Most Critical Points To Keep In Mind Before Becoming A Taxpayer

There have been certain changes in the slab rate for the new financial year and whether you’re a new taxpayer or old, there are certain important points that you must keep in mind regarding the slab rate so that you’re able to assess the tax liability as an individual or a firm and all of the important dates like filing if the tax return, payment of TDS/TCS, service, VAT, and Advance Income Tax.

Tax-Estimator

Income Tax Slab Rate:

Income tax slab rates vary for the different classes of taxpayers, who are taxed gradually more according to their earning. These income tax slab rates are classified into various categories which are listed as follows:

 

1. Income Tax Slab for Individual & HUF (less than 60 years of age)

 

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

 

2. Income tax slabs for individual taxpayers & HUF (more or less than 60 years old but not more than 80 years old)

 

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

 

3. Income Tax Slab for Super Senior Citizens (80 years or more than 80 years old)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No Tax
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

 

4. Income Tax Slab for Co-operative Societies

Income Tax Slab Tax Rates
Total income less than Rs.10,000. 10% of the income.
Total income greater than Rs.10,000 but less than Rs.20,000. 20% of the amount by which it exceeds

Rs.10,000.

Total income greater than Rs.20,000. 30% of the amount by which it exceeds

Rs.20,000.

 

5. Firms, Local Authorities, Corporates and Domestic Companies:

Companies are taxed at the rate of 30% on the total income declared which is a flat rate for all.

If the companies’ income exceeds Rs. 1 crore, a surcharge of 5% is levied on the total income tax of domestic companies. However, this surcharge has nothing to with firms and other local authorities.

income-tax

Due Dates For The Payment Of Various Taxes:

TDS/TCS Due Dates (For Individual)  
Pay TDS/TCS of Previous Month 7th of Every Month  
File Quarterly Return of TDS/TCS 15th Jan, May, July, Oct.  
Issue Quarterly TDS/TCS Certificate (Other Than Salary) 30th of Jan, May, July, Oct.  
Deposit 15G/15H Forms 7th April  
Deposit TDS/TCS Deducted in March 30th of April  
Issue Yearly TDS Certificate of Salary 31st of May  

 

Income Tax Due Dates:

Deposit Advance tax Corporate Assessee 15th June
Deposit Advance tax 15th Sep. Dec. March
Last Date for filling of belated return or revised return in some cases 31st March
Last Date of Return Filling for non-audit cases. 31st July
Last Date of Return Filling for audit cases. 30th September

 

Service tax Due Dates

Deposit Service Tax of Company/ Society. 5th Of Every Month
Deposit Quarterly Service Tax of individual/ Partnership firm. 6th July, 6th Oct, 6th Jan, 31st March
Deposit Quarterly Service Tax of individual/ Partnership firm & Monthly for Company & Society 31st March
2nd  Half yearly return 25th April File
File 1st   Half yearly return 25th Oct.

 

VAT Due Dates

VAT PAYMENT DUE DATES10 DAYS (FOR VERY LARGE TAXPAYERS)
Tax on Turnover of every month

From 1st to 10th

From 11th to 20th

From 21st to End of Month

 

Deposit VAT up to

15th of every month

25th of every month

5th of next month

15 Days ( FOR LARGE TAXPAYERS)
From 1st to 15th

From 16th to End of Month

20th of every month

7th of Next Month

Monthly
       1.    Monthly 14th of every month
Quarterly
Monthly 14th of next month (Below Rs. 20thousand

in a year)

Return Filling Dates
15th August, 15th November

15th February, 30th May

30th June

31st  December

Deposit of Quarterly Vat E- Return ( Vat-10 )

Vat Annual  Return  ( Vat-11) For composition dealer

Vat Annual Return  ( Vat-10A ) And Audit Report

 

Due date of filing of Return of Income

Sr. No. Status of the taxpayer Due date
1 Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) September 30 of the assessment year
2 Any person (maybe corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E November 30 of the assessment year
3 Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law September 30 of the assessment year
4 A working partner of a firm whose accounts are required to be audited under this Act or under any other law September 30 of the assessment year
5 Any other assessee
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Ashmita is an ardent writer who loves to cover the emotions and write about facts, lifestyle and travel, her hobbies include reading and dancing. She is a fun-loving person whose sole purpose is to explore life as it follows. An appreciator of whimsical humor.

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