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Important Update / News / Due Date

INCOME TAX RETURN (I.T.R.)

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Income Tax -> It is Direct Tax which governments impose on financial income generated by all entities within their jurisdiction in every financial year. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

 

Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts.

 

In India, there is also prevelling a progressive income tax system. Where lower tax charge from lower income group & higher tax charge from higher income group. 

Head

of

Income

  • Income from Salaries
  • Income from House Property
  • Income from Capital Gain
  • Income from Business or Profession
  • Income from Other Sources

Due Date of filing of Income Tax Return

(ITR)- U/S 139(1)


All Non-Corporate Assessee not required to get Tax Audit Report U/S 44AB

All Non-Corporate Assessee required to get Tax Audit Report  U/S 44AB & Companies

31st July

30th September

Advance Tax 

Payment Rule

(If Tax Liability is more than 10000 in a year)

For Corporate  Assessee

For Non-Corporate 

Assessee

  • 15% on or before 15th June
  • 45% on or before 15th September
  • 75% on or before 15th December
  • 100% on or before 15th March
  • 30% on or before 15th September
  • 60% on or before 15th December
  • 100% on or before 15th March

Interest

Late filing of ITR 

or

 Late deposit of tax

U/S-234A - Delay or default in filing of return of  income U/S 139(1) or U/S 142(1)

U/s 234-B - Default in payment of advance tax (If Tax not paid 90% of total tax liability)


U/s 234-C - Deferement of advance tax



Simple interest @ 1 % per month or part thereof upto date of payment


Simple interest @ 1 % per month or part thereof upto date of payment


Simple interest @ 1 % per month as per shortfall of tax liability as per slab rate for Corporate & Non-Corporate Assessee


Income Tax Rate 

(A.Y. 2015-16)

(F.Y. 2014-15)


Resident Individual  or HUF/NRI/AOP/BOI/AJP

Others (Co-Operative Society, Firm, Corporate)

Income Tax Slab A.Y 2015-16 & F.Y. 2014-15 (Kindly click for download)
Income Tax Slab A.Y. 2015-16 & F.Y. 2014-15 (Kindly click for download)

Income Tax Rate 

(A.Y. 2016-17)

(F.Y. 2015-16)


Resident Individual  or HUF/NRI/AOP/BOI/AJP

Others (Co-Operative Society, Firm, Corporate)

Income Tax Slab-A.Y 2016-17 & F.Y.2015-16 (Kindly click for download)
Income Tax Slab-A.Y 2016-17 & F.Y.2015-16 (Kindly click for download)