Income tax rules for ay 2016-17 pdf

Below are the income tax slab rates for fy 201617 or ay 2017 18. Income tax at a glance among direct taxes, income tax is the main source of revenue. Foreign companies are subject to income tax only on their income from indian sources. The amount of incometax computed in accordance with the preceding provisions of this paragraph shall be increased by a surcharge at the rate. Itr 2a validation rules for ay 201617 income tax department. New income tax return filing forms for ay 201617 are now available after getting notified on 30th march, 2016 by the income tax department.

Jan 17, 2017 income tax slab for fy 201617 ay 201718 there is no change in income tax slabs except additional 3% increase in cess for super rich i. A resident individual whose net income does not exceed rs. The finance act, 2015 amended section 11 and section of the act with effect from 01. But the tax slabs have not been changed for the last few years.

Service tax rate chart for fy 201617 and ay 20172018 upto 1st june 2016 service tax rate increased from 14. Transactions relevant sections under income tax act provisions at a glance consequences in violation of provisions related to for cash transaction penalty 1 exemption of income in the hands of political parties section a. The income tax return filing forms are available here cometaxindia. Income tax slabs for fy 201516 ay 201617 general public income tax slab education cess of 3% surcharge of 12% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female tax up to rs. Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i. Assessment year for which this return form is applicable. As per the finance act, 2015, rates of income tax applicable for the financial year 201516 i. Compute the tax payable by r for the assessment year 2016 17. For financial year 201617 department has merged the different itr and numbering of itr has been changed and after read more.

Were going to demystify the tax exemption options that were introduced or extended in fy 201617 ay 201718, so you can plan your taxes better this year. Y submits the following information in respect of his property for financial year 201617. 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. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income of the assessee. Company tax is levied as follows for the 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. A rebate of income tax is allowed under section 87a in respect of resident individual whose taxable income is up to rs. The said change will be effective from 1st june, 2016. The amount of rebate is 100 per cent of incometax or rs. Here is a primer on income tax slab rates for ay 201617 fy. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Income tax slabs for fy 201617 ay 201718 for firms.

The excel utilities or java utilities for ay 201617 will soon be. Jun 09, 2017 if you dont have a clue about the income tax laws in our country and youre worried about your taxes, then this is just the article for you. Consequently, incometax rules, 1962 hereafter rules were also amended vide the incometax 1st amendment rules, 2016. Transactions relevant sections under income tax act provisions at a glance consequences in violation of provisions related to for cash transaction penalty 1 exemption of income in the hands of political parties. Cash payment limit reduced to rs 0 from rs 20000 earlier. Download income tax calculator for fy 201617 ay 201718. Your income tax exemption guide for the financial year 201617. Qualification disqualification of auditors under companies act 20. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Sep 19, 2015 fast track quick revision income tax for ay 2016 17 by cs k. Quick excel income tax calculator for fy 201516 ay 201617. Service tax rate chart for fy 2016 17 and ay 20172018 upto 1st june 2016 service tax rate increased from 14. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Income tax slab for fy 201617 ay 201718 there is no change in income tax slabs except additional 3% increase in cess for super rich i.

Kolkata 700001 edition based on provisions applicable for ay 201617 references 1. The income tax act 1961 is the law that governs the provisions for our. 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. The income tax act 1961 is the law that governs the provisions for. Few of the provisions under income tax act and relevant income tax rules are given below. Income tax slab rates for fy 201617 ay 201718 budget. For income tax purpose citizens above age of 60 are considered as senior citizens and above age. India pkf assurance, audit, tax, advisory and business. Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. Nonresident individualhuf net income range incometax rates health and education cess up to rs. Save tax with hdfc lifes various online insurance products.

In fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Comparison of income tax slabs for fy 201718 and fy 201617. Apr 16, 2016 the income earned and taxes paid are communicated to the income tax department. Company tax is levied as follows for the ay 2016 17. 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. Minimum alternative tax mat for domestic companies for domestic companies rates of income tax for f. Below are the income tax slab rates for fy 2016 17 or ay 2017 18. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Income tax slabs income tax rates and deductions for fy 2017. In the case of firms, the rate of incometax has been specified in paragraph c of part iii of the first schedule to the bill. Government notifies new income tax return forms for ay 201617. Scenarios 1 tax computation has been disclosed but gross total income is nil. 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. Here is a primer on income tax slab rates for ay 2016 17.

