Income Tax

Rate Of Tax (For the Assessment Year 2017-2018)
Income Range General (non- senior citizens) Category Women (Below 60 years of age)(This category is abolished now and is thus is same as that of General Category Senior Citizens (Men and Women above 60 years of age), but below 80 years Very Senior Citizens (Men and Women above 80 years of age)
Upto Rs. 2,50,000 Nil Nil Nil Nil
Upto Rs. 3,00,000 --- --- Nil Nil
Upto Rs. 5,00,000 --- --- --- Nil
Rs. 2,50,001 to Rs. 5,00,000 10% 10% --- ---
Rs. 3,00,001 to Rs. 5,00,000 Nil Nil 10% ---
Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20% 20%
Above Rs. 10,00,000 30% 30% 30% 30%

Surcharge : 15% 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.


Advance Payment Of Tax
 
      Payment of Advance Taxes of Income Tax - Individual/Firms:
 
  • 1st Payment of 15% - 15th June
  • 2nd Payment of 45% - 15th September
  • 3rd Payment of 75% - 15th December
  • 4th Payment of 100% - 15th March

      Payment of Advance Taxes of Income Tax - Companies:
 
  • 1st Payment of 15% - 15th June
  • 2nd Payment of 45% - 15th September
  • 3rd Payment of 75% - 15th December
  • 4th Payment of 100% - 15th March

 
Due Date Of Payment Of Tax
April
30
Copies of declaration received in Form No.60/61 (not being received at the time of opening a bank account) during 1st October to 31st March.
 
May
15
Quarterly statement of TDS/TCS deposited for quarter ending 31st March for salary in Form No.24Q, for non-salary (others) in Form No.26Q, for non-resident in Form No.27Q and TCS in Form No. 27EQ.
 
May
30
Isse of Quarterly TDS/TCS certificates in report of tax deducted (for payment other then salary) or tax collected during the quarter ending 31 st March for TDS in Form No. 16A and for TCS in Form No. 27D.
 
May
30
Submission of a statement by non-resident (under section 285) having a liaison office in India for the financial year -  Form No. 49C.
 
May
31
Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during the financial year - Form Nos. 12BA and 16.
 
May
31
Return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
 
June
15
First installment of advance income-tax in the case of a company for the Assessment Year.
June
30
Return in respect of securities transaction tax for the financial year.
 
June
30
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending 31st March in Form No. 26QAA.                              
June
30
Report by an approved institution/public sector company under section 34AC(4)/(5) for the year ending 31st March- From No.58C or 58D.
 
July
15
Quarterly statement of TDS/TCS deposit for the quarter ending 30th June (applicable in all case of TDS/TCS except when tax is deducted by an office of the Government) - TDS salary: Form No. 24Q, TDS other: Form No. 26Q, TDS non-resident: Form No.27Q and TCS: Form NO.27EQ.
 
July
30
Quarterly TDS certificate (in respect of tax deducted for payments other than salary by a person not being an office of the Government) or quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending 30th June in TDS: Form No.16A and TCS: Form NO.27D.
 
July
31
Annual return of income and wealth for the assessment year, if the assessee is not required to submit return of income on 30th September or 30th November.

 
July
31
Quarterly return of non-deduction of tax at source at sources by a banking company from interest on time deposit in respect of the quarter ending 30th June in Form No. 26QAA.
 
July
31
Quarterly statement of the tax deducted by an office of the government for the Quarter ending 30 th June for TDS salary: Form No. 24Q, TDS other: Form No 26Q and TDS non-resident: Form No.27Q.
 
July
31
Statement by scientific research associate, university, college or other association or Indian scientific research company as required by Rule 5D, 5E and 5F (if due date of submission of return of income is 31st July)
 
August
15
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending 30th June for issuing TDS certificate in Form No.16A
 
August
31
Annual information return under section 285BA for the financial year in Form No. 61A.
 
September
15
First instalment (in the case of a non-corporate assessee) or second instalment (in the case of a corporate-assessee) of advance income tax for the assessment year.
September
30
Annual return of income and wealth for the assessment year, if the assessee (not having any international transaction) is (a) corporate-assessee, or (b) non-corporate assessee (whose books of account are required to be audited), or (c) working partner (of a firm whose accounts are required to be audited) in Form No.BA
 
September
30
Audit report under section 44AB for the assessment year in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/Its return of income on 30th September) in Form Nos.3CA or 3CB and 3CD
 
September
30
Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D,5E and 5F (if due date of submission of income is 30th September)
 
October
15
Quarterly statement of TDS/TCS deposit for the quarter ending 30th September (applicable in all case of TDS/TCS except when tax is deducted by an office of the Government, TDS salary: Form No.24Q, TDS other: Form No.26Q, TDS non-resident: Form No.27Q and TCS: Form No.27EQ
 
October
30
Quarterly TDS certificate (in respect of tax deducted for payments other then salary by a person not being an office of the Government) or quarterly TCS Certificate (in respect of tax collected by any person) for the quarter ending 30th September in TDS: Form No. 16A and in TDS: Form No.27D.
 
October
31
Annual audited accounts for each approved programmer under section 35(2AA), copies of declaration received in Form No. 60/61 (not being received at the time of opening a bank account) during 1st April to 30th September to the concerned Director (Investigation).
 
October
31
Quarterly statement of tax deducted by an office of the Government for the Quarter ending 30 th September, TDS salary: Form No. 24Q, TDS other: Form No. 26Q and TDS non-resident: Form No. 27Q.
 
October
31
Quarterly return non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending 30th September in From No.26QAA
 
November
15
Quarterly TDS certificate (in the respect of tax deducted for payments other than salary) by a person being an office of the Government for quarter ending 30th September and issue TDS From No. 16A.
 
November
30
Annual return of income and Wealth Tax for the assessment year in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international transaction (s) in Wealth Tax Form BA.
November
30
Audit report under section 44AB for the assessment year in the case of an assessee, who is also required to submit a report pertaining to International transactions under section 92E in Form Nos 3CA or 3CB and 3CD.
 
November
30
Statement of income distribution by venture capital company or venture capital fund in respect of income distributed during the year in  Form No. 64
 
December
15
Second instalment (in the case of an assessee other than company) or third Instalment (in the case of company) of advance income tax for the assessee.
 
January
15
Quarterly statement of TDS/TCS deposited for the quarter ending 31st December (applicable in all cases of TDS/TCS except when tax is deducted by an office of the Government) TDS salary - Form No. 24Q3, TDS other -Form No. 26Q3, TDS non-resident-Form No. 27Q and TCS: Form No. 27EQ
January
30
Quarterly TDS certificate (in respect of tax deducted for payment other than salary by a person not being an office of the Government) or quarterly TCS Certificate (in respect of tax collected by any person) for the quarter ending 31st December in TDS Form No.16A and TCS: Form No. 27D.
 
January
31
Quarterly statement of tax deducted by an office of Government for the Quarter ending 31st December, TDS salary: Form No.24Q, TDS other: Form No.26Q and TDS non-resident: Form No. 27Q.
January
31
Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending 31st December in Form No. 26QAA
 
February
15
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending 31st December in TDS: Form No.16A
 
March
15
Third instalment (in the case of than assessee other than a company) or fourth instalment (in the case of a company) of advance income tax.