Saturday, July 11, 2015

Income Tax Rates,Forms, Check list for return filing for Asst Year 2015-16

The extended last date for filing of Income Tax Return for Asst Year 2015-16 is 31.08.2015 for the assesses who are not subject to audit. This date has been extended from 31.07.2015 to 31.08.2015 by one month due to revision in forms by the CBDT. The forms are given very late so the government had to extend the last date by one month. here below are given Tax rates applicable for different assessees, advance tax rates, Forms in which tax returna are to filed for Asst Year 2015-16 and check list of documents required for preparing for filing of returns. 

1.1 Tax Rates:
1.1.1 For Individuals & HUF                                                                                                                       (Rs In Lacs)
(Exclusive of education cess 3%)
General / NRI
Senior Citizen

(Age : 60 till 79 years)
Super Senior Citizen

(Age: 80 years and above)
2015-16/ 2016-17
Upto 2.5
Upto 3
Upto 5
2.5 to 5
3 to 5
5 to 10
5 to 10
5 to 10
Above 10
Above 10
Above 10

Note :  1. Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total
                    income exceeds Rs 1 crore.                                                                                                     
                2. Tax Credit as per Sec. 87 A will be provided to First Bracket Resident Individual i.e. Net                    Income upto Rs. 5,00,000. Credit will be equal to the Actual Tax Payable or Rs. 2,000                       whichever is less.

1.1.2 For Co-Operative Societies: 
Rate of Tax
(Exclusive of education cess 3%)
Upto Rs. 10,000
From Rs. 10,001 to Rs. 20,000
More than Rs. 20,000

     Note : 1.Exclusive of surcharge @ 10% for A.Y  2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds  Rs. 1 Crore.
1.1.3 For AOP and BOI:
            Shares of Members are Determinate         
Shares of Members are  Indeterminate         
Members is an Individual / HUF
Members is a Company
Members is an Individual / HUF
Members is a Company
When None of the member has income in excess Basic exemption limit.
When any of the member have income in excess of Basic Exemption limit.
When total income of member company is taxable at rate higher than the Maximum Marginal Rates (i.e. in case of Foreign Companies)

Tax will be charged on the Total income of AOP/BOI at MMR of 34.61%
(Maximum Marginal Rate is 33.99% for A.Y. 2015-16)
Where income of AOI/ BOI is taxable at rate higher than the MMR then, the Total Income of AOI/BOI will be taxed at such higher rate.
(i.e. in case of Foreign Companies )
AOP/BOI will be taxed at the slab rates specified in 1.1.1
AOP/BOI will be taxed at the Maximum Marginal Rate of 34.61%
Tax will be charged on that portion of AOP/BOI at such higher rate

1.1.4 For Other Assesses
Other Assesses
Income Tax Rate
MAT Rate
Dividend Distribution Tax Rate
(Inclusive of Education Cess @ 3% & Surcharge of 12% of Income Tax)
Domestic Companies
Foreign Companies
Firms/LLP/Local Autho.

Note: 1. Alternate Minimum Tax (AMT) is applicable to all persons (other than companies)   claiming profit linked deductions under chapter VI- A (80-H to 80RRB excluding 80P ) and Section 10AA, provided the adjusted income exceeds Rs 20 Lacs.
2. Marginal Relief is available in case income exceeds Rs. 1 Crore or Rs. 10 Crore, as the case may be, to the extent marginal tax exceeds marginal income.

Applicability of Surcharge & Education Cess:

Applicable to Companies

Total Income
< Rs 1 Cr.

Rs  1 Cr. to Rs. 10 Cr.
> Rs 10 Cr.
Education Cess

1.2  Advance Tax:

Due Date
Non- Company
15th June
Upto 15%
15th Sep.
Upto 15%
Upto  30%
15th Dec.
Upto 75%
Upto 60%
15th Mar.

Notes:  1.  Advance Tax is not Applicable if Liability to pay Advance Tax is less than Rs.10,000.
                2.  Sr. Citizen who does not have Income from Business and Profession is not required to pay                       Advance Tax.
1.3 Checklist of documents for filing  Income Tax return
1.       Adhaar Card Number
2.       Passport Number
3.       A copy of  last year's tax return
4.       Bank Statement- All Bank Account Number with Number, IFSC Code except dormant
5.       TDS certificates
6.       Saving certificate/ deductions
7.       Interest statement
8.       Balance sheet & profit loss account and other audit reports wherever applicable
9.       Assets outside India and Foreign Income
10.   Bank Account Outside India

1.4  ITR Forms  updated on Income tax site till date:

a)     ITR -1 (Sahaj) : For individuals  having income from salaries , one house property , other sources (Interest, etc)
Points to Remember:
1.          Income from Salary / Pension : Ensure to fill details as per Form 16 issued by employer.
2.          Income from one House Property : If you have income or loss from House Property , select the appropriate option  whether the house property is self occupied or let out.
3.          Income from other sources : Ensure to fill details as per Form 16 A issued by deductor.
4.          Deductions :
80CCG : Enter deduction amount do not enter investment amount.
80D      :Individual = Maximum Rs. 15000/-(Sr. Citizen Rs. 20000)
                Individual + Parent = Maximum Rs. 30000/-
                Individual+ Parent (Sr. citizen)= maximum Rs. 35000/-
                Individual (Sr. citizen)+ parents (sr citizen)= Maximum Rs. 40000/-
80DD   : Expenditure for medical treatment for dependent relative , maximum eligible                              amount is Rs. 50000/-(Rs. 100000/- for severe disability)
80DDB :Medical expenditure for specified diseases . Maximum eligible amount is RS.                                   40000/-(Sr. citizen Rs. 60000/-)         
80G      : Do not delete the rows while entering the detail.
80U     : In case of person with disability . Maximum eligible amount is RS. 50000/- (Rs.                             100000/-for severe disability).

5.        Surcharge @10% if income exceeds Rs. 1 crore
6.          Calculate relief u/s 89: Please ensure to submit form 10E.

b)        ITR -2  : For Individual and HUF not having  Income from business or profession

Point to remember :
1.          Detail of income from outside India and tax relief : In case TIN has not been allotted  in the country , please mention the passport number.
2.          TDS :
TAN of deductor (As per form 16)                     : Enter valid TAN no upto 10characters .
Unique TDS Certificate no.(As per Form 16A) : Enter 8 characters , and in case the unique TDS certificate no. is 6 or 7 characters , you need not prefix any zeros.
3.          same as point 4-6 of ITR-1

c)         ITR -2A  : For individuals and HUF not having Income from business or profession and                                              capital gains and who do not hold foreign assets

Point to remember :
1.             Same as above point 1-3 of ITR-2.

d)        ITR -4S  : Presumptive Business Income tax return

Point to remember :
1.          44AE (Calculation of profit and gains of plying , hiring or leasing goods carriage):
 Period of holding(in months)              :Part of month shall be deemed as full month.
Income per vehicle                                    :must be >=Rs. 7500 pm per vehicle
2.          If Tax Return Prepare for any reimbursement from
the government , amount thereof(to filled by TRP):                  Enter TRP reimbursemnet amount

  ITR Forms  Not yet updated  on  Income Tax site till date

a)        ITR -3  : Individuals and HUF being partners in a firm but not carrying business under                                              proprietorship

b)        ITR -4 :  Individuals earning income from proprietorship

c)         ITR -5  : Firms , AOP, BOI
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c)         ITR -5  : Firms , AOP, BOI