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    Income Tax Computation Major Changes 2017-2018 FY, 2018-2019 AY

1.

Tax Rate  for Income Slabs.

0 to 2.5 Lakhs

Nil

 

2,50,001 to 5,00,000

5%

 

5,00,001 to 10,00,000

20%

 

10,00,001 and above

30%

 

2.

Rebate u/s 87A  Limited to Rs 2,500/- to Taxable income upto  Rs 3,50,000/-

 

 

Example 1

 

Example 2

 

 

 

 

Grosse Total Income

4,90,000

 

6,75,000

 

 

 

 

Deductions (80C etc)

1,50,000

 

1,50,000

 

 

 

 

Taxable Income

3,40,000

 

5,25,000

 

 

 

 

Tax

4,500

Tax

17,500

0 - 2,50,000 = 0

 

0 - 2,50,000 = 0

 

2,50,001 to 3,40,000 = 4,500

 

2,50,001 to 5,00,000 = 12500

 

 

 

5,00,001 to 5,25,000 =   5000

 

 

 

 

 

Rebate u/s 87A  RS 2500

2,500

 

Nil

For Taxable income upto 3,50,000/-

 

 

 

 

 

 

 

Total

2,000

 

17,500

 

 

 

 

Cess 3%

60

 

525

 

 

 

 

Total Tax

2,060

 

18,025

 

Just Compute Income Tax before processing  Dec 2017 Salary, Adjust Tax payment in Dec, Jan, Feb 2018 Salary.

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    TDS Q3 2017-18 FY Details required.

Please submit your details for filing TDS Return 3rd Quarter 2017-2018  by 20/12/2017

 

TDS Q3 2017-18 FY  Details required.

1)     1..Copy of  Inner bill of  Income Tax Deducted and cashed during 01/10/17 to 31/12/17.

          2..Copy of   Income Tax Schedules .


           (ie. Salary bill for September 2017 ,October 2017, November 2017 )


                    Please write the encashment date in the bills                                                                                  

          

      


          

    

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