Most important points you must understand being an Income Tax Payer

Tax payers are being worried as the final date for IT returns is nearing. Here we come up with important points one should know being a Income tax payer regarding the slab rate in order to assess the tax liability as an
individual or a firm and the important dates (filing of tax return, payment of TDS/TCS, service tax , VAT, Advance Income Tax).

1. Income Tax Slab Rate :-

Loading...

Income Slab                       Tax Rate

Income up to Rs. 2,50,000* No Tax

Income from Rs. 2,50,000 – Rs. 5,00,000 5%

Income from Rs. 5,00,000 – 10,00,000 20%

Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

2. Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) :-

Income Slab                       Tax Rate

Income up to Rs. 3,00,000* No Tax

Income from Rs. 3,00,000 – Rs. 5,00,000 5%

Income from Rs. 5,00,000 – 10,00,000 20%

Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax……….Read More>>

 

Source by techiyogiz…

Loading...

About rajtechnews