The new itr forms in pdf format are now available on income tax departments website. There are various things he needs to take note of while filing such return and for better understanding and easiest assistance in filing his taxes he may take help from our tax experts. Revised incometax exemption limit fy201516 individual budget. For financial year 201617 department has merged the different itr and numbering of itr has been changed and after consolidation of itr only seven types of itr are available for filling for income tax payers. It is mandatory for every taxpayer to communicate the details of his income to the incometax department. Quick excel income tax calculator for fy 201516 ay 201617.
Jun 19, 2017 the income tax department has already notified the income tax return forms to be used for filing returns for fy 2016 17 or assessment year 201718. Instructions for sahaj income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. We can know more about online income tax return filingfy 201516 ay 201617 watch this video to know more about income tax return filing. Kolkata 700001 edition based on provisions applicable for ay 2016 17 references 1. Capital gains is one of the five heads of income chargeable to tax. Below are the income tax slab rates for fy 201617 or ay 2017 18. Download the itr forms for financial year 201516 assessment year 201617 what is efiling of returns.
Income tax slab for senior citizens for current year 201617. These details are to be furnished in the prescribed form known. Apr 26, 2016 income tax calculator for financial year 201516 assessment year 2016 17 in excel format attached is the income tax calculator with flexi allocation kit for the fy 2015 2016. Income tax return filing for ay 201718 itr for fy 2016. Fast track quick revision income tax for ay 201617 by cs k. Jul 09, 2016 7 how to file refund return itr 1 for commission income itr 1 for lic agent ay 2016 17 project make knowledge free. You may compute net taxable income using following sheet before using income tax calculator for a y 201617. Income tax calculator for financial year 201516 assessment year 201617 in excel format attached is the income tax calculator with flexi allocation kit for the fy 20152016. Missed the march 31 deadline to file income tax return. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Today we are providing income tax slab rates for assessment year 201617. Apr 07, 2018 march 31, 2018 was the deadline to file income tax returns itr for the financial year 201516 and 2016 17.
This book is divided into two parts, covering the income tax. In case you havent filed your itr for fys 201516 and 201617, you cannot file a belated return anymore. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Kolkata 700001 edition based on provisions applicable for ay 201617 references 1. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. Tax audit in india are provisioned under section 44ab of the income tax act 1961. Rates of incometax in respect of income liable to tax for the financial. Fast track quick revision income tax for ay 201617 by cs. However, tax rate is 29% if turnover or gross receipt of the company does not exceed rs. Apr 02, 2016 wealth tax is no longer leviable with effect from the assessment year 2016 17. Company tax is levied as follows for the ay 201617. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen, any nri huf aop boi ajp, cooperative society, firm, local authority, domestic company and other company for assessment year ay 2016 17.
In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. Government notifies new income tax return forms for ay 201617 april 5, 2016 in brief the central board of direct taxes has notified incometax return forms applicable for the financial year 201516 assessment year ay 201617. There are no changes proposed in the income tax basic esmetion limitsslabs for individualshuf etc. Government notifies new income tax return forms for ay. Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals. The income tax department can allow taxpayers to file returns post the deadline for specific cases. The income tax department has already notified the income tax return forms to be used for filing returns for fy 201617 or assessment year 201718. Now let us see the new income tax return forms ay 201718 fy 201617 one by one. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products. Income from house property 54,600 30,000 24,600 since option 2 is more beneficial, ganesh should opt to treat house ii as selfoccupied and house i as deemed to be let out.
The income tax slab is remain unchanged in this financial year. Thus the the basic exemption slabslimits for fy 2016 17 ay 201718 are as under. Income tax return filing for ay 201718 itr for fy 201617. Your atoz readyreckoner for saving tax on your capital gains. Government notifies new income tax return forms for ay 201617. Income tax department has issued the income tax return for fy 201617 i. Lets go through some important amendments in the incometax provisions. However for assessment year 201617, the tax department has now included a schedule on asset and liabilities which will have to be filled by individuals and hufs, or hindu undivided families, where total income exceeds rs.
Cbdt notified new income tax return forms for a y 201617. The book, income tax act provides the readers with elementary and advanced aspects of the income tax act. New itr forms ay 201617 have been notified by the cbdt central board of direct taxes. Till financial year 201617, if the returns are not filed within due date which. Income tax slab for individuals for the year 2016 17.
It may vary from 10% to 30% plus various cesses and surcharges applicable thereon. Mar 08, 2018 if you have not filed income tax return for f. Income tax slab for individuals for the year 201617. With assessment year 201617, individuals and hufs filing their returns of income in itr1, itr2, itr2a and itr4s, having income exceeding rs.
A rebate of income tax is allowed under section 87a in respect of resident individual whose taxable income is up to rs. Rates of income tax in respect of income liable to tax for the financial. Income tax return forms ay 201718 fy 201617 which form. Since aarav is an individual, let us presume he need not get audit done, then, time limit for filing taxes in his case was 31st july 2016. It is a compulsory process as per the income tax act 1961. Rebate section 87a for ay 201617 is over and above the above slabs read more surcharge 12% if the total income exceeds rs. What is the income tax slab for super senior citizen for the year 2016 17. Income tax slab for senior citizens for current year 2016 17. Mar 05, 2016 income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. Jul 12, 2017 filing your income tax return for fy 2016 17 1.
