Income Tax Filing

Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return - irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while efiling or manually filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.

Income Tax Slab Rates for FY 2017-18

Income Tax Slab for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2017-18 – Part I

Income Tax Slab Tax Rate e-Filing Tax Returns
Income up to Rs 2,50,000* No Tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
Income more than Rs 10,00,000 30%



  • Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)
  • Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 3,00,000* No Tax
    Income from Rs 3,00,000 – Rs 5,00,000 5%
    Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
    Income more than Rs 10,00,000 30%



  • Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
  • Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 5,00,000* No Tax
    Income from Rs 5,00,000 – Rs 10,00,000 20%
    Income More Than Rs 10,00,000 30% 31st March 2018 is the last date to file tax returns.



  • Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
  • Income Tax Slab Rates for FY 2016-17

    Income Tax Slab for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2016-17 – Part I

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 2,50,000* No Tax
    Income from Rs 2,50,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
    Income more than Rs 10,00,000 30%



  • Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)
  • Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2015-16 – Part II

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 3,00,000* No Tax
    Income from Rs 3,00,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
    Income more than Rs 10,00,000 30%



  • Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
  • Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2016-17 – Part III

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 5,00,000* No Tax
    Income from Rs 5,00,000 – Rs 10,00,000 20%
    Income More Than Rs 10,00,000 30% 31st March 2018 is the last date to file tax returns.



  • Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
  • Income Tax Slab Rates for FY 2015-16

    Income Tax Slab for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2015-16 – Part I

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 2,50,000* No Tax
    Income from Rs 2,50,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
    Income more than Rs 10,00,000 30%



  • Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)
  • Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2016-17 – Part II

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 3,00,000* No Tax
    Income from Rs 3,00,000 – Rs 5,00,000 10%
    Income from Rs 5,00,000 – 10,00,000 20% 31st March 2018 is the last date to file tax returns.
    Income more than Rs 10,00,000 30%



  • Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
  • Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2015-16 – Part III

    Income Tax Slab Tax Rate e-Filing Tax Returns
    Income up to Rs 5,00,000* No Tax
    Income from Rs 5,00,000 – Rs 10,00,000 20%
    Income More Than Rs 10,00,000 30% 31st March 2018 is the last date to file tax returns.



  • Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.
  • Higher education and secondary cess: 3% of Income Tax.
  • Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
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