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
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 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%