[Based on Finance Act, 2018]
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Section A : Amendments by the Finance Actz, 2018 |
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Amendments by the Finance Act, 2018 |
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A. |
Tax Rates for Current Assessment Years [Assessment Years 2018-19 and 2019-20] |
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B. |
Specified Tax Rates under Income Tax Act |
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C. |
TDS Rates [For Financial Year 2018-19] |
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D. |
Rates for Tax Collection at Source [For Financial Year 2018-19] |
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E. |
Rates for Dividend Distribution Tax under Section 115-O |
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F. |
Rates for Tax on Income Distributed by UTI or Mutual Funds |
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G. |
Rates for Minimum Alternate Tax |
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H. |
Tax Rates for Last Ten Assessment Years |
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I. |
Rates for Dividend/Distribution Tax under Section 115-O [From 1-6-1997 and Upto 31-3-2018] |
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J. |
Rates of Wealth Tax [For Last Ten Assessment Years and Upto Assessment Year 1992-93] |
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K. |
Market Rates of Gold and Silver for Last Ten Assessment Years, as on 31-3-2018 and 1-4-1981 |
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L. |
TDS Chart [Financial Year 2018-19] |
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M. |
Fee Structure for Appeals |
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N. |
Tax Saving Schemes |
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O. |
Tax Calendar for Recurring Work |
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P. |
Audit Reports under Income Tax Act, 1961 |
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Q. |
Period of Limitation under Income Tax |
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R. |
Withholding Tax Rates under DTAA |
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S. |
List of Bonus Issue of Shares during 1-4-2017 to 31-3-2018 |
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Section C : Basic Concepts |
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1. |
Definition of Assessee, Assessment Year, Income, India, Manufacture, Person, Tax and Previous Year [Sections 2(7), 2(9), 2(24), 2(25A), 2(29BA), 2(31), 2(43) and 3] |
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2. |
Chargeability of Income, Scope of Total Income and Income deemed to be received [Sections 2(45), 4, 5 and 7] |
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3. |
Residential Status [Section 6] |
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4. |
Income Deemed to Accrue or Arise in India [Section 9] |
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Section D : Exempt Incomes |
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5. |
Generally Exempt Incomes [Section 10] |
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6. |
Agricultural Income [Section 2(1A)] |
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7. |
Exemption to Units Located in Special Economic Zone [Section 10AA] |
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Section E : Taxation of Salary Income |
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8. |
Salary--Meaning and Chargeability [Sections 15 and 17] |
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9. |
Special Receipts Taxable as Salary |
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10. |
Tax Treatment of Allowances |
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11. |
Perquisites : General [Sections 10(10CC) and 17] |
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12. |
Valuation of Perquisites [Section 17] |
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13. |
Perquisite and Stock Options [Section 17] |
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14. |
Deductions from Salary Income [Section 16] |
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15. |
Profits in Lieu of Salary [Section 17(3)] |
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16. |
Relief under Section 89 [Section 89] |
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17. |
Tax Planning and Salary Income |
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18. |
General illustrations applicable for assessment year 2018-19 |
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Section F : Income from House Property |
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19. |
Chargeability [Sections 22 and 27] |
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20. |
Annual Value of a Let Out Property [Section 23] |
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21. |
Deductions from Annual Value [Section 24] |
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22. |
Other Issues [Sections 25, 25AA, 25B and 26] |
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23. |
Planning in respect of Property Income |
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24. |
Illustrations of Income from House Property |
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Section G : Profits and Gains of Business or Profession |
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25. |
Rent, Rates, Taxes, Repairs and Insurance for Premises [Section 30] |
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26. |
Repairs and insurance of machinery, plant and furniture [Section 31] |
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27. |
Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C] |
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28. |
Business Deductions in respect of Specified Businesses/Activities [Sections 33AB to 35E] |
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29. |
Specific Business Deductions [Section 36 and 94B] |
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30. |
Disallowance of expenditure Against Exempt Income [Section 14A] |
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31. |
Business Expenditure [Section 37(1)] |
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32. |
Expenses under Sections 30, 31 and 32, where Assets used partly for Business and Partly for Personal Purposes [Section 38] |
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33. |
Special Deductions for Agents of Insurance, Mutual Funds, etc. |
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34. |
Amounts not Deductible [Sections 40(a) and 40(b)] |
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35. |
Expenditures not Deductible [Sections 40A and 43B] |
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36. |
Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB] |
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37. |
Accounts and audit [Sections 44AA and 44AB] |
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38. |
Presumptive Incomes [Sections 44AD to 44BBB] |
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Section H : Capital Gains |
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39. |
Chargeability and Capital Asset [Sections 2(14) and 45(1)] |
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40. |
Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A] |
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41. |
Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42B)] |
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42. |
Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55] |
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43. |
Special Provisions for Computation of Capital Gains Arising from Shares and Units, Zero Coupon Bonds, Etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 111A, 112 and 112A] |
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44. |
Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)] |
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45. |
Exemption to capital gains arising from transfer of specified capital asset in certain cases [Section 10(37A)] |
