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Income tax Rate for Individuals- A:Y 2018-19

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Income Tax Returns and Form

Business Tax Return Filing

All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act.

Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Taxable income	Tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 – Rs. 5,00,000	5%
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Taxable income	Tax Rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 – Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

A partnership firm (including LLP) is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

A local authority is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

Plus:

Surcharge: 7% of tax where total income exceeds Rs. 1 crore. 12% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

A foreign company is taxable at 40%

Plus:

Surcharge: 2% of tax where total income exceeds Rs. 1 crore. 5% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

Taxable income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Income tax Payment due dates:

DUE DATE	ADVANCE TAX PAYABLE
On or Before 15th June	15% of Advance Tax
On or before 15th September	45% of Advance Tax
On or Before 15th December	75% of Advance Tax
On or Before 15th March	100% of Advance Tax

Due date for Payment of Income Tax for FY 2017-18 (AY 2018-19)

The due date for Payment of Income Tax is 31st March of the Financial Year. I.e., for the financial year 2017-18, payment due date is 31st March 2018.

Due Dates for Payment of Advance Taxes for FY 2017-18 (AY 2018-19)

The below due date for payment of advance tax is applicable for both individual and corporate taxpayers.

Due Dates for Self Assessment Tax for FY 2017-18 (AY 2018-19)

Self Assessment Tax payment should be on or before the date of filing the return.

Income Tax filing due dates

Please note that the below due dates are applicable for AY 2018-19 or FY 2017-18.

Income Tax filing due dates:

Please note that the below due dates are applicable for AY 2018-19 or FY 2017-18.
All corporate Assessees whose accounts need to be audited u/s 44AB 30 September 2018. Working partners of partnership firms whose books of accounts are audited 30 September 2018. All Assessees who are required to furnish a report u/s 92E (transfer pricing

1. All Assessees whose accounts need not be audited u/s 44AB. Note: Any non-corporate (Individual/HUFs/Firms etc) assessees having total income below the following limit does not come under audit: Only salary income – No limit Professional income – 50 Lakhs Income from business – 1 Crore Income under presumptive business – 2 Crores	* Due date is 31st July
2. All non corporate Assessees whose accounts need to be audited u/s 44ABIndividual, Hindu undivided family (HUFs), Body of Individuals (BOI), Associate of persons (AOP) etc	Due date is 30th September
3. All corporate Assessees whose accounts need to be audited u/s 44AB	Due date is 30th september
4. Working partners of partnership firms whose books of accounts are audited	Due date is 30th september
5. All Assessees who are required to furnish a report u/s 92E (transfer pricing)	Due date is 30th November

ITR-1 Form Filing – Income Tax Return

ITR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.
Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

ITR-2 Form Filing – Income Tax Return

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.
Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 Form Filing – Income Tax Return

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR-4 SUGAM Form Filing – Income Tax Return

The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.