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Financial Year 2016-17, Assessment Year 2017-2018

 

Budget High Lights         Top                  

Financial Year 2017-18, Assessment Year 2018-2019

Union Finance Minister Arun Jaitley today said his Union Budget for 2017-18 allocates more towards rural areas, welfare schemes and infrastructure, while ensuring that government finances do not go out of control.

Presenting his fourth budget in the Lok Sabha, the Finance Minister also outlined 10 themes for his latest exercise. "My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence," he said.

On demonetisation, he said it has long-term benefits and will create an economy that is bigger and cleaner. "The pace of remonetisation has also picked up and will soon reach comfortable levels. The effects of demonetisation are not expected to spill over to the next year."

Highlights of Arun Jaitley's Union Budget speech:                     Top

  • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 per cent to 5 per cent
  • RBI to launch electronic bonds
  • An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding
  • Political parties will be entitled to receive donations by cheque or in the digital mode from their donors
  • Maximum cash donation any party can receive will be Rs 2000 from one source
  • Tax rate on small firms cut to 25 per cent
  • Tax sops extended by three years on overseas borrowings like masala bonds
  • RBI Payments Regulatory Board for digital payments announced
  • Norms for incentives under affordable housing scheme eased
  • Political parties continue to receive most funds through anonymous donations
  • SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this
  • I propose to reduce basic customs duty on LNG from 5% to 2.5 per cent in 2017-18
  • Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 years as against 10 years now
  • Income tax for small companies with an annual turn over of 50 crore, now to pay 25 per cent , a 5 per cent reduction
  • Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of AP
  • India largely a tax non-compliant society
  • Revenue deficit pegged at 1.9 per cent
  • The net tax revenue grew by 17 per cent in 2015-16
  • Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax
  • There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain
  • Due to demonitisation advance tax on personal Income Tax increased by 34.8 per cent
  • Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh
  • Rs 10,000 crore for recapitalisation of banks
  • We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest
  • FRBM review committee recommended 3% fiscal deficit for next 3 years
  • Increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
  • Fiscal Deficit target for 2017-18 is 3.2 per cent
  • Total resources being transferred to the states  and territories with legislature is Rs 4.11 lakh crore
  • Defence expenditure excluding pension at Rs 2.74 lakh crore
  • Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
  • Two new schemes to be launched for adoption of BHIM digital payment app
  • New ETF with diverse central PSUs to be launched in 2017-18
  • LIC scheme for senior citizens with guaranteed 8 per cent return
  • Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by March 17
  • Government considering introduction of new law to confiscate assets of offenders who escape the country
  • By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets
  • Chandigarh and eight districts of Haryana have been declared Kerosene free
  • Unmanned railway level crossings to be done away with by 2020
  • Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
  • 3.5 Crore youth will be trained under Sankalp program launched by the government
  • Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges
  • During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing
  • Foreign Investment Promotion Board to be abolished
  • Road sector allocation at Rs 64,000 crore
  • Solar plan phase 2 to add 20,000 MW capacity
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
  • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
  • Total infra outlay pegged at over Rs 390,000 crore
  • The Foreign Investment Promotion Board has been abolished
  • Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore
  • Unmanned level crossings to be done away with by 2020
  • Charges for e-booking of railway tickets through IRCTC withdrawn
  • Railways will integrate end to end transport solutions for selected commodities through partnership
  • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets
  • Atleast 25 stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts and escalators
  • A new metro rail policy will be announced, this will open up new jobs for our youth
  • Drought proofing of Gram Panchayats via construction of five lakh ponds across India
  • Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years
  • Steps will be taken to launch dedicated trains for pilgrimage and tourism
  • Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat
  • Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24 per cent
  • For senior citizens, Aadhar cards giving their health condition will be introduced
  • Safe drinking water to cover 28,000 arsenic and Fluoride affected habitations in the next four years
  • Open defecation free villages are now being given priority for pipe to water supply
  • For youth, proposed to introduce a system of measuring annual learning; Science to be given focus
  • We have moved from a discretionary administration to a policy-based administration
  • Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism
  • Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance
  • Hope to resolve all issues regarding GST via consultations
  • We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
  • Agricultural credit target fixed at Rs 10 lakh crore
  • Government announces 10 new schemes under Budget 2017-18
  • Agriculture expected to grow at 4.1 per cent in current year
  • Model law on contract farming to be sent to states for adoption
  • MGNREGA allocation raised to Rs 48,000 crore
  • One crore houses for poor by 2019
  • Tax Rates        Top

    Proposed Income Tax Slabs & Rates for AY 2018-19

    Income Tax Slabs and Rates for the Assessment Year 2018-19 (applicable on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.

