A quick look @ Income Tax rates for AY 2019-20 & ITR forms applicability for various assessees

Income Tax Return Forms Applicability for the Financial Year 2018-19

  • ITR 1 – SAHAJ : For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]

[Not for an individual who is either Director in a company or has invested in unlisted equity shares.]

  • ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession.
  • ITR 3: For individuals and HUFs having income from profits and gains of business or profession.
  • ITR 4 – SUGAM: For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]

[Not for an individual who is either Director in a company or has invested in unlisted equity shares]

[Provided that the form shall not apply to a person who,—
.    is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and
  • has assets (including financial interest in any entity) located outside India;
  • has signing authority in any account located outside India;
  • has income from any source outside India;
  • has income to be apportioned in accordance with provisions of section 5A;
  • is a director in any company;
  • has held any unlisted equity share at any time during the previous year;
  • has total income, exceeding fifty lakh rupees;
  • owns more than one house property, the income of which is chargeable under the head Income from house property”;
  • has any brought forward loss or loss to be carried forward under any head of income;
  • is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;”;
  • ITR 5: For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
  • ITR 6: For Companies other than companies claiming exemption under section 11]
  • ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
  • In case of a political party;
  • In any other case.

Tax Rates for the Financial Year 2018-19 (AY 2019-20)

Income Tax Slab Rates

For individuals:

In the case of every individual other than the individual who is below 60 years of age or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person. 

Rates of Income Tax
where the total income does not exceed                 Rs.2,50,000Nil;
where the total income exceeds Rs.2,50,000

but does not exceed Rs.5,00,000

5 per cent. of the amount by which the total

income exceeds Rs.2,50,000;

where the total income exceeds Rs. 5,00,000

but does not exceed Rs.10,00,000

Rs.12,500 plus 20 per cent. of the amount by

which the total income exceeds Rs.5,00,000;

where the total income exceeds

Rs.10,00,000

Rs.1,12,500 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000.

 In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Rates of Income Tax
where the total income does not exceed

Rs.3,00,000

Nil;
where the total income exceeds Rs.3,00,000

but does not exceed Rs.5,00,000

5 per cent. of the amount by which the total

income exceeds Rs.3,00,000;

where the total income exceeds Rs. 5,00,000

but does not exceed Rs.10,00,000

Rs.10,000 plus 20 per cent. of the amount by

which the total income exceeds Rs.5,00,000;

where the total income exceeds

Rs.10,00,000

Rs.1,10,000 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000.

 In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, —

Rates of Income Tax
where the total income does not exceed

Rs.5,00,000

Nil;
where the total income exceeds Rs.5,00,000

but does not exceed Rs.10,00,000

20 per cent. of the amount by which the total income exceeds Rs.5,00,000;
where the total income exceeds

Rs.10,00,000

Rs.1,00,000 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000.

 Surcharge on income-tax for Individuals, HUF, Association of Persons, Body of Individuals & Artificial Judicial Persons:

Level of IncomeSurcharge on Income Tax
Less than Rs.50 LakhsNil;
Rs. 50 Lakhs to Rs. 1 Crore10%
More than Rs. 1 Crore15%

Provided that in the case of persons mentioned above having total income exceeding,—

(a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

In the case of every co-operative society,—

Rates of Income Tax
where the total income does not exceed

Rs.10,000

10 per cent. of the total income;
where the total income exceeds Rs.10,000

but does not exceed Rs.20,000

Rs.1,000 plus 20 per cent. of the amount by

which the total income exceeds Rs.10,000;

where the total income exceeds Rs.20,000Rs.3,000 plus 30 per cent. of the amount by

which the total income exceeds Rs.20,000.

 Surcharge on income-tax for Co-operative Societies & Local Authorities

Level of IncomeSurcharge on Income Tax
Less than Rs.1 CroreNil;
More than Rs. 1 Crore12%

Provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

In the case of every firm,—

Rates of Income Tax
On the whole of the total income30 per cent.

Surcharge on income-tax

Level of IncomeSurcharge on Income Tax
Less than Rs.1 CroreNil;
More than Rs. 1 Crore12%

Provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

In the case of every local authority,—

Rates of Income Tax
On the whole of the total income30 per cent.

Surcharge on income-tax

Level of IncomeSurcharge on Income Tax
Less than Rs.1 CroreNil;
More than Rs. 1 Crore12%

Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

In the case of a company,—

In the case of a domestic company,—

Rates of Income Tax
where its total turnover or the gross receipt in the previous year 2016-2017 does not exceed two hundred and fifty crore rupees25 per cent. of the total income;
other than that referred to the above30 per cent. of the total income.

In the case of a company other than a domestic company,—

Rates of Income Tax
(i) on so much of the total income as consists of,—

 

(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or

 

(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976,

 

and where such agreement has, in either case, been approved by the Central Government

 

 

 

 

 

 

 

 

 

 

 

50 per cent.

(ii) on the balance, if any, of the total income40 per cent.

 Surcharge on income-tax

(i) In the case of every domestic company,––

Level of IncomeSurcharge on Income Tax
Less than Rs.1 CroreNil;
Rs.1 Crore to Rs.10 Crores7%
More than Rs. 10 Crore12%

 (ii) In the case of every company other than a domestic company,––

Level of IncomeSurcharge on Income Tax
Less than Rs.1 CroreNil;
Rs.1 Crore to Rs.10 Crores2%
More than Rs. 10 Crore5%

The health & education cess at the rate of 4% shall be computed on aggregate of Income-Tax and Surcharge.

FILING OF FORM INC-22A 

GST applicability on Non-Resident Tax Payer



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