Income Tax Basics

Return of Income:

The due date for filing the return of income is 30th September in the case of 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(sahaj)

For Individuals having Income from Salary & Interest

2

ITR – 2

For Individuals and HUFs not having Income from Business or Profession.

3

ITR – 2A

For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets

4

ITR – 3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

5

ITR – 4S (Sugam )

For individuals/ HUFs/Partnership Firm having income from  presumptive business.

6

ITR – 4

For individuals & HUFs having income from a proprietary business or profession.

7

ITR – 5

For persons other than, (i) individual (ii) HUF, (iii) Company and (iv) person filing ITR-7.

8

ITR – 6

For Companies other than companies claiming exemption under section 11

9

ITR – 7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 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

10%

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 3% of the Tax payable.

Domestic Company –

30% of total income, surcharge at the rate of 5% of such income tax and Education Cess is 3% of the income Tax and surcharge payable.

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