Income Tax Return

(ITR)

What is Income Tax?

An income tax is a tax imposed on individuals or entities (taxpayers)by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government.

What is Income Tax Return?

A tax return is a form(s) filed with a taxing authoritywhich furnishes income, expenses, and other pertinent tax information.

List of Required Documents for e-filing of tax returns
  • PAN Number
  • Abstract of bank statements
  • Proof of investments and Form 16 (Salary certificate issued by the employer)
  • Form 16A / TDS certificate
  • Challan of tax payment made like advance tax or self assessment tax
  • Proof of investments
  • Documents on purchase and sale of investments/assets
  • Collect the TDS certificate and
  • Collect home loan certificate
Fill the form to get Return Filing

List Of Income Tax Return Forms

S. No.
Form No.
Description
1 ITR 1 Return of Income – for individuals earning income from salary, pension, one house property, income from other sources and having total income upto Rs. 50 lakhs.
2 ITR 2 Return of Income – For Individuals and HUFs not carrying out business or profession under any proprietorship.
3 ITR 3 Return of Income – For individuals and HUFs having income from a proprietary business or profession.
4 ITR 4 Return of Income – For presumptive income from Business & Profession.
5 ITR 5 Return of Income – For persons other than,

Ø  Individual

Ø  HUF

Ø  Company

Ø  Person filing Form ITR-7

6 ITR 6 Return of Income – For companies other than companies claiming exemption under section 11.
7 ITR 7 Return of Income – For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Slab Rates of Income Tax

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19

Part I

Income Tax Slabs Tax Rate Health and Education Cess
Income up to ₹ 2,50,00* No tax
Income from ₹ 2,50,000- ₹ 5,00,000 5% 4% of Income Tax
Income from ₹ 5,00,000- ₹ 10,00,000 20% 4% of Income Tax
Income more than ₹ 10,00,000 30% 4% of Income Tax

Surcharge: 10% of income tax, Where total income exceeds ₹ 50 lakh up to ₹ 1 crore.

Surcharge: 15% of income tax, Where total income exceeds ₹ 1 crore.

*Income tax exemption limit for FY 2018-2019 is up to ₹ 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19

Part II

Income Tax Slabs Tax Rate Health and Education Cess
Income up to ₹ 3,00,000* No tax
Income from ₹ 3,00,000- ₹ 5,00,000 5% 4% of Income Tax
Income from ₹ 5,00,000- ₹ 10,00,000 20% 4% of Income Tax
Income more than ₹ 10,00,000 30% 4% of Income Tax

Surcharge: 10% of income tax, Where total income exceeds ₹ 50 lakh up to ₹ 1 crore.

Surcharge: 15% of income tax, Where total income exceeds ₹ 1 crore.

*Income tax exemption limit for FY 2018-2019 is up to ₹ 2,50,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2018-19

Part III

Income Tax Slabs Tax Rate Health and Education Cess
Income up to ₹ 5,00,000* No tax
Income from ₹ 5,00,000- ₹ 10,00,000 20% 4% of Income Tax
Income more than ₹ 10,00,000 30% 4% of Income Tax

Surcharge: 10% of income tax, Where total income exceeds ₹ 50 lakh up to ₹ 1 crore.

Surcharge: 15% of income tax, Where total income exceeds ₹ 1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2018-19

Part IV

Turnover Particulars Tax Rate
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 29%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%