I-Tax Solutions

INCOME TAX

 

INCOME TAX

Income Tax Form

Types of Income Tax Return Forms : - To file tax returns Income Tax Department had issued a series of forms applicable to different type of assessees:
ITR 1 : This form is applicable for an individual who has no income other than Salary/ Pension and Interest.
ITR 2 : This form is applicable for an individual who has income under different heads but not business /profession income.
ITR 3 : This form is applicable for an individual who is partner in a partneship firm.
ITR 4 : This form is applicable for an individual who has income from business/profession.
ITR 5 : This form is applicable for a Firms, AOP,BOI, Local Authority.
ITR 6 : This form is applicable for a Company.
ITR 7 : This form is applicable for a Trust.
ITR 8 : This form is used for filing only FBT Return.
https://incometaxindiaefiling.gov.in/portal/selectforms.
do The Income Tax Department has given the facility to file tax returns online with the help of softwares awailable at the above link..

Click Here to see ITR Status


Required Details : -
1. Your Full Name (Last Name is compulsory)
2. Date of Birth

Click Here For Refunds Status


Required Your Details : -
1. Pan No.
2. Assessment Year

Status of the refund can also be tracked by contacting the help desk of SBI's at toll free number 18004259760 or Email at itro@sbi.co.in

Form 16 : Your employer will give you this form. It has information about the income earned and the tax deducted from your salary during the year.
Form 16A :This form is also called a TDS certificate and is for tax deducted at source on other income such as interest on bank deposit. It is given to you by financial institutions such as banks or companies, which deduct tax at source every month or year.
Summary of all bank accounts or passbooks: You need a summary of all bank transactions carried out during the financial year, which include income earned, investments made, expenses etc. Property details : If you have purchased or sold any property during the year, you will need the details. If the property bought is on loans, do keep a copy of the home loan details with you. If you sold your property then you may be eligible for capital gain tax.
Interest certificate : You need this certificate if you have taken a loan from a bank or financial institution, to buy a house.
Broker contract notes : Bills for sale and purchase of shares and dividends.
Investment details that have not been disclosed in form 16. For example if you have invested in tax-saving tools such as life insurance, Public Provident Fund and it is not mentioned in form 16 issuedby your employer, you need the proof of investment.
Tax payment challan, if any: If you have paid advance tax, you need to attach the proof.

Income Tax Slab For Assessment Year 2015-16


Individual resident aged below 60 years 1955) or any NRI/ HUF/ AOP/ BOI/ AJP*

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/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 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. 125,000/- + 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. 1 crore. (Marginal Relief in Surcharge, if applicable).

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 at any time during the previous year i.e. born on or after 1st April 1935 but before 1st April 1955)

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/- 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 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. 120,000/- + 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. 1 crore. (Marginal Relief in Surcharge, if applicable)

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 at any time during the previous year i.e. born before 1st April 1935)

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. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge.

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 10,000/-. 10% of the income.
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Where the taxable income exceeds Rs. 20,000/-. Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable).
Education Cess : 3% of the total of Income Tax and Surcharge.

Firm

  • Income Tax : 30% of taxable income.
  • Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

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

Local Authority

  • Income Tax : 30% of taxable income..
  • Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

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

Domestic Company

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surchargeIncome Tax : 30% of taxable income.
  • Income Tax : 30% of taxable income..
  • Surcharge :At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

  • At the rate of 10% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
  • Education Cess : 3% of the total of Income Tax and Surcharge.

Company other than a Domestic Company In

  • @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance
  • Surcharge:
  • Surcharge :At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

  • The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under
  • Surcharge :At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

  • At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

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