Income Tax Slab & Rate for FY 2018–19: Calculate Tax Amount for Filing Your IT Returns Before Tomorrow
Before filing the income tax return, a taxpayer should know the IT slabs. No tax will be levied for individuals with income less than Rs 2,50,000.
Mumbai, August 30: Taxpayers have been constantly reminded by Income Tax Department through various mediums to file their income tax return (ITR) for Assessment Year 2018-19. All the assessees should note that the last date for filing their income tax returns is tomorrow, August 31 for the financial year 2017-18 – which ended on March 31. By filing the tax returns, taxpayers can get the excess taxes back with interest.
The IT department has been urging taxpayers to finish the income tax return filing process before the due date to avoid last minute hassle. Income tax return can be filed online through the taxman's portal, incometaxindiaefiling.gov.in.
Before filing the income tax return, a taxpayer should know the IT slabs. No tax will be levied for individuals with income less than Rs 2,50,000. Those earning between Rs 2.5 lacs to 5 lacs will have to pay 0%-5% tax for different age groups while 20% tax will be applicable for individuals having an income of Rs 5 lacs to 10 lacs. It must be noted that investments up to Rs 1.5 lacs under Sec 80C can save Rs 45,000 in taxes.
Income Tax Slab & Rate for FY 2018-19, 17-18 & 16-17 are as follows:
| Income | Tax levied |
| Income less than Rs 2,50,000 | No tax |
| Income between Rs 2.5 lacs to 5 lacs | 0%-5% tax |
| Income between 5 lacs to 10 lacs | 20% tax |
There are three categories of individual taxpayers:
1.Individuals (under the age of 60 years) that includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)
The Income Tax Department has listed out five steps to filing an income tax return online.
- Firstly, the taxpayer should get all the documents together
- Login to your e-filing account on the income tax e-filing portal (incometaxindiaefiling.gov.in.)
- Use the relevant ITR form
- Use pre-fill to complete the details
- Submit and e-verify the income tax return. This can be done through Aadhaar through an OTP- or one-time passcode-based process
Once the taxpayer has submitted the income tax return, it is also required to verify it. For this, are two options – first the offline method in which the assessee sends a hard copy of the ITR-V to CPC, Bengaluru whereas, in the online mode, the income tax return can be verified through net banking, through a bank account, through a demat account, through bank ATM and through Aadhaar OTP.
(The above story first appeared on LatestLY on Aug 30, 2018 12:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).