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INCOME TAX RATE for 2017-18 60 Normal Rate . ( .) 1.) Taxable Income 2,50,000 . 2.) 2,50,000 5,00,000 : 2,50,000 5 %.. Section 87A

2500 . 3,00,000 . 3.) 5,00,000 10,00,000 : 12,500 5,00,000 20 %

. ( 3,50,000 Taxable Income Rebate ) 4.) 10,00,000 : 1,12,500 10 30 % . 60 80 1.) Taxable Income 3,00,000 . 2.) 3,00,000 5,00,000 : 3 5 %. Section 87A 2500 . 3.) 5,00,000 10,00,000 : 10,000 5,00,000 20 % . (3,50,000 Total Income Rebate ) 4.) 10,00,000 : 1,10,000 10 30 % . 80 1.) Taxable Income 5,00,000 . 2.) 5,00,000 10,00,000 : 5 20%. 3.) 10,00,000 : 1,00,000 10 30 % . EDUCATION CESS 2 % Education Cess 1 % Secondary and Higher Education Cess 3 % Cess SURCHARGE 50 Taxable Income Surcharge .

INCOME TAX 2016-17 Short notes Prepared by Sudheer Kumar T K, mail: sudeeeertk@gmail.com INCOME TAX 2017-18

Short Notes Prepared by Sudheer Kumar T K

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2017-18 . 2017 2018 Pay, Pension, DA, HRA, CCA, Special Allowance, Overtime Allowance , 2017 2018 31 Festival Allowance, Bonus, DA Arrear, Pay Arrear , Leave Surrender Gross Salary Income . Leave Travel Concession, Conveyance Allowance (for performance of duties of an Office), 16,000 Transport Allowance(granted to travel between residence and place of duty), 24,000 Uniform allowance, Leave Surrender, Commutation of Pension, Gratuity, PF . 15,000 Medical Reimbursement Gross Salary

. Medical Reimbursement Gross Salary . , HRA Net Salary Income . HRA (Pay+DA) HRA .

. (1) HRA , (2) (Pay+DA) 10% . (3) 40%.

( 15,000 HRA (Pay+DA) 450000 . 45,000 . 44000 . 50,000 5000 . 70,000 15,000

) Net Salary Income Housing Loan Interest (Income from other Sources) GROSS TOTAL INCOME . Housing Loan Interest . , . .. A. 1-4-1999 2 .

. "Self Declaration" . B. 1-4-1999 30,000 . C. , 30,000

. Housing Loan 80 C . 80 EE 50,000 . See Deductions below. Chapter VI-A Taxable Income.

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Taxable Income . Income Tax Form 16 Taxable Income Total Income . Chapter VI -A 80 C Savings and Deposits Section 80 C 1,50,000 . 2016-17 80 C . 1. Provident Fund subscription , . 2. / Life Insurance Premium . (1-4-2012 20 % 1-4-2012 10 % . 20%/ 10% .) 3. SLI, GIS, FBS . GPAIS . 4. 80 C . ( ) 5. Scheduled Bank 5 Tax Savings Approved Scheme . 6. Tution Fees - Tution Fees .

Full Time . Tution Fee . Entrance Coaching . 7. Stamp Duty, Registration . 8. ' Superanuation Fund , National Saving Certificate , LIC UTI Unit Linked Insurance Plan , Annuity Plan, Mutual Fund, ICICI, IDBI, NABARD Infrastructure Development Bond Section 80 . 80 CCC LIC Annuity Plan . 80 CCD(1) National Pension Scheme (NPS) 80 CCD(1) . (Pay+DA) 10 % . Section 80C, 80CCC , 80CCD(1) 1,50,000 . 80 CCD(1B) 50,000 NPS . 1,50,000

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NPS 80 CCD(1B) . 10% . 80 CCD(2) National Pension Scheme (NPS) Government Employer Employer's Contribution 80 CCD(2)

. (Pay+DA) 10% . Employer's Contribution . 80 CCG Equity Saving Scheme .