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46. |
Taxation of capital gain in certain specific instances [Sections 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51] |
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47. |
Deep Discount Bonds and Strips [Section 45] |
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48. |
Employees Stock Options--Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)] |
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49. |
Conversion of Private Company/Unlisted public company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)] |
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50. |
Deductions from capital gains [Sections 54 to 54H] |
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51. |
Reference to Valuation Officer [Section 55A and 2(22B)] |
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52. |
Rates of Capital Gains Tax [Assessment years 2018-19 and 2019-20] |
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Section I : Income from Other Sources, Clubbing, Undisclosed Sources and Set Off and Carry Forward of Losses |
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53. |
Income from Other Sources [Sections 56 to 58] |
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54. |
Clubbing of Income [Sections 60 to 64] |
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55. |
Income from Undisclosed Sources [Sections 68 to 69D] |
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56. |
Set Off and Carry Forward of Losses [Sections 70 to 80 and Section 157] |
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Section J : Deductions Under Chapter VI-A |
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57. |
General Provisions as to Deduction From Total Income [Sections 80A to 80B] |
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58. |
Deduction From Total Income Concerning Payments-I Deduction in respect of Life Insurance Premia, Deferred Annuity, Contribution to PF, PPF, subscription to Certain Equity Shares or Debentures, etc. [Section 80C] |
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59. |
Deduction from Total Income Concerning Payments-II : [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80D, 80CCF, 80CCG, 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 80GGA, 80GGB and 80GGC] |
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60. |
Deduction in respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80QQB, 80RRB, 80TTA, 80TTB and 80U] |
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61. |
Deductions in respect of Income from New Industries, New Hotels and New Convention Centres [Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID and 80-IE] |
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Section K : Specific Tax Entities |
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62. |
Individuals |
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63. |
Hindu Undivided Family [Section 171] |
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64. |
Assessment of Partnership Firms and Limited Liability Partnership [Sections 2(23), 10(2A), 28(v), 40(b), 115JC to 115JF,167C, 184, 185, 188 and 189] |
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65. |
Assessment of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A] |
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66. |
Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [sections 115JC to 115JF] |
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67. |
Taxation of Companies, MAT and Dividend Distribution Tax [Sections 2(17), 2(18), 2(19AA), 2(22A), 2(23A), 2(26), 2(32), 2(35), 2(36A), 2(41A), 115BBD, 115JAA, 115JB, 115JG, 115-O to 115Q and 115QA to 115QC] |
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68. |
Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust [Sections 10(23D), 10(23DA), 10(33), 10(35), 10(35A), 10(44), 115R to 115T, 115TA to 115TC and 197A(1E)] |
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69. |
Taxation of Charitable Trusts [Sections 2(15), 2(22AAA), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164] |
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70. |
Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P and 80PA] |
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71. |
Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG] |
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72. |
Taxation of Political Parties [Sections 13A and 139(4B)] |
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73. |
Taxation of Non-Residents |
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74. |
Tonnage Tax on Shipping Companies [Sections 115V to 115VZC] |
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Section L : General Illustrations |
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75. |
Partnership Firm Assessed as Such and Partners |
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76. |
Personal Taxation |
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77. |
Company Taxation |
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78. |
All Assessees : Capital Gains |
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Section M : Tax Deduction at Source and Tax Collection at Source |
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79. |
Tax Deduction from Salaries [Section 192] |
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80. |
Tax Deduction from Payment of Accumulated Balance due to an Employee [Section 192A] |
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81. |
TDS from Interest on Securities [Section 193] |
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82. |
TDS from Dividends [Section 194 and section 2(35)] |
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83. |
TDS on Interest other than Interest on Securities [Section 194A and section 2(28A)] |
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84. |
TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B] |
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85. |
TDS on Winnings from Horse Races [Section 194BB] |
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86. |
TDS on Payment to Contractors/Sub-Contractors [Section 194C] |
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87. |
TDS on Insurance Commission [Section 194D] |
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88. |
TDS on Payments under Life Insurance Policy [Section 194DA] |
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89. |
TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E] |
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90. |
TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE] |
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91. |
TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F] |
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92. |
TDS from Commission on Sale of Lottery Tickets [Section 194G] |
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93. |
TDS on Commission or Brokerage [Section 194H] |
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94. |
TDS on Rent Payments [Section 194-I] |
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95. |
TDS on property transactions [Section 194-IA] |
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96. |
TDS on Rent Payment by Individuals/HUFs in Certain Cases [Section 194-IB] |
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97. |
TDS on Payment under Specified Agreement [Section 194-IC] |
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98. |
TDS on Payment of Fees for Professional or Technical Services [Section 194-J] |
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99. |
TDS on Compulsory Acquisition of Immovable Property [Section 194LA] |
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100. |
TDS on Income by way of Interest From Infrastructure Debt Fund [Section 194LB] |
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101. |
TDS on Certain Income from Units of a Business Trust [Section 194LBA] |
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102. |
TDS on Income in respect of units of investment fund [Section 194LBB] |
