+91- 9008556629 [email protected]
Assessment year : 2019 - 20
Previous year : 2018 - 19
1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2017, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding  50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-tax plus surcharge.

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
Firms

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Companies

(A) Domestic Companies

Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.250 Crore in the Financial Year 2016-17))

Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores

Health and Education Cess: 4% on the amount of Tax plus surcharge

(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 4% on the amount of Tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Health and Education Cess : 4% on the amount of Tax .
Local Authorities

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore

Health and Education Cess : 4% on the amount of Tax.
Assessment year : 2018 - 19
Previous year : 2017 - 18
1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding  50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-tax plus surcharge.

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
Firms

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess : 2% on income-tax plus surcharge

Secondary and Higher Education cess : 1% on income-tax plus surcharge
Companies

(A) Domestic Companies

Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.50 Crore)

Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores

Education Cess: 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess : 2% on income-tax.

Secondary And Higher EducationCess : 1% on income tax plus surcharge
Local Authorities

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

News Section

News

28 Jan 20
GST collections for January may hit record Rs 1.15 lakh crore
GSTR 9C – CBIC Issues Guidelines on Uploading Error of BS & P/L Statement
Important ! GST Portal New Feature on Pre-fill An Application Form for Refund
Government blocks Rs 40,000 crore GST claims on returns mismatch
5,000 companies under scanner over mismatch between I-T and GST filings
27 Jan 20
Govt stares at tax shortfall of Rs 2 lakh crore; room for income tax cut limited
Budget 2020: Income tax exemption limit could be raised
Now, the bill will have to be given on the transaction of more than 200 rupees, this action will be taken if the rules are violated
Solved! GSTR 9C Technical Errors While Uploading on Portal
26 Jan 20
Five Structural Changes to Make GST simple, Stable
How e-invoicing under GST will help businesses in the long run
25 Jan 20
CBIC Issues Circular No. 131/2020 SOP for Refund Claims to Exporters
No Disallowance of Incentives paid to Employees u/s 40(a)(ia) If Payments are in Nature of Salaries: ITAT
CBIC issues Advisory on Error while uploading Balance Sheet and Profit & Loss Statement while filing GSTR-9C
23 Jan 20
Cabinets big decision, now GST will be applicable in these two union territories also
GST return: Now taxpayers can file GSTR-3B returns in staggered manner
Small Traders Get Big Relief, more Time to Fill Monthly GST Returns
Good news for taxpayers, last date will be different for GST returns
Facility of Beneficiary Uploading Documents through e-SANCHIT will be deactivated from Jan 31st: CBIC
22 Jan 20
Finance Ministry to block ITC for entities caught using fake invoices
Gig economy workers may soon have to register under GSTN
Now Offline, Traders will be Able to Fill Returns
INR 5 Trillion Loss Estimated Due to GST Evasion, Says FFC
21 Jan 20
Kerala Govt to Find Ways of Curbing GST Evasion on Gold
GSTIN Might Become Mandatory for Online Service Provider
Non-compliance in GST payments maybe burning a Rs 5 tn hole in revenues
Govt could be losing ?5 tn in GST revenue over defaults, evasion
Gig economy workers may soon have to register under GSTN
16 Jan 20
Chartered Accountant’s Certificate certifying the Tax Burden not been passed on to another can be considered as evidence: CESTAT
No Denial of ITC If Seller Defaults in depositing Tax: Jharkand HC
Budget 2020: Faking GST Input Tax Likely To Become A Non-bailable Crime
15 Jan 20
ETRISE Top MSMEs Ranking: As GST collections slip, compliance cost increases
Title : GST E-invoicing May be Optional for Banks, Telcos, Airlines & More
GST Dept Cancels Registration of Over 12000 Erring Firms in Uttarakhand
30 Dec 19
Assessee can Produce Third Parties before AO to dispute Documentary Evidence found during Search: ITAT
GST overhaul next on agenda after budget
No input tax credit refund for telcos from GST Council, says Sushil Kumar Modi
Government notifies changes to rules on input tax credit
29 Dec 19
ICAI extends MEF Draft Panel till 2nd Jan, 2020; Members can lodge their complaints on Complaint Module of MEF Application
CBIC directs to Constitute of Grievance Redressal Committees at Zonal / State level for Redressal of Grievances of Taxpayers on GST related issues
28 Dec 19
CBIC Extends GSTR 1, 3B & 7 Filing Last Date in Assam, Manipur & Tripura
NATHEALTH Demands Zero GST Rate on Healthcare Service from Govt
27 Dec 19
CBDT extends due date of Filing Tax Audit Reports and ITRs in Jammu & Kashmir and Ladakh
Digital Payments: RBI Introduces New Type of Semi-Closed Prepaid Payment Instrument upto Rs.10k
India is still halfway from realizing GST’s full potential
GST returns not filed? The Taxman can freeze your bank Account
17 Dec 19
Industry Favours New GSTR Slow Implementation & 4-digits HSN Code
Centre releases over Rs 35,000 crore as pending GST compensation to states
States get GST dues ahead of key meet
Under Fire, Govt Releases Rs 35,298 Crore GST Compensation to States
CBDT extends date for Third Instalment of Advance Tax for FY 2019-20 in North Eastern States
16 Dec 19
States divided on raising rates: GST Council may discuss plugging revenue leakage
GST: Section 73(1) Show-Cause Notice mandatory in cases Where Tax was not Paid for Any Reason other than Fraud, says Jharkhand HC
No Penalty even If Some Discrepancies found during Survey Once the Assessee already declared the Income in Return: ITAT