If you dont have a clue about the income tax laws in our country and youre worried about your taxes, then this is just the article for you. Income tax slabs for fy 2016 17 ay 201718 for firms. 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. In exercise of the powers conferred by section 295 of the incometax act, 1961 43 of 1961, the central board of direct taxes hereby makes the following rules further to amend the incometax rules, 1962, namely. The income tax slab is remain unchanged in this financial year.

Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. Income tax is a huge law containing numerous provisions. The income earned and taxes paid are communicated to the incometax department. Government notifies new income tax return forms for ay. Chapter vi a of the income tax act 1961 specifies in detail the permissible deductions from the gross total income under section 80c to 80u of the income tax act. It is deductible from incometax before calculating education cess. Fill up the relevant details to know your tax liability for fy 201617 income tax slabs for fy 201617 ay 201718 education cess of 3% surcharge of 15% on rs 1 crore plus income earners tax credit of rs 5,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female income tax slab tax up to rs. Income tax slab rates 201718 pdf download ay 201819. Note for ay 201617, itr1, itr 2, itr 2a, itr 4s where returned income is grater than 5 lakhs or where refund is claimed except where the person is 80 years or more and filing itr 1, 2 or 2a and itr 3 itr 4 itr 5 itr 6 itr 7 are mandatorily required to be efiled. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the income tax rules, 1962.

Aug 14, 2019 indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. Instructions for sahaj income tax return ay 201617. Till the financial year 201617, you could avail of tax break on the entire interest paid considered loss on home loan for letout or deemed letout properties. It is deductible from income tax before calculating education cess. The excel utilities or java utilities for ay 201617 will soon be made available on incometaxindia efiling website. Instructions for sahaj income tax return ay 201617 general. New income tax return filing forms for ay 2016 17 are now available after getting notified on 30th march, 2016 by the income tax department. In the case of firms, the rate of income tax has been specified in paragraph c of part iii of the first schedule to the bill. 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. Surcharge and education cess see note income tax slab rates 201718 pdf download. 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. For provisions relating to amt refer tutorial on matamt in tutorial section.

Section 115ba of the act states that the income tax payable in. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year. This rate will continue to be the same as that specified for financial year 201516. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. Resident companies are subject to income tax on all sources of income and capital gains wherever arising. Hdfc life provides the latest income tax slab rates and deductions in india for tax. Aug 14, 2019 the new itr forms in pdf format are now available on income tax departments website. Fast track quick revision income tax for ay 201617 by cs k.

Income tax return forms for most categories of tax return filers have changed some more some less. Income tax return form ay 201617 notified consumer. Nonresident individualhuf net income range income tax rates health and education cess up to rs. Income tax is imposed on the basis of ability to pay. The amount of rebate is 100 per cent of income tax or rs. Itr 3 validation rules for ay 201617 income tax department. Cbdt notification rules amended to restrict depreciation rate. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed. Instructions for sahaj income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. This article provide quick excel income tax calculator for fy 201516 ay 2016 17 for individual resident whose age is below than 60 years i. Note for ay 2016 17, itr1, itr 2, itr 2a, itr 4s where returned income is grater than 5 lakhs or where refund is claimed except where the person is 80 years or more and filing itr 1, 2 or 2a and itr 3 itr 4 itr 5 itr 6 itr 7 are mandatorily required to be efiled. The new itr forms in pdf format are now available on income tax departments website. Income tax calculator for any year up to ay 201617 free download october 15, 2010 march 5, 2017 anish l j 3 comments calculators, income tax, softwares author.

How to file itr for fy 201617 and all the links you need. The entire loss was allowed to be set off against other income without any limit, adds agarwal. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. 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. Cbdt has released new income tax return form for assessment year 201617. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Tax is charged at different rates on the range of income falling under different income tax slabs. Kolkata 700001 edition based on provisions applicable for ay 2016 17 references 1. Compute the tax payable by r for the assessment year 201617. Section 115ba of the act states that the income tax payable in respect of the total income of a. Incometax slab rates for individual for fy 201516 ay 201617. Agrawal fast track quick revision income tax is first book of its kind ever published in india.

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