Income Tax is a Tax imposed by the Government of India on anybody who earns income in India. This Tax is levied on the strength of an Act called Income Tax Act, 1961 which was passed by parliament of India.
| INCOME-TAX CHART |
| Individual Resident or any NRI/ HUF/ AOP/ BOI/ AJP |
| Assessment Year |
Rate |
General |
Senior Citizen |
Super Senior Citizen |
| 2015-16 |
| Nil |
Up to 2,50,000 |
Up to 3,00,000 |
Up to 5,00,000 |
| 10% |
2,50,001-5,00,000 |
3,00,001-5,00,000 |
– |
| 20% |
5,00,001-10,00,000 |
5,00,001-10,00,000 |
5,00,001-10,00,000 |
| 30% |
Above 10,00,000 |
Above 10,00,000 |
Above 10,00,000 |
| Surcharge @ 10% if total income exceeds Rs.1.00 Crore | Ed.Cess@3% |
|
| Individual Resident or any NRI/ HUF/ AOP/ BOI/ AJP |
| Assessment Year |
Rate |
General |
Senior Citizen |
Super Senior Citizen |
| 2014-15 |
| Nil |
Up to 2,00,000 |
Up to 2,50,000 |
Up to 5,00,000 |
| 10% |
2,00,001-5,00,000 |
2,50,001-5,00,000 |
– |
| 20% |
5,00,001-10,00,000 |
5,00,001-10,00,000 |
5,00,001-10,00,000 |
| 30% |
Above 10,00,000 |
Above 10,00,000 |
Above 10,00,000 |
| Surcharge @ 10% if total income exceeds Rs.1.00 Crore | Ed.Cess@3% |
| DUE-DATES RELATED TO INCOME-TAX |
| 15th June |
Payments of Advance Tax – Corporate Assessee (up to 15% of Total Tax) |
| 31st July |
Income Tax Return Filing (Non-Auditable) |
| 15th Sept. |
Payment of Advance Tax – Corporate Assessee (up to 45% of Total tax) |
|
Payment of Advance Tax – Other Assessee (upto 30% of Total tax) |
| 30th Sept. |
Filing of Tax-Audit Report |
|
Filing of Income-Tax Returns (Auditable) |
| 30th Nov. |
Filing of Income Tax Returns (TP Report u/s 92E) |
|
Filing of Tax-Audit Report (TP Report u/s 92E) |
| 15th Dec. |
Payment of Advance Tax – Corporate Assessee (up to 75% of Total tax) |
|
Payment of Advance Tax – Other Assessee (up to 60% of Total tax) |
| 15th March |
Payment of Advance Tax – Final Installment |
| TYPES OF PENALTIES |
| Section |
Default |
Penalty |
| 271(1)(c) |
Concealment of Income |
100% to 300% of Tax Evaded |
| 271A |
Failure to keep, retain books u/s 44AA |
Rs. 25000 |
| 271B |
Failure to get books Audited u/s 44AB |
0.5% of T/O (up to Rs. 1.50 Lac) |
| 271D |
Taking Loan in contravention of Sec. 269SS |
Equal to Amt. of Loan Taken |
| 271E |
Repayment of Loan in contravention of Sec.269TT |
Equal to Amt. of Loan Repaid |
| 271F |
Fail to Furnish Return u/s 139(1) before end of Assessment Year |
Rs. 5000 |
| 234A |
Delay in furnishing Return of Income |
1% p.m. of Tax Payable |
| 234B |
Not Furnishing Return of Income |
1% p.m. of Tax Payable |
| 234C |
Failure to Pay Advance Tax |
1% p.m. of Tax Payable |
| 221(1) |
Non-payment of Self-Assessment Tax |
Up to tax in Arrear |
| 271A(2) |
Non-compliance with notice u/s 133 |
Rs.100/Day of failure continues |
| 276CC |
Failure to comply notice u/s 148 |
Prosecution |
