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% |
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.
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.
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.
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1 Comment
sir,
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.
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