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Tax Calendar AY 2017-18 – Income Tax, TDS and Service Tax Income Tax India

a) Individuals below the age of 60
          Income Slab                                             Tax Rate             Education Cess               Secondary and Higher Education Cess
 Up to Rs 250,000  NIL  NIL  NIL
 Rs 250,000 to Rs 500,000  10% of total income minus Rs 250,000  2% of income tax  1% of income tax
 Rs 500,000 to Rs 10,00,000/-  Rs 25,000 + 20% of total income minus 500,000  2% of income tax  1% of income tax
 Above Rs 10,00,000/-  Rs 125,000 + 30% of total income minus Rs 10,00,000  2% of income tax  1% of income tax

Senior Citizens (60 to 80 years)
                   Income Slab                             Tax Rate             Education Cess               Secondary and Higher Education Cess
 Up to Rs 300,000  NIL  NIL  NIL
 Rs 300,000 to Rs 500,000  10% of total income minus Rs 300,000  2% of income tax  1% of income tax
 Rs 500,000 to Rs 10,00,000/-  Rs 20,000 + 20% of total income minus 500,000  2% of income tax  1% of income tax
 Above Rs 10,00,000/-  Rs 120,000 + 30% of total income minus Rs 10,00,000  2% of income tax  1% of income tax

Very Senior Citizens (80 above)
             Income Slab                                  Tax Rate             Education Cess               Secondary and Higher Education Cess
 Up to Rs 500,000  NIL  NIL  NIL
 Rs 500,000 to Rs 10,00,000/-  20% of total income minus 500,000  2% of income tax  1% of income tax
 Above Rs 10,00,000/-  Rs 100,000 + 30% of total income minus Rs 10,00,000  2% of income tax  1% of income tax

Surcharge @ 15 % of income tax if total income exceeds Rs 1 Crore..
b) Partnership Firm
A firm is taxed at a flat rate of 30%. Surcharge @ 12% on the income tax where net income exceeds Rs 1 Crore.
c) Domestic Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if turnover or gross receipt of the company does not exceed Rs. 5 Crore.
Surcharge @ 7% if net income exceeds Rs. 1 Crore but does not exceed Rs. 10 Crore and @ 12% if net income exceeds Rs. 10 Crore.
d) Foreign Company
A foreign company is taxed at a flat rate of 40%.
Surcharge @ 2% if net income exceeds Rs. 1 Crore but does not exceed Rs. 10 Crore and @ 5% if net income exceeds Rs. 10 Crore.
e) Co-operative Society

               Income Slab                               Tax Rate                Education Cess               Secondary and Higher Education Cess
 Up to Rs 10,000  10%  2% of income tax  1% of income tax
 Rs 10,000 to Rs 20,000  20%  2% of income tax  1% of income tax
 Above Rs 20,000/-  30%  2% of income tax  1% of income tax

Surcharge @ 12% net income exceeds Rs. 1 Crore.
Advance Tax
Advance Tax is payable all persons whose estimated total tax liability for the year is Rs 10,000 or more. However, a resident senior citizen not having any income from business or profession is not liable to pay advance tax.
Due Date and Instalments Payable (for all assesses)
                                         On or before 15th June 2016                                                                   Not less than 15% of such advance tax
 On or before 15th September 2016  Not less than 45% of such advance tax as reduced by the amount paid in the earlier instalment
 On or before 15th December 2016  Not less than 75% of such advance tax as reduced by earlier instalment
 On or before 15th March 2017  100% of advance tax as reduced by the amount paid in earlier instalment


Tax Deducted at Source
Tax Deduction at Source simply means deduction of income tax right at the source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same to the account of Central Government.
Some of the payments of specified nature of which tax to be deducted at source are listed below;
 Section        Nature of payment                                   Rate of TDS                                   Threshold limit
 192  Salary  According to the income slab  According to the income slab
 194C  Payment to contractors  1% if contractor is an individual or 2% if contractor is other than individual. (20% if no PAN)  When a particular contract exceeds Rs 30000 or the total amount of contract during the whole year exceeds Rs 75000
 194H  Commission or Brokerage  5% (20% if no PAN)  Rs 15,000
 194I  Rent  10% if rent is of land 2% if rent is of plant, machinery (20% if no PAN)  Rs 180,000
 194J  Fee for professional or technical services  10% (20% if no PAN)  Rs 30,000
 194IA  Transfer of certain immovable property  1% (20% if no PAN)  Rs 50,00,000

Due Dates
       Quarter Ending            Due Date
 30th June  31st July
 30th September  31st October
 31st December  31st January
 31st March  31st May
TDS collected in a month has to be remitted to the Govt within 7th of next month and for the month of March last date is 30th April of next financial year.
Service Tax
Service tax is to be paid for all services except those notified by the Govt. A service provider whose aggregate turnover value of taxable services does not exceed Rs 10 Lakh in a financial year need not pay service tax. However the service provider is required to apply for registration under Service Tax Act within 30 days of his turnover exceeding Rs 9 Lakh.
Presently rate is;
Service Tax Basic Rate - 14%
Swachh Bharath Cess – 0.5%
Krishi Kalyan Cess – 0.5%
Total Service Tax – 15%

Due Dates under Service Tax;
- For payment of service tax: 5th next month if paid offline and 6th of next month if paid online. For the month of March remittance shall be within 31st of March itself.
- For filing of returns: 25th of October and 25th of April

Reverse Charge Mechanism
There are some services specified by the Government of which the service tax has to be collected and paid by the service recipient. Some of the major services under reverse charge are:
1) Supply of manpower
2) Insurance Agent Service
3) Goods Transport Agency Service
4) Rent-a-Cab Service
5) Legal Service
6) Works Contract
7) Sponsorship Service
8) Import of Taxable Service


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