Filing Taxes deadline July 13
Individuals and HUF having total income exceeding Rs. 5 lakh or claiming any refund in the return (excluding individuals of the age of 80 years or more who are furnishing return in Form ITR-I or ITR-2
Individual or HYF being a resident other than not ordinarily resident having any foreign asset/income or claiming any foreign tax relief
Persons filing ITR in Form 3, Form 4, Form 5 and Form 7
For e-filing return of income log on to incometaxfiling.gov.in
Validate your e-filed return after opting for Electronic Verification Code (EVC)
From assessment year 2017-18, the Union Budget halves the income tax rate to 5 per cent for individuals having taxable income between Rs. 2.5-Rs. 5 lakh.
In the general category - person up to 60 years of age - tax will be applicable if income is more than Rs. 2.5 lakh. For income of Rs. 0-Rs. 2.5 lakh no tax will be applicable. A tax of only 5 per cent will be applicable if income is between Rs. 2.5-5 lakh. Further, the income tax rebate of up to Rs. 5,000 which was earlier given for taxable income up to Rs. 5 lakh, has been reduced to Rs. 2,500 and it will be available for taxable income of up to Rs. 3.5 lakh. It means if an individual has a taxable income of Rs. 3 lakh, his net tax liability will be zero (tax @5% on Rs. 50,000 is Rs. 2,500 minus rebate of Rs. 2,500).
Income Tax
Up to Rs. 2.5 lakh Nil
Rs. 2,50,001-Rs. 5 lakh 5%
Rs. 500,001-Rs. 10 lakh 20%
Above Rs. 10 lakh 30%
For example, for individuals with a taxable income of Rs. 55 lakh, the tax liability will from this year be increased to Rs. 16.57 lakh now (income tax of Rs. 14.62 lakh plus surcharge of Rs. 1.46 lakh and education & higher education cess of Rs. 48,263) from Rs. 15.19 lakh earlier. more
Individual or HYF being a resident other than not ordinarily resident having any foreign asset/income or claiming any foreign tax relief
Persons filing ITR in Form 3, Form 4, Form 5 and Form 7
For e-filing return of income log on to incometaxfiling.gov.in
Validate your e-filed return after opting for Electronic Verification Code (EVC)
From assessment year 2017-18, the Union Budget halves the income tax rate to 5 per cent for individuals having taxable income between Rs. 2.5-Rs. 5 lakh.
In the general category - person up to 60 years of age - tax will be applicable if income is more than Rs. 2.5 lakh. For income of Rs. 0-Rs. 2.5 lakh no tax will be applicable. A tax of only 5 per cent will be applicable if income is between Rs. 2.5-5 lakh. Further, the income tax rebate of up to Rs. 5,000 which was earlier given for taxable income up to Rs. 5 lakh, has been reduced to Rs. 2,500 and it will be available for taxable income of up to Rs. 3.5 lakh. It means if an individual has a taxable income of Rs. 3 lakh, his net tax liability will be zero (tax @5% on Rs. 50,000 is Rs. 2,500 minus rebate of Rs. 2,500).
Income Tax
Up to Rs. 2.5 lakh Nil
Rs. 2,50,001-Rs. 5 lakh 5%
Rs. 500,001-Rs. 10 lakh 20%
Above Rs. 10 lakh 30%
For example, for individuals with a taxable income of Rs. 55 lakh, the tax liability will from this year be increased to Rs. 16.57 lakh now (income tax of Rs. 14.62 lakh plus surcharge of Rs. 1.46 lakh and education & higher education cess of Rs. 48,263) from Rs. 15.19 lakh earlier. more
Viewed by 340
5% rate will be applicable from Assessment year 2018-19 and not from 2017-18 for which return are now being filed. pl correct more
Jul 24
Yes the last date as notified by Income Tax Department is 31st July and not 13July as mentioned by Mr. Naveen Goel. Is it a typing error ? more
Jul 24
