Income Tax in India

1
INCOME TAX

• Powered by http//www.taxqueries.in/

2
CONTENTS

• Income tax introduction
• Income tax slab rates
• Changes in Income tax slab rates
• Income tax online services

3
INCOME TAX

• Income Tax is imposed on anybody who earns income
  in India, whether they are resident or
  non-resident.
• Every individual person, HUF (Hindu Undivided
  Family), AOP (Association of Persons), BOI (Body
  of Individuals), corporate firms, companies,
  local authorities and all other artificial
  juridical persons who/which have earned income
  are required to pay Income tax in India.
• It is charged on the Total Income of a Previous
  Year at the rates prescribed for the Assessment
  Year.

4
INCOME TAX IN INDIA

• Income
• Salaried Person In an Individual receives
  anything from an employer in cash, kind or as a
  facility is considered as income.
• Businessman His/Her net profits will constitute
  income.
• Assessment Year It is the period of 12 months
  commencing on April 1, every year. Simply, the
  year in which income is charged to tax is known
  as Assessment year.
• Previous Year It is the financial year
  immediately preceding the assessment year.
  Simply, the year in which Income is earned in
  known as Previous Year.

5
INCOME TAX SLAB RATES

• According to the latest Union Budget 2017
  Updates, the Slab Rates of Income Tax in India
  for the Assessment Year 2018-19 (Financial Year
  2017-18) are changed when compared to AY 2016-17
  (FY 2015-16) Income Tax Slabs.
• Income tax slab rates for AY 2018-19 and FY
  2017-18 has been changed. 
• The present Income tax slabs for AY 2018-19 will
  be increased, and new Income tax slabs will be
  brought under effect by the Modi Government. 
• Your income from business, salary or other income
  from fixed/recurring deposits, etc. are taxed as
  per Income Tax Slabs FY 2017-18 and AY 2018-19 in
  India. 

6
INCOME TAX SLAB FOR FY 2017-18

• Due to the massive inflow of cash in
  Demonetisation, Income Tax Slab Rates for AY
  2018-19 and FY  2017-18 have been increased.
• Income Tax Slabs for FY 2017-18 (AY 2018-19) have
  been provided based on Budget 2017.
• The Union Budget 2017 has brought happiness to
  middle class. The Union budget 2017 will be
  presented by the Honble Finance Minister Arun
  Jaitley at the parliament on 1st February 2017.
• One of the primary expectations of Indians on
  this union budget for the Financial Year 2017 18
  is the increase in the income tax slab rates (FY
  is Financial Year, and AY is Assessment Year)

7
CHANGES IN INCOME TAX SLAB RATES FY 2017-18 

• For Income from Rs 2.5 Lakhs Rs 5 Lakhs, Income
  Tax reduced from 10 to 5.
• 10 percent surcharge on income tax if the total
  income more than Rs 50 Lakhs but below Rs 1
  crore.
• 100 rebate of Income tax or Rs. 2,500 or
   (whichever is lower) for individuals with income
  below Rs 3.5 Lakhs under section 87A.
• For income above Rs. 1 crore, the surcharge of
  15 remains same.

8
INCOME TAX ONLINE SERVICES

• Income tax department of India must know that you
  have paid correct tax. To find out this, you
  e-file income tax return online.
• e filing income tax return is an easy method
  rather than the manual income tax filing.
• To avoid the penalty for late filing every
  taxpayer of India must file the income tax return
  on or before Income Tax due date. 

9
INCOME TAX E-FILING

• Step by step process to E-file income tax return
  on online.
• On the homepage, Go to Downloads and select
  applicable ITR Form of the relevant Assessment
  Year.
• Download the excel utility from of the Income Tax
  Return (ITR).
• Fill the excel utility form and Validate.
• Generate an XML file and save in destination to
  your desktop or system.
• Login to e-Filing IT Return application and then
  go to gt e-File gt Upload Return.

10

• Select the ITR Form( Income Tax Return) and the
  Assessment Year, and Select the XML file.
• Upload Digital Signature Certificate(DSC), if
  available and applicable, and click on SUBMIT.
• On successful upload of e-filing, acknowledgment
  details would be displayed.
• Take a printout of Acknowledgement/ITR-V Form for
  further use.
• ITR Form should be printed, signed and submitted
  to CPC, Bangalore by using Ordinary Post or Speed
  Post ONLY within 120 days from the date of
  e-Filing.

11
THANK YOU
For more details http//www.taxqueries.in/income-t
ax-india/