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
30 Jan 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of December 19
30 Jan 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of December 19
31 Jan 20 Filing of GSTR-1 for the quarter Oct-Dec, 19 , whose turnover < 1.5 cr
31 Jan 20 Quarterly statement of TDS deposited for the quarter ending December 31, 2019
07 Feb 20 Payment of TDS of January 2020 (For Govt deductors paying through challan)
11 Feb 20 Filing of GSTR-1 for the month of Jan. 2020 , whose turnover > 1.5cr
13 Feb 20 Filing of GSTR-6 for input service distributor for the month of Jan. 2020
13 Feb 20 Filing of GSTR-6 for input service distributor for the month of Feb 2020
14 Feb 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of December, 2019.
14 Feb 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of December, 2019
15 Feb 20 P.F Payment
15 Feb 20 ESIC Payments
15 Feb 20 furnishing of Form 24G by an office of Government where TDS for m/o Jan 2020 has been paid without production of a challan
20 Feb 20 Filing of GSTR-3B for the month of Jan, 2020
20 Feb 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of Jan 2019
20 Feb 20 GST Return for NRI OIDAR service provider for the month of Jan 2019 (GSTR 5A)
01 Mar 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of January 19
01 Mar 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of January 19
07 Mar 20 Payment of TDS of February 2020 (For Govt deductors paying through challan)
11 Mar 20 Filing of GSTR-1 for the month of Feb 2020 , whose turnover > 1.5cr
15 Mar 20 P.F Payment
15 Mar 20 ESIC Payments
15 Mar 20 furnishing of Form 24G by an office of Government where TDS for m/o Feb 2020 has been paid without production of a challan
16 Mar 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of January, 2020.
16 Mar 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of January, 2020
20 Mar 20 Filing of GSTR-3B for the month of Feb, 2020
20 Mar 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of Feb, 2020
20 Mar 20 GST Return for NRI OIDAR service provider for the month of February 2020 (GSTR 5A)
30 Mar 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of February 2020
30 Mar 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of February 2020
Readmore...

Blog News

  • 28 Jan 2020 Surcharge Applicability -
  • 13 Jan 2020 Input Tax Credit Set off Rules -
  • 06 Jan 2020 New ITR-4 for AY 2021 notified by CBDT - CBDT released New ITR-4 (Sugam) for the AY 2020-21   Following are the key chang...
  • 28 Dec 2019 E-Assessment -
  • 19 Dec 2019 Key Decisions Taken at GST 38th Council Meeting: - 1) Due Date to file GST Annual Return and Audit (GSTR-9 & 9C) extended to 31...
  • 25 Nov 2019 RCM on Rent a Cab Service -
  • 09 Sep 2019 Section 194N of the Income Tax Act, 1961 - As you all aware from 1st September 2019  every i)Banking Company ii) Co-operati...
  • 04 Sep 2019 Advance Tax 2nd Installment for AY 2020-21 - #advancetax #incometax
  • 22 Aug 2019 Professional Tax Payment (Karnataka) - As per the Karnataka Tax on Professions, Trades, Callings and Employment Act, 19...
  • 22 Aug 2019 Important Update -

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