Here is the Key Information About Tax Due Dates in India
Advance Tax
- Advance tax is payable by all assesses whose estimated Annual Tax Liability is more than Rs. 10,000.
- Tax is payable as per the due dates below, failing which interest under Section 234 is charged
- Advance tax due dates for all assesses are as follows
| Due Date |
Advance Tax Payable |
Taxpayers who have opted for Presumptive Taxation Scheme |
| On or before 15th June |
15% of Advance Tax |
|
| On or before 15th September |
45% of Advance Tax |
|
| On or before 15th December |
75% of Advance Tax |
|
| On or before 15th March |
100% of Advance Tax |
100% of Advance Tax |
Income Tax Return Due Dates for AY 2018-19 (FY 2017-18)
| Assessee |
Due Date |
| All assesses, who are required to furnish a report under Section 92E (Transfer Pricing Audit) |
30th November of AY 2018-19 |
| Every other company not included above |
30th September of AY 2018-19 |
| Every other person whose Books of Accounts are required to be audited under any law |
| Every individual who is a working partner of a firm, where firm's books of accounts are required to be audited under any law |
| For all other assesses not included above |
30th July of AY 2018-19 |
Audit of Accounts
For AY 2018-19, as per Section 44AB of the Income Tax Act it is mandatory for the following classes of
assessees to get their books of accounts audited
- A person carrying on business, if his total sales, turnover, or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 Crore.
- However, if a person, opts for Presumptive Taxation Scheme under section 44AD, he is not required to get the books audited if his total sales or turnover does not exceed Rs. 2 Crores.
- A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
- A person who is eligible to opt for the Presumptive Taxation Scheme of section 44AD (*) but
claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD and his income exceeds the amount which is not chargeable to tax.
Tax Rates can be classified on the basis of the entity (assessee)
For Individual (resident and non-resident), HUF, Association of Person or Body of Individual or any
other artificial juridical person
Income Tax Slab for Financial Year 2016-17, 2017-18, Assessment Year 2017-18, 2018-19
| Taxable Income Slab |
Tax Rate |
Tax Rate |
| FY 2016-17 |
FY 2017-18 |
| AY 2017-18 |
AY 2018-19 |
| Up to Rs. 2,50,000 |
Nil |
Nil |
| Rs. 2,50,000 to Rs. 5,00,000 |
10% |
5% |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
| Above Rs. 10,00,000 |
30% |
30% |
| Less : Rebate under Section 87A |
Tax payable or Rs. 5,000 whichever is less But Allowed only if total income < 5 Lacs |
Tax payable or Rs. 2,000 whichever is less But Allowed only if total income < 3.50 Lacs |
| Add : Education Cess + Secondary and Higher Education Cess |
3% |
3% |
| Add : Surcharge |
15% (where total income > 1 Crore) |
10% (where income between 50 Lacs to 1 Crore)
15% (where total income > 1 Crore) |
In case of a Resident Senior Citizen (who is 60 years or more at any time during the previous year
but less than 80 years on the last day of the previous year)
Income Tax Slab for Financial Year 2016-17, 2017-18, Assessment Year 2017-18, 2018-19
| Taxable Income Slab |
Tax Rate |
Tax Rate |
| FY 2016-17 |
FY 2017-18 |
| AY 2017-18 |
AY 2018-19 |
| Up to Rs. 3,00,000 |
Nil |
Nil |
| Rs. 3,00,000 to Rs. 5,00,000 |
10% |
5% |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
| Above Rs. 10,00,000 |
30% |
30% |
| Less : Rebate under Section 87A |
Tax payable or Rs. 5,000 whichever is less But Allowed only if total income < 5 Lacs |
Tax payable or Rs. 2,000 whichever is less But Allowed only if total income < 3.50 Lacs |
| Add : Education Cess + Secondary and Higher Education Cess |
3% |
3% |
| Add : Surcharge |
15% (where total income > 1 Crore) |
10% (where income between 50 Lacs to 1 Crore)
15% (where total income > 1 Crore) |
In case of a resident Super Senior Citizen (who is 80 years or more at any time during the previous year)
Income Tax Slab for Financial Year 2016-17, 2017-18, Assessment Year 2017-18, 2018-19
| Taxable Income Slab |
Tax Rate |
Tax Rate |
| FY 2016-17 |
FY 2017-18 |
| AY 2017-18 |
AY 2018-19 |
| Up to Rs. 5,00,000 |
Nil |
Nil |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
| Above Rs. 10,00,000 |
30% |
30% |
| Less: Rebate under Section 87A (allowed only to resident individual) |
Not applicable since income up to 5 lacs is exempt |
Not applicable since income up to 5 lacs is exempt |
| Add : Education Cess + Secondary
and Higher Education Cess |
3% |
3% |
| Add : Surcharge |
15% (where total income > 1 Crore) |
10% (where income between 50 Lacs to 1cr)
15% (where total income > 1 Crore) |
Partnership Firm
For the Assessment Year 2017-18 and 2018-19, a partnership firm (including LLP) is taxable at 30%.
