Income Tax Basics

Return of Income:

The due date for filing the return of income is 30th September in the case of company assesses and assesses who are required to get their books of account audited and for all others the same is 31st July.

Sl. No. Name of return Description
1 ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh.
2 ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession.
3 ITR 3 For individuals and HUFs having income from profits and gains of business or profession.
4 ITR 4 For presumptive income from Business & Profession
5 ITR 5 For persons other than:-

(i) Individual,

(ii) HUF,

(iii) Company and

(iv) Person filing Form ITR-7

6 ITR 6 For Companies other than companies claiming exemption under section 11.
7 ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Tax Rates:

Income Tax payable for Individuals

Tax Rate 

Senior Citizen above 80 years

Senior Citizen above 60 years

Other than Senior Citizen

0%

Up to Rs. 500,000

Up to Rs. 3,00,000

Up to Rs. 250,000

5%

Nil

Rs. 3,00,000 to Rs. 500,000

Rs. 2,50,000 to Rs. 500,000

20%

Rs. 500,001 to Rs. 1,000,000

Rs. 500,001 to Rs. 1,000,000

Rs. 500,001 to Rs. 1,000,000

30%

Above Rs. 1,000,000

Above Rs. 1,000,000

Above Rs. 1,000,000

Firms –

30% of total income and Education Cess is 4% of the Tax payable.

Domestic Company –

30% of total income and Education Cess is 4% of the income Tax and surcharge shall be:

Companies having level of income                                                          Surcharge

Less than Rs. 1 Crore                                                                                       Nil

Rs. 1 Crore to Rs. 10 Crore                                                                              7%

More than Rs. 10 Crore                                                                                   12%

Advance Tax

Advance tax is the income tax payable if your tax liability exceeds Rs 10,000 in a financial year. Advance tax should be paid in the year in which the income is received. The provisions of advance tax are applicable on all types of persons irrespective of the residential status of the person. The advance tax is to be paid in the following installments on the following dates:

Individuals / Firms

Instalment No.  

Date

% of Estimated Tax Liability

1

15th September

 

30

2

15th December

60

3

15th March

100

Companies

Instalment No.  

Date

% of Estimated Tax Liability

1

15th June

15

2

15th September

45

3

15th December

75

4

15th March

100