Author: abhishek

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What are the provisions of surcharge for Individuals, HUF, AOP, BOI, AJP

Surcharge

—The amount of income-tax computed in accordance with the preceding provisions of this Paragraph,[Paragraph A of Part I of The First Schedule]

—or the provisions of section 111A or section 112, shall,

—in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,

—having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of fifteen per cent. of such income-tax:

Marginal Relief

—Provided that in the case of persons mentioned in this Paragraph, having total income exceeding one crore rupees,

—the total amount payable as income-tax and surcharge on such income shall not exceed

—the total amount payable as income-tax on a total income of one crore rupees

—by more than the amount of income that exceeds one crore rupees.

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What tax rate is applicable to Individual,HUF, AOP, BOI, AJP for AY 2017-18

As per Item I of Paragraph A of Part I of THE FIRST SCHEUDULE

In the case of every

individual other than the individual referred to in items (II) and (III) of this Paragraph or

Hindu undivided family or

association of persons or body of individuals, whether incorporated or not, or

every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,

 not being a case to which any other Paragraph of this Part applies

Slab Tax rates
Up to Rs. 250000 NIL
Above 250000 but not exceeding 500000 10%
Above 500000 but not exceeding 1000000 Rs. 25000 +20% of Amount exceeding Rs. 500000
Above Rs. 1000000 Rs. 125000 +30% of Amount exceeding Rs. 1000000

Individuals covered by Item II of Paragraph A of Part I of The First Shedule

Every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year

exemption limit starts from Rs. 3 lacs

Individuals covered by Item III of Paragraph A of Part I of The First Shedule

Every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year

Exemption Limit shall commence from Rs. 5 lacs

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How shall Income Tax be charged for AY 2017-18

As per Section 2(1) of Finance Act 2017,

 

  •  Subject to the provisions of sub-sections (2) and (3),
  • for the assessment year commencing on the 1st day of April, 2017,
  •  income-tax shall be charged at the rates specified in Part I of the First Schedule and
  • such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein.

 

 

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Who is Assessing Officer ?

As per section 2(7A) of Income Tax Act, Assessing Officer” means

  • the Assistant Commissioner or
  • Deputy Commissioner or
  • Assistant Director or
  • Deputy Director  or
  • the Income-tax Officer

who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of this Act,

 

and the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director who is directed under clause (b) of sub-section (4) of that section to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Act

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We are small traders of textile dealing in Suiting, Shirting, Sarees, Dress Material, Blankets, Dhoti etc. We have some queries regarding implementation of GST from 1st July 2017. Please provide clarification on HSN number. Is it mandatory to quote in invoice by B2C traders & B2B traders? Further there are various codes in one type of item, would it not create confusion among traders

Upto Rs. 1.5 cr turnover, no HSN code is required to be mentioned. For those having turnover of Rs. 1.5 to 5 Cr, first 2 digits of the HSN code are required i.e. the chapter number. Only those who have turnover above Rs. 5 Cr are required to mention 4 digits of the HSN code. You will start getting the HSN code in our supplier’s invoice, so it would not cause any issues once the supplies under new regime take place.

[FAQ: 18 (c): TEXTILES]

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We are a small saree manufacturer at Surat. We buy ready dyed fabrics and get job work, hand work, stitching etc. done to create designer sarees.We are confused about GST implementation as there was no tax on us before. Will we get relaxation for the return filing?

Relaxation in filing of returns for the month of July and August, 2017 has already been provided as per which for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR- 3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.

(FAQ-7(e) TEXTILES)

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We are a small saree manufacturer at Surat. We buy ready dyed fabrics and get job work, hand work, stitching etc. done to create designer sarees. Wholesalers and retailers from all over India buy these sarees on credit basis for 30 days to 240 days.How will I make my invoices if a buyer under the composition scheme come to buy our sarees?

A normal invoice has to be issued irrespective of whether the buyer is under composition scheme or not. The difference would be only when you receive supplies from the person registered under the composition scheme.

(FAQ-7(d) TEXTILES)