clarification on Income tax calculation and payment

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  1. ramani

    ramani New Member

    Dear sir,
    1. What is the chalan form number to pay the income tax by an individual ?
    2. Is the interest earned from the fixed deposits made out of retirement benefits will attract tax? is there any exemption please clarify?
  2. Karan Batra

    Karan Batra Well-Known Member

    Dear Sir

    1. In case of Individuals, you have to submit Challan No/ ITNS 280 for payment of taxes. In this form, you will have to select the option 0021 i.e. "Income Tax on other than Companies"

    2. Interest earned from Fixed Deposit would be taxable as per the current Income Tax Slabs.
    For Income less than 2 Lakhs - 0% Tax
    For Income between 2 Lakhs and 5 Lakhs - 10% Tax
    For Income between 5 Lakhs and 10 Lakhs - 20% Tax
    For Income above 10 Lakhs - 30% Tax

    In case of Senior Citizens i.e. people more than 60 years of age, the words 2 Lakhs would be replaced by 2.5 Lakhs in the above mentioned slabs

    Feel free to ask in case of any other query
    shyam likes this.
  3. v harish

    v harish New Member

    hi my father is retired on april upto july company has paid income tax part.Now another part payment individually has to pay and amount includes some fd to do this and upto now payment has been done on the name of companys tan no. now what we have to do for payment of rest amount.plese suggest me.
  4. Neha Sharma

    Neha Sharma Active Member

    You'll have to pay tax on the balance amount yourself.

    Either you can pay this by going to the bank branch and depositing the amount along with the Challan Form.

    Tax can also be paid online through this link -

    Challan No./ITNS 280 would be applicable in your case..
  5. saimounish

    saimounish New Member

    i think u are sure about new section87A ABOUT REBATE CONCEPT
  6. Neha Sharma

    Neha Sharma Active Member

  7. For the assessment year 2016-2017 I wish to know incometax slab and rates for individual
    and Senior Citizens and along with maximum amount of exemption in both cases. can you clarify. I think the incometax slabs are different.
  8. ZED

    ZED Well-Known Member

    For A.Y 16-17

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