Filing of income tax return for the 2017-18 financial year is approaching, with the deadline of July 31st for individuals not requiring a tax audit, and September 30th for those that do. Anyone with over 250,000 rupees in taxable income must file a return. Tax audits are mandatory for businesses over 1 crore rupees in sales and professionals over 50 lakhs in receipts. Returns can be filed online or physically, and different forms apply based on income level and sources. Advance tax is due quarterly for those forecasting over 10,000 rupees in tax, and rates range from 5-30% depending on income level with exemptions for seniors.

1. Filing of income tax return for financial year 2017-18
Date of filing income tax return for r financial year ending 31st March
2018 is approaching soon. Every individual whose gross taxable
income is more than rupees 2,50,000 is liable to pay tax and file
income tax return
Last date for filing income tax return for individual where tax audit is
not applicable is 31st July 2018
Where accounts are to be audited last date is 30th September 2018
Compulsory audit of accounts (Tax audit Section 44AB)
Tax audit is applicable to individual who is carrying on business (not
opting for presumptive taxation scheme) and whose total sales,
turnover or gross receipts exceeds Rs 1 crore during the financial year
and professional carrying on profession and where gross receipts
exceeds Rs 50 lakhs.
Section 44 AD presumptive taxation scheme
Individual carrying on business and opting for presumptive taxation
scheme and whose total sales, turnover or gross receipts exceeds Rs
2 crore during the financial year tax audit is applicable.
How to file return of income
Return of income can be filed either in hard copy at the local office of
the Income-tax Department or can be electronically filed at
www.incometaxindiaefiling.gov.in
Income Tax Return (ITR 1 Sahaj)
ITR 1 is applicable to individual whose total income does not exceed
₹ 50 lakhs and having income from salaries , one house property and
income from other sources

2. ITR Form 2 is for Individuals having income exceed rupees 50,00,000
and having income from salaries, house property, capital gains and
other sources
ITR 3 It is applicable to an individual who is carrying on a proprietary
business or profession.
ITR 4 Also known as SUGAM is applicable to individuals who have
opted for the presumptive taxation scheme
Who is supposed to pay Advance Tax
Tax payer having estimated tax liability of Rs. 10,000 or more is liable
to pay advance tax. However, for senior citizen, an individual of the
age of 60 years and above not having any income from business or
profession is not liable to pay advance tax.
An individual who is liable to pay advance tax is required to estimate
his current income and pay advance tax accordingly
Instalments of advance tax and due dates (Sec 211)
For financial year 2017-18 1st instalment of 15 percent of advance tax
is to be paid on or before the 15th June 2017
2nd Instalment of up to 45 percent of tax liability to be paid on or
before the 15th September 2017.
3rd Instalment of up to 75 percent of the tax lability to be paid by 15th
December 2017
4th instalment of 100 percent of tax liability to be paid on or before the
15th March 2018
For non payment of advance tax, tax payer has to pay interest on late
payment
Income tax rates for financial year 2017-18 (Slab rates)
An individual having income up to Rupees 2,50,000 is exempted for
payment of income tax.

3. Income between rupees 2,50,000 to Rupees 5 lakhs, tax payable is at
5 percent
Income above rupees 5, lakhs and up to rupees 10 lakhs tax to be paid
at the rat of 20 percent
And income above Rupees 10,Lakhs tax rate applicable is of 30
percent
For senior citizen
For senior citizen above age of 60 years but below 80 years of age,
income up to rupees 3,00,000 is exempted from tax and rest of the
slab rates are same
For individual above 80 years of age income up to rupees 5,00,000 is
exempted from tax and rest of the slab rates are same
Surcharge:
The amount of income-tax shall be increased by a surcharge at the
rate of 10% of such tax, where total income exceeds fifty lakh rupees
but does not exceed one crore rupees
Where total income exceeds one crore rupees the amount of income-
tax shall be increased by a surcharge at the rate of 15% of such tax.
Education and secondary and higher education cess
Education cess of 2 percent and 1 percent higher education cess to be
paid on income tax and surcharge calculated
Every tax payer has to file income tax return by due date that is by 30th
July or 30th September to avoid tax inquiry from tax authorities