ITR Filing for financial year 2017-18: Know your Income Tax slab

New Delhi: Filing Income Tax Return (ITR) is an annual ritual by individuals and other category of taxpayers. This year’s income tax return will be filed for the financial year 2017-18 or Assessment Year 2018-19.

The new fiscal has just kicked in and you would be keen to know all about your Income Tax slab, due date of filing your ITR etc. The ITR this year is applicable for income earned between April 1, 2017 and March 31, 2018.

All about due date of filing income tax return

For individual taxpayers, the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on July 31, 2018.

For Businesses requiring audit the due date of filing income tax return for FY 2017-18 (AY 2018-19) is on September 30, 2018.

Income Tax Slab

Before you file for your ITR, you must know your tax bracket. Check out the following:

Individual Tax Payers

-Up to Rs 2,50,000: NIL

-Rs 2,50,001 to Rs 5,00,000: 5% Rs 7,725 (Savings)

Senior Citizens 60 years but less than 80 years

-Up to Rs 3,00,000: NIL

-Rs 3,00,001 to Rs 5,00,000: 5% Rs 2,575 (Savings)

-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)

Senior Citizens 80 years and above

-Up to Rs 5,00,000: NIL

-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)

Surcharge of 10% on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 percent on income above Rs 1 crore.

It may be noted that the new Income Tax Return (ITRs) forms for the assessment year 2018-19 were notified on Thursday by the Central Board of Direct Taxes.

The policy-making body of the tax department said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing of the ITRs as compared to last year.

All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement.

 

Source by zeenews.india..