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103. |
TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC] |
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104. |
TDS on income by way of interest from Indian company [Section 194LC] |
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105. |
TDS on Income by way of Interest on Certain Bonds and Government Securities [Section 194LD] |
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106. |
TDS from payments to non-residents [Section 195] |
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107. |
Interest or Dividend Payable to Government or RBI [Section 196] |
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108. |
TDS from Payment to Offshore Fund [section 196B] |
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109. |
TDS on Income from FCCB, GDRS [Section 196C] |
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110. |
TDS on Income of Foreign Institutional Investor from Securities [Section 196D] |
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111. |
Residuary Provisions Related to TDS and Procedural Aspects |
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112. |
Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A] |
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113. |
Collection of Tax at Source [Sections 206C and 271CA] |
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114. |
Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E] |
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Section N : Advance Income Tax |
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115. |
Advance Tax Liability [Sections 207 to 210] |
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116. |
Advance Tax Instalments [Sections 211, 218 and 219] |
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Section O : Interest |
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117. |
Interest Related Provision at a Glance [Sections 115P, 115-S, 115WK, 201(1A), 206C(7), 220(2), 234A to 234D and 244A] |
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118. |
Interest for Defaults in Furnishing Return of Income [Section 234A] |
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119. |
Interest for default in payment of advance tax [Section 234B] |
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120. |
Interest for deferment of advance tax [Section 234C] |
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121. |
Interest on refund granted under section 143(1) [Section 234D] |
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122. |
Common Issues |
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123. |
Interest Due to the Assessee [Section 244A] |
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Section P : Penalties |
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124. |
Concealment Penalty [Section 271(1)(c)/(d)] [Upto Assessment year 2016-17] |
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125. |
Penalty for Under-Reporting or Mis-Reporting of Income [Sections 270A and 270AA] [From Assessment Year 2017-18] |
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126. |
Other than Concealment Penalty [Section 271(1)(b), Sections 271A to 272BB] |
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127. |
Common Issues [Sections 273AA, 273B, 274 and 275] |
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Section Q : Assessment |
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128. |
Return of Income [Sections 139, 139C, 139D, 140 and 234F] |
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129. |
Permanent Account Number [PAN] [Section 139A] |
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130. |
Self-Assessment [Section 140A] |
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131. |
Summary Assessment [Section 143(1)] |
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132. |
Scrutiny Assessment [Sections 143(2) and 143(3)] |
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133. |
Best Judgment Assessment [Section 144] |
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134. |
Method of Accounting and Income Computation and Disclosure Standards [Section 145 and 145A] |
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Section R : Reassessment |
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135. |
Income Escaping Assessment [Sections 147 to 152] |
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Section S : Rectification |
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136. |
Rectification of Mistakes [Section 154] |
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137. |
Rectification in Certain Specific Cases [Section 155] |
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Section T : Miscellaneous |
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138. |
Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA] |
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139. |
Cash Transactions [Sections 269SS to 269T and Section 271D to 271E] |
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Section U : Other Direct Taxes |
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140. |
Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., at a Glance |
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141. |
Equalisation levy |
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Section V : Investment Planner |
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142. |
Post Office Schemes |
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143. |
Kisan vikas patra |
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144. |
Public Provident Fund Account |
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145. |
Sukanya Samriddhi Account, 2016 |
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146. |
Bank Deposits [Eligible for Tax Benefits under Section 80C] |
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147. |
Senior Citizens Savings Scheme |
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148. |
7.75% Savings (Taxable) Bonds |
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149. |
Tax Saving Scheme of Mutual Funds |
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150. |
Insurance Policies |
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Notes on Tax Tables |
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Income Tax Tables |
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Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Y. 2018-19] |
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Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Y. 2018-19] |
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Resident Individual Equal to or Above 80 Years [For A.Y. 2018-19] |
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Firm & Domestic Co. [For A.Y. 2018-19] |
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Firm [For A.Y. 2018-19] |
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Domestic Co. [For A.Y. 2018-19] |
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Co-operative Society [For A.Y. 2018-19] |
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Foreign Companies [For A.Y. 2018-19] |
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Advance Tax Tables |
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Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Y. 2019-20] |
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Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Y. 2019-20] |
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Resident Individual Equal to or Above 80 Years [For A.Y. 2019-20] |
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Firm & Domestic Co. [For A.Y. 2019-20] |
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Firm [For A.Y. 2019-20] |
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Domestic Co. [For A.Y. 2019-20] |
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Special Domestic Co. [For A.Y. 2019-20] |
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Co-operative Society [For A.Y. 2019-20] |
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Foreign Companies [For A.Y. 2019-20] |