    Individual resident aged below 60 years (i.e. born on or after 1st April 1958)

    Income Tax :

    Income Slabs Tax Rates
    i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
    ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
    Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
    iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge :

    • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

    Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1938 but before 1st April 1958)

    Income Tax :

    Income Slabs Tax Rates
    i. Where the taxable income does not exceed Rs. 3,00,000/- NIL
    ii. Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 5% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
    Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
    iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iv. Where the taxable income exceeds Rs. 10,00,000/- Rs. 110,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge :

    • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

    Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1938)

    Income Tax :

    Income Slabs Tax Rates
    i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL
    ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iii. Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge :

    • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

    Any NRI or HUF or AOP or BOI or AJP

    Income Tax :

    Income Slabs Tax Rates
    i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
    ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
    iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge :

    • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

    * Abbreviations used :
       NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

     

    Income Tax Slab Rates for FY 2016-17(AY 2017-18)

    PART I: Income Tax Slab for Individual Tax Payers & HUF (Less than 60 Years Old) (Both Men & Women)

    Income Slab Tax Rate
    Income up to Rs 2,50,000* No tax
    Income from Rs 2,50,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20%
    Income more than Rs 10,00,000 30%
    Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
    Cess: 3% on total of income tax + surcharge.
    *Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)


    PART II: Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)

    Income Slab Tax Rate
    Income up to Rs 3,00,000* No tax
    Income from Rs 3,00,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20%
    Income more than Rs 10,00,000 30%
    Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
    Cess: 3% on total of income tax + surcharge.
    *Income tax exemption limit for FY 2016-17 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

     

    PART III: Income Tax Slab for Senior Citizens (80 Years Old Or More) (Both Men & Women)

    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: 15% of income tax, where total income exceeds Rs.1 crore.
    Cess: 3% on total of income tax + surcharge.
    *Income tax exemption limit for FY 2016-17 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

    Please also note that there is also a tax rebate of up to Rs 5,000 for a taxable income up to Rs 5 lakh.

     

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Income Tax Retrun Forms

There are different type of Income Tax Retrun as per the source of Income and as per the identity of the tax payer

You should choose a return form according to your status and nature of income from the following:

Checklist of documents and pre-requisites

  • A copy of last year's tax return
  • Bank Statement
  • TDS certificates
  • Savings certificates/Deductions
  • Interest statement showing interest paid to you throughout the year.
  • Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable

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ITR NO

DESCRIPTION

Return-F Download

Instructions

Java Utility

Excel File

Java

Excel

ITR1

For Individuals having Income from Salary/ Pension/ family pension & Interest

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ITR2

For Individuals and HUFs not having Income from Business or Profession

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ITR3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

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ITR4

For individuals & HUFs having income from a proprietary business or profession

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ITR5

For firms, AOPs and BOIs

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ITR6

For Companies other than companies claiming exemption under section 11

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ITR7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

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Challans to Deposit Tax & PAN Application

Click to Download

Description

Form No. 280

Income Tax Challans for Company (Corporation Tax) and Other Than Company

Form No. 281

T.D.S./T.C.S. Tax Challan

Form No. 282

Wealth Tax, Gift Tax, Security Transaction Tax, Interest Tax, Expenditure Tax, Estate Duty, Hotel Receipt Tax

Form No. 283

Banking Cash Transaction Tax, Fringe Benefit Tax

 

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Description

Click to Download

PAN Card Application Form

Form 49A

Declaration to be made by an individual or a person (not being a company or firm) claiming certain receipts without deduction of tax.

15 G

Declaration to be made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.

15 H

Software utility for printing of challans with Barcoded PAN/TAN and other details.

Tax Pro Challans Utility

Application for registration of a firm for the purposes of the Income-tax Act, 1961

Form 11

Annual Tax Statement under section 203AA

Form 26 AS

Statement of agreement for transfer of immovable property

Form 37-I

Form of application for allotment of tax deduction and collection account number

Form 49 B

Statement of assets and liabilities

Form 56 C

Annual Information Return under section 285BA

Form 61 A

Return of Net Wealth

Form BA