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1. WHAT IS INCOME TAX
RETURN?? (ITR)
WHAT IS INCOME TAX?
Income Tax is a tax on income earned
in a financial year starting form 1st
April to 31st March. At present
financial year is ending on 31st March
2014 (FY 2013-2014). Therefore on
Income earned from 1st April 2013 to
31st March 2014 one need to pay tax.
Income Tax Return (ITR) is a
statement of total income and tax
liability submitted annually with
INCOME TAX DEPARTMENT via
online or offline.
LAST DAY TO FILE INCOME TAX
RETURN
For Individual
For Companies
WHO ARE REQUIRED TO PAY INCOME TAX?
Sr.
No.
1
2.
Category
Individuals (Living
Persons)
Others
Tax
HOW MUCH TAX TO BE PAID?
Individuals
Tax Rate
Slab Rate
After all
deductions)
(above 60 years but
below 80 years)
Upto 2,50,000
2,50,00-5,00,000
5,00,000-10,00000
More than
10,00,000
Company,
LLP,
Partnership
Firm, Local
Authority
30%
Co-operative
Societies
Slab Rates
* SLAB RATES FOR INDIVIDUALS
Senior citizen
Net Income (
30th Sep 2014
Entities
Need to pay tax and file
ITR if taxable income
exceeds the prescribed
limit.*
Need to file ITR even if
there is no income of
suffered losses.
Category
31st July 2014
Super
Senior
citizen
Others
(i.e. below the age
of 60 years &
(Above 80 Years) HUF)
Upto 5,00,000
Upto 2,00,000
2,00,00-5,00,000
5,00,0005,00,000-10,00000
10,00000
More than
More than
10,00,000
10,00,000
Income Tax rates
www makbizadvisors.com
NIL
10%
20%
30%