Know-About-your-Income-Tax-Return-Slabs

Know About your Income Tax Return and Income Tax Slabs & Income Tax Rates for FY 2018-19

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Income Tax Slabs & Income Tax Rates for FY 2018-19 for online income tax return filing:

Income Tax Slabs for FY 2018-19 for Individual, Hindu undivided family (HUF), Association of persons (AOP), Body of individuals (BOI), Artificial juridical person*:

  • Income Up to ₹250000- NIL
  • Income from ₹250000-₹500000- 5%
  • Income from ₹500000-₹1000000- 20%
  • Income more than ₹1000000- 30%
Company Registration

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

  • Income Up to ₹300000- NIL
  • Income from ₹300000-₹500000- 5%
  • Income from ₹500000-₹1000000- 20%
  • Income more than ₹1000000- 30%

Income Tax Slab for FY 2018-19 for Super Senior Citizens (80 Years Old or more)*:

  • Income Up to ₹500000- NIL
  • Income from ₹500000-₹1000000- 20%
  • Income more than ₹1000000- 30%

*Note: In addition, cess and surcharge are levied as follows:

  • Health & Education Cess- 4% of income tax amount
  • Surcharge- 10% of income tax amount, where total income exceeds ₹50 lakh up to ₹1crore.
  • Surcharge- 15% of income tax amount, where total income exceeds ₹1crore.

Income Tax Slabs for FY 2018-19 for Domestic Companies:

  • Gross turnover up to 250 Cr. in the previous year- 25%
  • Gross turnover exceeding 250 Cr. in the previous year- 30%

Note: In addition, cess and surcharge are levied as follows:

  • Health & Education Cess- 4% of Corporate Tax
  • Surcharge- 7%, where taxable income is more than 1Cr. but less than 10Cr.
  • Surcharge- 12%, where taxable income is more than 10Cr.
Accounting & Auditing Services

Income Tax Slabs for FY 2018-19 for Co-operatives Societies:

  • Income Up to ₹10000- 10%
  • Income from ₹10000-₹20000- 20%
  • Income more than ₹20000- 30%

Note: In addition, cess and surcharge are levied as follows:

  • Health & Education Cess- 4% of Corporate Tax
  • Surcharge- 12%

Income Tax Slabs for FY 2018-19 for Firms/ LLP and Local Authority:

  • Firms/LLP- 30%
  • Local Authority- 30%

Note: In addition, cess and surcharge are levied as follows:

  • Health & Education Cess- 4% of Corporate Tax
  • Surcharge- 12%

Income Tax Slabs for FY 2018-19 for Foreign Companies:

  • Foreign Companies- 40%

Note: In addition, cess and surcharge are levied as follows:

  • Health & Education Cess- 4% of Corporate Tax
  • Surcharge- 2%, where taxable income is more than 1Cr. but less than 10Cr.
  • Surcharge- 5%, where taxable income is more than 10Cr.
GST Registration

Due date for online income tax return filing (FY 2018-19):

  • ITR due date is 30th September 2019 for Company, a person other than a company whose accounts are required to be audited and a working partner of a firm whose accounts are required to be audited.
  • ITR due date is 31st July 2019 for any other person.
  • Where a person furnishes the return of income after the ITR due date or does not furnish the return of income than the simple interest of 1% per month or part of the month is payable. However, if he has paid taxes in full on or before the ITR due date interest is not levied.
  • Where a person fails to furnish a return of income within the ITR due date he shall pay, by way of fee, a sum of ₹ 5000, if the return is furnished on or before the 31st December of the A.Y. and ₹ 10000 in any other case.
  • However, if the total income of the person does not exceed ₹ 5 lakhs, the fees payable shall not exceed ₹ 1000.

Online income tax return filing Services:

CAONWEB is an online platform of accounting and tax experts. You can visit our website for online income tax return filing.

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The CAONWEB Team comprises qualified chartered accountants and experienced investment experts who are passionate enough about finances to bring you the best advice and tips on everything related to your hard-earned money.