Income Tax calculator and slab rates for FY 2017-18 (AY 2018-19)
INCOME TAX CALCULATOR FOR FY 2017-18 (AY 2018-19)
Income Tax slabs for FY 2017-18 (AY 2018-19) for Individuals
|Income Range||Tax Rate|
|Total income less or equal to 2,50,000||No tax|
|Total income less than 5,00,000 but more than 2,50,000||5%|
|Total income less than 10,00,000 but more than 5,00,000||20%|
|Total income more than 10,00,000||30%|
Individuals with income upto 3,50,000 are eligible for rebate with maximum limit of Rs. 2,500.
Surcharge limit and rate for individuals
Surcharge is payable at 10% for individuals having taxable income more than 50,00,000 but less than 10,00,0000.
Surcharge is payable at 15% for individuals having taxable income more than 10,00,0000.
Education cess for individuals
Education cess at 3% is payable total tax amount (tax+surcharge).
How to calculate income tax on salary?
You have to calculate tax on salary, after deducting all allowed deductions such as HRA, conveyance/transportation allowance etc.
Once you have deducted available allowances, you will get your gross income.
With help of this gross income you can calculate your income tax on salary after deducting chapter VI deductions.
80C deduction less in form 16, can you claim excess 80C deduction in ITR while filing your income tax returns?
Yes, you can claim the 80C deductions, if due to some mistakes or error, it was not considered by your employer.
After considering these deductions, of course you will have a refund amount, which will be credited to your bank account.
What is the due date for filing Income tax return for FY 2017-18 (AY 2018-19) and what is the penalty if return is not filed before due date?
Due date to file return for FY 2017-18 is July 2018.
If ITR is not filed on or before due date of filing your return then a penalty upto Rs. 10,000 can be imposed on you.
Penalty of Rs. 5,000 will be imposed if return is filed after due date but before 31, December 2018.
If return is filed after 31, December 2018 then penalty or fee will be Rs 10,000.
our client are in construction activity, As per GST REGIME, what is the tax liability on construction of road, bridge with government & non government ( private ) .please advise the GST ITC CREDIT are receivable from our materials input.
my email id : firstname.lastname@example.org. contact no: 07021701869 / 9322283074
You need to be logged in to comment.
- Download Advance Tax Calculator in MS Excel
- FAQ on section 80D of Income Tax Act
- Benami property transactions act in simple language
- Cryptocurrencies and Tax - A guide on taxation on Bitcoins in India
- Cash limits and penalties under Income Tax Act
- Late filing fee and penalty on delay in filing Income Tax return
- How to calculate income tax on house rent?
- How to file income tax return for salaried employee using ITR-1
- Tuition fee and child education allowance exemption under section 10 and 80C
- Property purchase declaration
- ITR1 FILING
- Adsense income can be claimed under section 44AD or 44ADA?
- e-filing form is in hindi
- Name on Pan card as per pan card no
- GST received / paid in ITR3 P&L
- Income tax return of school
- CASH TRANSACTION
- 44ADA is applicable to which professions?
- Case against CA firms for wrong wrong balance sheet for taking loan
BUY DSC FOR MCA, IT AND GST
Experience KnowyourGST services. Apply for DSC and get it on same day. We promise fastest delivery of your DSC.
Whatsapp - 73386 33003
Telegram - @knowyourgst
Contact us on Whatsapp and Telegram number 7338633003 for quick reply.