V. G. MEHTA'S™ INCOME-TAX READY RECKONER® 2017-18
(i) In relation to assessment year 2018-19:
(ii) In relation to assessment year 2017-18:
- In the case of all categories of assessees, basic exemption limit and rate structure of I.T, rate of S.C. on I.T. and Addl. S.C. on I.T. and S.C. on I.T., if any, is same as in preceding year except that in the case of an individual, HUF, AOP, BOI & artificial juridical person: (a) rate of I.T. upto Rs. 5,00,000 taxable income is at 5%, as against 10%, in the preceding year; & (b) rate of S.C. on I.T., where taxable income exceeds Rs. 50,00,000 but does not exceed Rs. 1,00,00,000, is at 10% as against nil % in the preceding year.
- Exemption provisions amended/provided u/s. 10(12B); 10(23C); 10(38); 10(48B) and 10AA.
- Income of charitable or religious trust amended u/s. 11(1); 12A(1) and 12AA(1)/(2).
- Computation of house property amended/prescribed u/s. 23(5) & 71(3A).
- Computation of business or professional income amended u/s. 35(1), 35(2AA), 35(2AB), 35AC; 35AD; 35CCC; 35CCD; 40A(3)/(3A); 43(1); 43B; 44AA; 115JAA & 115JD.
- Computation of capital gains amended/provided u/s. 2(42A); 45(5A); 47; 48; 49; 50CA; 54EC & 55.
- Computation of income from other sources amended/provided u/s. 56(2)(vii); 56(2)(viia) & 56(2)(x).
- Provisions of deduction from gross total income amended u/s. 80CCD; 80CCG; 80G; 80-IAC & 80-IBA. Provision for rebate u/s. 87A amended.
- Provisions for determination of tax in certain cases amended/provided u/s. 115BBDA & 115BBG.
- Provisions off set-off/carry forward of losses substituted/provided u/s. 79 & 71(3A).
- Provisions of search & seizure amended w.e.f. 1-4-1962, 1-10-1975, 1-4-2017 & 1-6-2016, u/s. 132, 132A, 153A, 153B & 153C.
- Provisions of assessment procedure amended/provided/substituted u/s. 139(4C); 139(5); 140A/234F; 143(1) & 153.
- Sections 211 & 234C amended. Penalty u/s. 271F omitted. Refund can be withhold u/s. 241A (A.Y. 2017-18). Sections 269ST, 271DA & 271J inserted w.e.f. 1-4-2017.
- In the case of: (A) an individual, HUF, AOP, BOI and artificial juridical person, exemption limit and rate structure of I.T. is the same as in the preceding year; (B) domestic company, foreign company, firm & local authority, flat rate of I.T. is same as in the preceding year. Where the total turnover or gross receipt of a domestic company, in the previous year 2014-15 does not exceed Rs. 5,00,00,000, flat rate of I.T. is 29%, as against 30%; & (C) co-operative society, rate structure of I.T. is same as in preceding year. In the case of: (i) assessees referred to in (A) above, where the taxable income exceeds Rs. 1,00,00,000, rate of S.C. on I.T. is 15%, as against 12% in the preceding year; (ii) firm, co-operative society & local authority, where the total income exceeds Rs. 1,00,00,000, rate of S.C on I.T. is 12% as in the preceding year; & (iii) domestic/foreign company, rate of S.C. on I.T. is same as in preceding year. Additional S.C. @ 2% & 1% of I.T. & S.C. on I.T., if any, is same as in the preceding year.
- Exemption of total income provided/amended/withdrawn u/s. 10(23DA), 10(23FC), 10(34), 10(35A), 10(38), 10(50) & 10AA.
- Income of charitable or religious trust chargeable to tax under new sections 115TD to 115TF.
- Computation of income from salary amended u/s. 17(2)(vii).
- Computation of house property amended/substituted u/s. 24(b) and new section 25A.
- Computation of business or professional income amended/provided u/s. 28(va)(a), 32(1)(iia), 35ABA, 40(a)(ib), 43B, 44AA, 44AB, 44AD, 44ADA & 115JB.
- Computation of capital gains amended, etc., u/s. 2(42A), u/s. 47, 48, 49, 50C, 54EE, 54GB & 55(1)/(2).
- Provisions of deductions from gross total income amended u/s. 80CCD, 80EE, 80GG, 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA & 80JJAA. Provisions for rebate u/s. 87A,
- Provisions of determination of tax in certain cases amended/provided u/s. 115BBE/271AAC/Chapter IXA, 115BA, 115BBDA & 115BBF.
- Provisions of assessment procedure amended u/s. 139(1)/(4)/(5)(9), 143(1) & 143(1D). W.e.f. 1-6-2016, Income Declaration Scheme, 2016 & Equalisation Levy, introduced. Penalty provisions amended/provided u/s. 270, 270A, 272A & 271AAB.