The central Board of Direct Taxes has intoduced the Income Tax Return (ITR) forms for Assessment year 2017-18. The CBDT in the new designed forms has taken a reform to introduce new simplified ITR form (Sahaj 1) which can be filed by the individuals having income upto Rs. 50 lakhs from salary and house property/other incomes.
The CBDT has simplified various parts of the ITR form (Sahaj 1) in order to rationalise the easy compliance and reducing the burden of complicated return filings on the individual tax payers.
More than 2 crores of the Indian population comes under the individual taxation, now these individual tax payers will be able to file their return of income in the newly introduced simplified ITR form (Sahaj 1). More over the central board of direct taxes has reduced the number of ITR forms from existing 7 to 5.
The existing ITR 2 , ITR-2A and ITR-3 forms have been replaced by a simple ITR form that is ITR-2. All the assessees required to file these forms will now be given relaxation to file one simple form ITR-2.
More over the ITR-4 and ITR-4S (sugam) forms have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
The process of filing the return has not been changed as compared to last year.
All the assesees are mandatorily required to file the return electronically except in case of ITR-1 (sahaj) and ITR-4 (Sugam) the following assesees mentioned below are given the option to file the return in paper;
1.An individual who at any time during the previous year was 80 years or more
- An individual or HUF who has income upto Rs. five lakh and has not claimed refund in the income tax return.
Various Income Tax Slabs for different class of individuals for the assessment year2017-18 are mentioned below:
| Individual Resident aged below 60 years | ||
| Income Slabs | Tax Rates | |
| 1 | Where the taxable income does not exceed Rs. 2,50,000/-. | NIL |
| 2 | Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 5000/-. |
| 3 | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| 4 | Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
| Senior Citizen : Individual Resident aged 60 years or more but does not exceed 80 years | ||
| Income Slabs | Tax Rates | |
| 1 | Where the taxable income does not exceed Rs. 3,00,000/- Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 5000/- |
NIL |
| 2 | Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the taxable income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 5000/-. |
| 3 | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| 4 | Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
| Super Senior Citizen : Individual Resident aged 80 years or more | ||
| Income Slabs | Tax Rates | |
| 1 | Where the taxable income does not exceed Rs. 5,00,000/-. | NIL |
| 2 | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| 3 | Where the taxable income exceeds Rs. 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.