Income tax law and practice ay 2016 17 with cd is the most trusted tax guide on the market, updated for ay 201617 income tax returns. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Income tax is the main source of fund where the government use it. By ca piyali parashari 1072017 things to remember while filing your income tax return 2. Buy incometax act book online at low prices in india. Mar 19, 2019 download income tax slab for ay 2016 17 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 2016 17. Taxpayers are, therefore, not required to file a wealth tax return from assessment year 2016 17 onwards. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962.
Apr 09, 2017 due date to file income tax return has been provided under section 9 of the income tax act. Instructions to form itr6 ay 201617 page 1 of 12 instructions for filling out form itr6 these instructions are guidelines for filling the particulars in this return form. Instructions to form itr6 ay 201617 income tax department. Apr 23, 2016 therefore, the process of electronically filing your income tax returns is known as efiling of returns.
The above links provide information about income tax slabs for the present financial year 2016 17. Income tax return filing for ay 201617 fy 201516 can. Here is a primer on income tax slab rates for ay 201617. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year. Y submits the following information in respect of his property for financial year 2016 17. Income tax is the main source of fund where the government use it to fund its activities and serve the public. This form can be used only for the income generated during fy 201617. Apr 06, 2017 before jumping to know about the forms, let see the new changes in income tax return forms ay 201718 fy 2016 17. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen, any nri huf aop boi ajp, cooperative society, firm, local authority, domestic company and other company for assessment year ay 201617. Wealth tax no longer leviable from assessment year 201617. Income tax is a huge law containing numerous provisions. Instructions for sahaj income tax return ay 201617. If you have made any high value cash transaction or even near about transactions we suggest you to file your itr for ay 201718.
Sep 19, 2015 fast track quick revision income tax for ay 201617 by cs k. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. Find your annual salary tax in india using this income tax calculator 2016 17. Download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. The excel utilities or java utilities for ay 201617 will soon be made available on incometaxindia e. What is the income tax slab for super senior citizen for the year 201617.
But the tax slabs have not been changed for the last few years. This income tax calculator for ay 201617 helps the employees to easily find out the total tax. In case you havent filed your itr for fys 201516 and 2016 17, you cannot file a belated return anymore. Taxpayers are, therefore, not required to file a wealth tax return from assessment year 201617 onwards. It is mandatory for every taxpayer to communicate the details of his income to the income tax department. Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. If, however, the book value of the assets of the company or entity on the date of.
Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year 20162017. Incometax basic exemption slabs limit fy20161718 individuals. Agrawal fast track quick revision income tax is first book of its kind ever published in india. Mar 10, 2018 income tax return for ay 201718 fy 2016 17 is of vital importance as it is the first itr to be filed after demonetisation policy. How to file itr for fy 201617 and all the links you need. Aug 14, 2019 dear subhash the income tax rebate us 87a has been increased from rs 2,000 to rs 5,000 in budget 2016 and would be applicable for financial year 2016 17 or ay 201718. Registering for efiling, viewing your form 26as, income tax calculator, epayment of taxes, checking your dues, efiling. The above links provide information about income tax slabs for the present financial year 201617. It is a compulsory process as per the income tax act 1961 tax audit in india are provisioned under section 44ab of the income tax act 1961. Further section 9 of the income tax also provide the person who are required to file the compulsory return of income tax. Today we are providing income tax slab rates for assessment year 2016 17.
Tax on unrelated business income of exempt organizations. Save tax with hdfc lifes various online insurance products. Instructions to form itr6 ay 2016 17 page 1 of 12 instructions for filling out form itr6 these instructions are guidelines for filling the particulars in this return form. May 23, 2017 chaturvedi pithisaria income tax law companies act 20 bare act taxmann companies act 20 bare act taxmann pdf companies act 20 book taxmann companies act 20 taxmann companies act 20 with.
Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. Lets say a person has a total salary of 9 lakhs per annum but due to deductions in 80c80dnpshome loan his total taxable income is 4 lakhs only. Wealth tax is no longer leviable with effect from the assessment year 201617. Income tax rates for financial year 201617 tax rates individual. Instructions for sahaj income tax return ay 201617 general. Change in limits for maintenance of books of accounts section 44aa. Though aarav can still file income tax return for fy 201516. Income tax slab rates for fy 201617 ay 201718 budget. It may be noted that individuals and hufs with income above a specified limit, filing returns in itr3 and itr4 are already required to furnish information of their assets and liabilities in their annual return of income. Income tax return for ay 201718 fy 201617 is of vital importance as it is the first itr to be filed after demonetisation policy. Income tax return forms for most categories of tax return filers have changed some more some less.
This initiative will benefit more than two crore tax payers who will be eligible to file their return of income in this simplified form. Jul 14, 2017 income tax department has issued the income tax return for fy 2016 17 i. Income tax department has introduced a convenient way to file the return of income by the taxpayers using the internet. We can know more about online income tax return filing. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Tax audit due date for ay 201617 and things to keep in mind. The return so filed by aarav will be known as belated return us 9 4 of income tax act 1961. In case of an individual resident or nonresident or huf or association of person or body of individual. Y submits the following information in respect of his property for financial year 201617. With full coverage of all changes and adjustments to the tax lawsincluding new deductions and creditsthis book provides clear, plainenglish explanations that help you decipher the tax code and reduce what you owe. March 31, 2018 was the deadline to file income tax returns itr for the financial year 201516 and 201617. This book was written after the changes made by the finance act of 2011. Due date to file income tax return has been provided under section 9 of the income tax act.
126 757 1240 646 1007 210 192 1020 393 1527 705 528 436 506 396 508 1094 539 1107 364 1000 598 674 417 1022 1337 1132 1133 1189 359 688 1468 1246