Key changes in ITR of Individuals for AY 2018-19
1. Income tax returns of individuals where audit is not required should be filed on or before 31.07.2018
2. Rs 5000/- penalty after 31.07.2018 till 31.12.2018*
3. Rs 10000/- penalty after 31.12.2018 till 31.03.2019*
4. No return filing will be allowed after 31.03.2019 in normal course for AY 2018-19
5. Tax slab
Senior Citizens (60-80 yrs)
upto Rs.3 lakhs- Nil
3-5 lakhs - 5% (previously it was 10%)
5-10 lakhs - 20%
Above 10 lakhs - 30%
Super Senior Citizens (Above 80)
upto 5 lakhs- Nil
5-10 lakhs - 20%
Above 10 lakhs - 30%
Others
upto 2.5 lakhs- Nil
2.5-5 lakhs - 5% (previously it was 10%)
5-10 lakhs - 20%
Above 10 lakhs - 30%
5. Tax rebate is reduced to Rs 2500 from Rs 5000 per year for taxpayers with income upto Rs 350000 (earlier it was Rs 500000)
6. Surcharge @10% will be levied on taxpayers whose income is between Rs 50 lakhs and Rs 1 crore (Earlier it was exempt till Rs 1 crore). Surcharge @ 15% on income above Rs 1 crore
7. Revision of ITR can be done on or before 31.03.2019 or before completion of assessment whichever is earlier
* These relates where total income is Rs 5 lakh or above, lesser penalty for others
Tags Income Tax
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