposit of Quarterly Vat E- Return ( Vat-10 )

15th February, 30th May 1. Vat Annual Return ( Vat-11) For composition
th
1. 30 June dealer
2. 31st December 2. Vat Annual Return ( Vat-10A ) And Audit Report

Due date of filing of Return of Income

Sr.
Status of the taxpayer Due date
No.

Any company other than a company who is required to furnish a report in Form September 30 of the
1
No. 3CEB under section 92E (i.e. other than covered in 2 below) assessment year

Any person (may be corporate/non-corporate) who is required to furnish a report November 30 of the
2
in Form No. 3CEB under section 92E assessment year

Any person (other than a company) whose accounts are to be audited under the September 30 of the
3
Income-tax Law or under any other law assessment year

A working partner of a firm whose accounts are required to be audited under September 30 of the
4
this Act or under any other law assessment year
 July 31 of the
5 Any other assessee
assessment year