Rajiv Gandhi Equity Saving Scheme. 25,000 . 3 claim . 3 Gross Total Income 12 . 80 D (Health Insurance Premium) Health Insurance , 25,000 . 60 30,000 . Preventive Health Check up 5000 80D . Senior Citizen 30,000 25,000 . Health Insurance 25,000 . 30,000 . Preventive Health Check up 5000 80D . Health Insurance 80 80D 30,000 . . 30,000 25,000 . Health Insurance , 80 (Cheque, DD etc) . Health Check up . 80 DD - (For Disability of dependants with disability) , / , , , , , , 80DD . 75,000 . 80% 1,25,000 . Medical Authority . Autism, Cerebral palsy , Multiple Disability Form 10-IA .

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80U (For Employee with disability) Disability (40% or above) Medical Authority 75,000 . 75,000 . . (Above 80 % disability) 1,25,000 . 80DD . Disability . Autism, Cerebral palsy, Multiple Disability 80DD, 80U Form 10-1A . MD Neurologist / Pediatric Neurologist Civil Surgeon / Chief Medical Officer . 80 DDB (For Medical treatment of specified diseases) , , , ,

80DDB . Neurological diseases (dementia , chorea , motor neuron disease , ataxia , parkinson disease etc ) , malignant cancer , aids, chronic renal failure , hemophilia , thalassemia . 40,000

. Senior Citizen (60 ) 60,000 . 80 80,000 .

Prescription . Prescription , , , , , , . . Reimbursement insurance . 80 E (Interest on loan for higher education ) / 80U . . Higher Secondary Examination Higher education . . 80E

. 80 G (Donations to notified Funds and charitable institutions) Notified Fund Charitable Institution 80G . (TDS) . Income Tax Return . ( Notified Fund TDS .) 80GGC (Donation to political parties) 80GGC TDS . Income Tax Return . Representation of the People Act Section 29A

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. . Cheque , DD, Credit card , Internet banking . . 80TTA (Interest in SB Account) , - , SB Account 10,000 . Gross Total Income

. 80TTA . 80EE (Interest of Housing Loan) Interest 2 Income from House Property . 50,000 80EE . (1) 2016 1 2017 31 . (2) . (3) 50 35 . (4) Financial Institution . Chapter VI -A . 80 G, 80 GGC DDO . . Taxable Income .

. 3 % Cess . . Relief u/s 89(1) ,DA

Section 89 (1) . Form 10E Tax Relief . . Form 10E Relief . 10E TDS . .. INCOME TAX - TDS - Financial Year 31 . DDO (Drawing and Disbursing Officer) . . 'Anticipatory Income Tax Statement' . DDO . 12 DDO . 'Anticipatory Income Tax Statement'

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DDO .

Anticipatory Statement . PAN Taxable Income 20 % TDS

. Filing of Statement by Treasury Officer . . 24 G . 24 G NSDL "BIN VIEW' . DDO . . E TDS Return Filing by DDO

TAN . DDO . E TDS Return . RPU Software . .fvu CD Tin Facilitation Centre upload . E TDS Return 27 A . , , E TDS ( Quarter) 31 upload . 200 . , , E TDS Return ( Quarter) 31 . , , 31 . , , E TDS Statement 31 . , 'Income Tax Statement' Annexure II . Form 16 . E TDS Return . DDO E TDS Return . Final Income Tax Statement . 'Income Tax Statement' DDO . DDO . DDO Income Tax Return Assessing Officer . Form 16 (TDS Certificate)

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E TDS Return DDO Form 16 (TDS Certificate) . 31 . Part A TDS TRACES (www.tdscpc.gov.in) DDO . Part B DDO Part A . Quarter E TDS Return Form 16 Part A . 15 Fourth Quarter E TDS Return DDO . 31 Form 16 100 penalty . Income Tax Return 2,50,000 31 Income Tax Return . Form 16 . . (Savings Bank Account 10,000

80 TTA ) Family Pension Income from other sources head . E Filing 26 AS . Part A TDS . Part 1A Part G . PAN . 10,000 interest 10% deduct PAN . Part C . . 26AS . ITNS 280 . Income Tax Challan ITNS 280 PAN . 10E Section 89 . Income Tax Return E Filing Portal 10E submit ITR submit . .