check all the details regarding income tax, income tax slab rates, income tax online services etc.

1. INCOME TAX
Powered by http://www.taxqueries.in/

2. CONTENTS
 Income tax introduction
 Income tax slab rates
 Changes in Income tax slab rates
 Income tax online services
Powered by http://www.taxqueries.in/

3. INCOME TAX
 Income Tax is imposed on anybody who earns income in India, whether
they are resident or non-resident.
 Every individual person, HUF (Hindu Undivided Family), AOP
(Association of Persons), BOI (Body of Individuals), corporate firms,
companies, local authorities and all other artificial juridical persons
who/which have earned income are required to pay Income tax in
India.
 It is charged on the Total Income of a Previous Year at the rates
prescribed for the Assessment Year.
Powered by http://www.taxqueries.in/

4. INCOME TAX IN INDIA
 Income:
 Salaried Person: In an Individual receives anything from an employer
in cash, kind or as a facility is considered as income.
 Businessman: His/Her net profits will constitute income.
 Assessment Year: It is the period of 12 months commencing on April
1, every year. Simply, the year in which income is charged to tax is
known as Assessment year.
 Previous Year: It is the financial year immediately preceding the
assessment year. Simply, the year in which Income is earned in known
as Previous Year.
Powered by http://www.taxqueries.in/

5. INCOME TAX SLAB RATES
 According to the latest Union Budget 2017 Updates, the Slab Rates of
Income Tax in India for the Assessment Year 2018-19 (Financial Year
2017-18) are changed when compared to AY 2016-17 (FY 2015-16)
Income Tax Slabs.
 Income tax slab rates for AY 2018-19 and FY 2017-18 has been
changed.
 The present Income tax slabs for AY 2018-19 will be increased, and
new Income tax slabs will be brought under effect by the Modi
Government.
 Your income from business, salary or other income from
fixed/recurring deposits, etc. are taxed as per Income Tax Slabs FY
2017-18 and AY 2018-19 in India.
Powered by http://www.taxqueries.in/

6. INCOME TAX SLAB FOR FY 2017-18
 Due to the massive inflow of cash in Demonetisation, Income Tax Slab Rates
for AY 2018-19 and FY 2017-18 have been increased.
 Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on
Budget 2017.
 The Union Budget 2017 has brought happiness to middle class. The Union
budget 2017 will be presented by the Hon’ble Finance Minister Arun Jaitley at
the parliament on 1st February 2017.
 One of the primary expectations of Indians on this union budget for the
Financial Year 2017 –18 is the increase in the income tax slab rates (FY is
Financial Year, and AY is Assessment Year)
Powered by http://www.taxqueries.in/

7. CHANGES IN INCOME TAX SLAB RATES
FY 2017-18
 For Income from Rs 2.5 Lakhs – Rs 5 Lakhs, Income Tax reduced from
10% to 5%.
 10 percent surcharge on income tax if the total income more than Rs
50 Lakhs but below Rs 1 crore.
 100% rebate of Income tax or Rs. 2,500 or (whichever is lower) for
individuals with income below Rs 3.5 Lakhs under section 87A.
 For income above Rs. 1 crore, the surcharge of 15% remains same.
Powered by http://www.taxqueries.in/

8. INCOME TAX ONLINE SERVICES
 Income tax department of India must know that you have paid correct
tax. To find out this, you e-file income tax return online.
 e filing income tax return is an easy method rather than the manual
income tax filing.
 To avoid the penalty for late filing every taxpayer of India must file
the income tax return on or before Income Tax due date.
Powered by http://www.taxqueries.in/

9. INCOME TAX E-FILING
 Step by step process to E-file income tax return on online.
 On the homepage, Go to ‘Downloads’ and select applicable ITR Form
of the relevant Assessment Year.
 Download the excel utility from of the Income Tax Return (ITR).
 Fill the excel utility form and Validate.
 Generate an XML file and save in destination to your desktop or
system.
 Login to e-Filing IT Return application and then go to ==> e-File ==>
Upload Return.
Powered by http://www.taxqueries.in/

10.  Select the ITR Form( Income Tax Return) and the Assessment Year, and
Select the XML file.
 Upload Digital Signature Certificate(DSC), if available and applicable,
and click on ‘SUBMIT’.
 On successful upload of e-filing, acknowledgment details would be
displayed.
 Take a printout of Acknowledgement/ITR-V Form for further use.
 ITR Form should be printed, signed and submitted to CPC, Bangalore
by using Ordinary Post or Speed Post ONLY within 120 days from the
date of e-Filing.
Powered by http://www.taxqueries.in/

11. THANK YOU
For more details http://www.taxqueries.in/income-tax-india/
Powered by http://www.taxqueries.in/