https://incometaxindiaefiling.gov.

in

if you want to file ITR for year 2017-18 year file it after 31 march
2018 and before September.

Assessment year will be 2018 -19.

How much Income Tax do I need to pay?

How much tax you should pay depends upon the tax slab applicable to your
income. Income tax is calculated on the basis of these tax slabs.

Income Tax Rates for taxpayers under 60 years of age in

FY 2017-18

Income Slab Tax Rate

Up to Rs.2,50,000 No Tax
Rs.2,50,000 - Rs.5,00,000 5%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%

Income Tax Rates for taxpayers under 60 years of age in

FY 2016-17, FY 2015-16, FY 2014-15 are below.

Income Slab Tax Rate

Up to Rs.2,50,000 No Tax
Rs.2,50,000 - Rs.5,00,000 10%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%
Income Tax Rates for taxpayers under 60 years of age in FY 2013-
14 are below.

Income Slab Tax Rate

Up to Rs.2,00,000 No Tax
Rs.2,00,000 - Rs.5,00,000 10%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%
Click here to understand income tax slabs in detail

How to calculate income tax? (See example)

Income tax calculation for the Salaried

Income from salary is the sum of Basic salary + HRA + Special Allowance +
Transport Allowance + any other allowance. Some components of your salary are
exempt from tax, such as medical reimbursements, telephone bills reimbursement.
If you receive HRA and live on rent, you can claim exemption on HRA. Calculate
exempt portion of HRA, by using this HRA Calculator

Transport allowance is given to employees as part of their salary to meet travel

expenses from residence to work & back. Starting financial year 2015-16, limit of
exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For
example - if you receive Rs 2,000 as transport allowance every month, Rs 1600
shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum
shall be taxed as salary income.

Lets understand income tax calculation by way of an example. Neha receives a

Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Transport Allowance of
Rs 8,000 per month. Special Allowance of Rs 5,000 per month. LTA of Rs 20,000
annually. Neha pays a rent of Rs 20,000 and lives in Delhi.
 Amoun Exemption/Deduct Taxabl
Nature
t ion e
6,00,00 6,00,00
Basic Salary -
0 0
3,00,00 1,20,00
HRA 1,80,000
0 0
Transport Allowance 96,000 19,200 76,800
Special Allowance 60,000 - 60,000
12,000 (bills
LTA 20,000 8,000
submitted)
15,000(bills
Medical Bills 15,000 -
submitted)
Gross Total Income from 8,64,8
Salary 00
To calculate income tax, include income from all sources. Include:

Income from Salary (salary paid by your employer)

Income from house property (add any rental income, or

include interest paid on home loan)

Income from capital gains (income from sale purchase of

shares or house)

Income from business/profession (income from freelancing or

a business or profession)

Income from other sources (saving account interest income,

fixed deposit interest income, interest income from bonds)

Neha has income from interest from savings account of Rs 8,400 and a fixed
deposit interest income of Rs 10,000 during the year. Neha has made some
investments to save income tax. PPF investment of Rs 50,000. ELSS purchase of
Rs 20,000 during the year. LIC premium of Rs 8,000. Medical insurance paid of Rs
12,000. Here are the deductions Neha can claim.

Amount
Natur Maximum
Eligible investments/expenses claimed
e Deduction
by Neha
PPF deposit Rs 50,000, ELSS
investment Rs 20,000, LIC
Sectio Rs
Rs.1,50,000 premium Rs 8,000. EPF deducted
n 80C 1,50,000
by employer(Nehas contribution)
= Rs 50,000 *12% *12 = 72,000
Rs 25,000
Sectio for self Rs Medical insurance premium Rs Rs
n 80D 30,000 for 12,000 12,000
parents
Sectio
n 10,000 Savings account interest 8,400 Rs. 8,400
80TTA

Calculation of gross taxable income in India

Nature Amount Total

Income from Salary 8,64,800
Income from Other Sources 18,400
Gross Total Income 8,83,200
Deductions
80C 1,50,000
80D 12,000 -
 Nature Amount Total
80TTA 8,400 1,70,400
Gross Taxable Income 7,12,800

How to calculate income tax in India for Neha

Up to Rs 2,50,000 Exempt from tax 0

Rs 2,50,000 to Rs 10% (10% of Rs 5,00,000 less Rs
25,000
5,00,000 2,50,000)
Rs 5,00,000 to Rs 20% ( 20% of Rs 7,12,800 less Rs
42,560
10,00,000 5,00,000)
More than Rs Rs
30% (nil) 0
10,00,000
3% of total tax (3% of Rs 25,000
Cess 2,026
+ Rs 42,560)
Rs
Rs 25,000 + Rs 42,560 +
Total Income Tax 69,586.8
2,026
0
Related Links

Are you required to file income tax return?

How to pay income tax due?

How to claim HRA exemption and save taxes

How to calculate Advance Tax

Can you claim both HRA & deduction on home loan interest?
Guide to printing and sending ITR-V to CPC - Bangalore

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If you've downloaded the ITR-V from the Income Tax Department's

website, you'll need a password to open it.

Password to open ITR-V

The password is your PAN number in lower letters along with date
of birth.

Example:
PAN: AAAPA1111F
Date of birth: 01/01/1975
Password: aaapa1111f01011975

After receiving your ITR-V (acknowledgement), you have to send it

to CPC, Bangalore within 120 days of e-filing your Income Tax
return.

What is ITR-V?

ITR-V is a one page document, which you need to sign in BLUE INK
and send via ordinary post or speed post. You cannot courier the
ITR-V.

You do NOT need to send any supporting documents along with

the ITR-V. Just the one page signed ITR-V.

We strongly recommend that you send your ITR-V at the earliest

for your tax refund processing. Don't forget, ok?

Address of CPC, Bangalore for Speed Post:

Post Bag No.1,

Electronic City Post Office,
Bengaluru, Karnataka 560100
Click here to go to the next step:
Checking whether CPC has received your ITR-V

Most people forget to send their ITR-V to the Income Tax

Department after e-Filing.

Enter your email address below and well make sure you dont
forget!

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Most people forget to send their ITR-V to the Income Tax

Department after e-Filing. Enter your email address below and
well make sure you dont forget!

Checking whether CPC has received your ITR-V

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1. CPC Bangalore dispatches an email acknowledgement on

receipt of ITR V. It should reach within 4-5 days after sending
ITR-V to Bangalore.

2. You can check the status of your ITR-V on ClearTax [easiest

mechanism]. Our refund status page will give you a
comprehensive summary of your tax return.

3. You can also check status of ITR-V receipt by CPC Bangalore

online at www.incometaxindiaefiling.gov.in (official
government portal)
Click here to find out whether CPC has received your ITR-V.

4. If your ITR-V is not been marked as received after 10 days,

you can call 1800-425-2229 - Govt of India helpline from
9AM to 8PM.