Income tax education cess and rebate under section 87a

Tax queries 289 views 6 replies

Dear Experts,

I am filing income tax return for 1st time, would like to know.

1. My Income is Rs.387,305.00 for the FY 2016-17 and tax on Rs.137,305.00 Tax payable is 13,730.50 and Under Section 87A rebate available for they FY 2016-17, AY 2017-18 would it be Rs.2000 or Rs.5000.00 that i can deduct from taxable income excluding Education Cess.

2. How much % of Education Cess I have to pay on Rs.13,730.50, is it 2% or 3% for the FY 2016-17, AY 2017-18 or is it GST that I have to add in place of Cess, if it is GST, kindly advise how.

3. I have a carry forward loss of Rs.118, 414.75, I am filing ITR-2, under which column should I put the carry forward loss.

4.  Also, how to go about filing the returns online, is there a step by step instructions to file returns online.

Thanks in advance, Would humbly request experts to let me know so that I can file my income tax returns by 31st.

Regards,Paul

Replies (6)
1.5000
2.3% EC
3.You can't file ITR-2, file ITR-3
4. https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/NMS_Step_By_Step_Guide.pdf

Use ITR2, under CFL table put the relevant figure under the correct year. GST has nothing to do with income tax. 

Thanks for your valuable reply

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