Add
- Surcharge : The amount of Income Tax shall be increased by a Surcharge at the rate of 12% of such
tax, where total income exceeds 1 Crore rupees. However, the Surcharge shall be subject to
marginal relief (where income exceeds 1 Crore rupees, the total amount payable as Income Tax and
Surcharge shall not exceed total amount payable as Income Tax on total income of 1 Crore Rs. by
more than the amount of income that exceeds 1 Crore rupees).
- Education Cess : The amount of Income Tax and the applicable Surcharge, shall be further increased
by Education Cess calculated at the rate of 2% of such Income Tax and Surcharge.
- Secondary and Higher Education Cess : The amount of Income Tax and the applicable Surcharge,
shall be further increased by Secondary and Higher Education Cess calculated at the rate of 1% of
such Income Tax and Surcharge.
LLP
Taxation of LLP is same as taxation on Partnership firm
Domestic Companies
- Income Tax Rate for domestic company for the Assessment Year 2017-18 and 2018-19, is taxable 30%.
- For Assessment Year 2017-18, tax rate would be 29% where turnover or gross receipt of the
company does not exceed Rs. 5 Crores in the previous year 2014-15.
- However, for Assessment year 2018-19, tax rate would be 25% where turnover or gross receipt of
the company does not exceed Rs. 50 Crores in the previous year 2015-16.
Add
- Surcharge : The amount of Income Tax shall be increased by a Surcharge at the rate of 7% of
such tax, where total income exceeds 1 Crore Rs. but not exceeding 10 Crore Rs. and at the
rate of 12% of such tax, where total income exceeds 10 Crore rupees. However, the Surcharge
shall be subject to marginal relief, which shall be as under
- Where income exceeds 1 Crore Rs. but not exceeding 10 Crore rupees, the total
amount payable as Income Tax and Surcharge shall not exceed total amount payable
as Income Tax on total income of 1 Crore Rs. by more than the amount of income that
exceeds 1 Crore rupees.
- Where income exceeds 10 Crore rupees, the total amount payable as Income Tax and
Surcharge shall not exceed total amount payable as Income Tax on total income of 10
Crore Rs. by more than the amount of income that exceeds 10 Crore rupees.
- Education Cess : The amount of Income Tax and the applicable Surcharge, shall be further
increased by Education Cess calculated at the rate of 2% of such Income Tax and Surcharge.
- Secondary and Higher Education Cess : The amount of Income Tax and the applicable
Surcharge, shall be further increased by Secondary and Higher Education Cess calculated at the
rate of 1% of such Income Tax and Surcharge.
Foreign Company
Income Tax Slab for Foreign Company for Assessment Year 2017-18 and Assessment Year 2018-19
| Nature of Income |
Tax Rate |
| Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, |
50% |
| 1976, or fees for rendering technical services in pursuance of an agreement made
after February 29, 1964 but before April 1, 1976 and where such agreement has, in
either case, been approved by the Central Government |
|
| Any other income |
40% |
Add
- Surcharge : The amount of Income Tax shall be increased by a Surcharge at the rate of 2% of such tax,
where total income exceeds 1 Crore Rs. but not exceeding 10 Crore Rs. and at the rate of 5% of such
tax, where total income exceeds 10 Crore rupees. However, the Surcharge shall be subject to marginal
relief, which shall be as under
- Where income exceeds 1 Crore Rs. but not exceeding 10 Crore rupees, the total amount
payable as Income Tax and Surcharge shall not exceed total amount payable as Income Tax on
total income of 1 Crore Rs. by more than the amount of income that exceeds 1 Crore rupees.
- Where income exceeds 10 Crore rupees, the total amount payable as Income Tax and
Surcharge shall not exceed total amount payable as Income Tax on total income of 10 Crore Rs.
by more than the amount of income that exceeds 10 Crore rupees.
- Education Cess : The amount of Income Tax and the applicable Surcharge, shall be further increased by
Education Cess calculated at the rate of 2% of such Income Tax and Surcharge.
- Secondary and Higher Education Cess: The amount of Income Tax and the applicable Surcharge, shall
be further increased by Secondary and Higher Education Cess calculated at the rate of 1% of such
Income Tax and Surcharge.
Co-operative Society
Income Tax Rate for Co-operative Society for Assessment Year 2017-18 and Assessment Year 2018-19
| Taxable Income |
Tax Rate |
| Up to Rs. 10,000 |
10% |
| Rs. 10,000 to Rs. 20,000 |
20% |
| Above Rs. 20,000 |
30% |
Add
- Surcharge : The amount of Income Tax shall be increased by a Surcharge at the rate of 12% of such tax,
where total income exceeds 1 Crore rupees. However, the Surcharge shall be subject to marginal relief (where
income exceeds 1 Crore rupees, the total amount payable as Income Tax and Surcharge shall not exceed total
amount payable as Income Tax on total income of 1 Crore Rs. by more than the amount of income that
exceeds 1 Crore rupees).
- Education Cess : The amount of Income Tax and the applicable Surcharge, shall be further increased by
Education Cess calculated at the rate of 2% of such Income Tax and Surcharge.
- Secondary and Higher Education Cess: The amount of Income Tax and the applicable Surcharge, shall be
further increased by Secondary and Higher Education Cess calculated at the rate of 1% of such Income Tax and
Surcharge.
