| Particulars | Action | Consequences of missing Deadline | |
| A | Income-tax related compliances | ||
| FY 2015-16 (AY 2016-17) | File revised or belated income-tax return on or before 31st March, 2018 | Assessing officer may direct to pay penalty of Rs. 5,000 along with income-tax and interest | |
| FY 2016-17 (AY 2017-18) | |||
| FY 2017-18 (AY 2018-19) | Plan and invest in tax saving instruments on or before 31st March 2018 | A person may end up paying more tax due to poor tax planning | |
| B | Aadhaar related Compliances*
Aadhaar number needs to be linked to various services on or before 31st March 2018, to continue to enjoy the benefits of said services. Some of the important services are listed below:
| ||
| – Bank Account | Visit Bank or update by net-banking to link Aadhaar | Bank accounts may be blocked. | |
| – Mobile number | Visit or call mobile service provider to update Aadhaar | Mobile service provider may stop providing services | |
| – Permanent Account Number (PAN) | Visit Income-tax website to update Aadhaar | It may create problem in filing income-tax returns, etc. | |
| – Social / welfare schemes (such as LPG subsidy, educational scholarship, fertilizer subsidy, etc.) | Visit social security service centre and link Aadhaar to continue enjoying benefits | An individual may not be entitle to receive subsidy, until he linked Aadhaar no. | |
| – Financial products (such as Mutual Funds, Demat, Post office schemes, Insurance Policy, etc.) | Visit respect agency centre to link Aadhaar with financial products | An Individual may face disruption in services | |
| *Note: the due date for Aadhaar linking compliance is subject to writ petition filed in the Hon’ble Supreme Court | |||
| C | Country-by-Country Report and Master File | ||
| Master File | |||
| Every constituent entity
covered under section
92D
| Furnish Part A of Form no. 3CEAA | Penalty for failure to keep and maintain Master File
(INR 500,000)
| |
| Constituent entity covered under section 92D and threshold under Rule 10DA(1) is satisfied | Furnish Part A and Part B of Form no. 3CEAA | ||
| Country-by-Country Report
Every parent entity or an alternate reporting entity, resident in India (applicable to an international group having total consolidated group revenue of more than INR 5,500crores)
| Furnish Form No.3CEAD | Penalty for failure to furnish CbC report u/s 286(2):
a. INR 5,000 per day upto one month; or
b. INR 15,000 per day beyond one month
(If failure continues after penalty order, than INR 50,000 per day)
| |
| D | Other important due dates | ||
| Due date for deposit of TDS / TCS for February, 2018 | Payment of TDS / TCS amount to GOI on or before 7 March 2018 | Penal interest on delayed payment of TDS / TCS amount | |
| Fourth installment of advance tax for the assessment year 2018-19 (including taxpayers covered u/s. 44AD and 44ADA) | Pay Advance tax on or before 15 March 2018 | Penal interest on delayed payment of Advance tax amount | |
| January 2018 monthly GST Return for persons with aggregate turnover over INR 1.5crores | Furnish GSTR-1 on or before 10 March 2018 | Payment of any Interest and Penalty. | |
| Summary GST Return for February 2018 | Furnish GSTR-3B on or before 20 March 2018 | Payment of any Interest and Penalty. | |
| GSTR 6 (for Input Service Distributor) for July 2017 – February 2018 | Furnish GSTR-6 on or before 31 March 2018 | Payment of any Interest and Penalty. | |
Because the last date for income-tax return FY 2015-16 and FY 2016-17 is 31st March 2018. Thus, for easy of reference, the various income-tax slab and tax rate are compiled in a comparative form for FY 2015-16, FY 2016-17 and FY 2017-18 as below:
| Total Taxable Income | FY 2015-16 (AY 2016-17) | FY 2016-17 (AY 2017-18) | FY 2017-18 (AY 2018-19) | |||
| A | Applicable to all Individuals / HUF / AOP / BOI / AJP(other than B and C below) | |||||
| Up to Rs. 2,50,000 | Nil | Nil | Nil | |||
| Rs. 2,50,000 – Rs. 5,00,000 | 10% | 10% | 5% | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| B | Resident Individual’s age 60 years or more but less than 80 years(Senior Citizen) | |||||
| Up to Rs. 3,00,000 | Nil | Nil | Nil | |||
| Rs. 3,00,000 – Rs. 5,00,000 | 10% | 10% | 5% | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| C | Resident Individual’s age 80 years or more(Super Senior Citizen) | |||||
| Up to Rs. 5,00,000 | Nil | Nil | Nil | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| Note: Surcharge and Tax rebateapplicable toabove point A, B and C | ||||||
| Add: Surcharge on tax, if; | ||||||
| Taxable income > 50lakhs | Nil | Nil | 10% | |||
| Taxable income > 1crore | 12% | 15% | 15% | |||
| Less: Tax rebate* amount lower of: 100% of income-tax payable or specified tax amount | ||||||
| Specified tax amount | Rs. 2,000 | Rs. 5,000 | Rs. 2,500 | |||
| *Rebate u/s. 87A is available to resident individual, only if taxable income is less than or equal to: | 500,000 | 500,000 | 350,000 | |||
| D | Tax Rate for Partnership Firm / LLP / Local Authority | 30% | 30% | 30% | ||
| Add: Surcharge on tax, if taxable income > 1crore | 12% (In case of local authority, it is 10%) | 12% | 12% | |||
| E | Tax Rate for Domestic Company | |||||
| Turnover / Gross Receipt <= 5crores | 30% | 29% | 25% | |||
| Turnover / Gross Receipt between 5crores and 50crores | 30% | 30% | 25% | |||
| Turnover / Gross Receipt > 50crores | 30% | 30% | 30% | |||
| Add: Surcharge on tax, if | ||||||
| Taxable income > 1crore | 7% | 7% | 7% | |||
| Taxable income > 10crores | 12% | 12% | 12% | |||
| F | Tax Rate for Foreign Company | 40% | 40% | 40% | ||
| Add: Surcharge on tax, if | ||||||
| Taxable income > 1crore | 2% | 2% | 2% | |||
| Taxable income > 10crores | 5% | 5% | 5% | |||
| G | Tax Rate for Co-operative Society | |||||
| Up to Rs. 10,000 | 10% | 10% | 10% | |||
| Rs. 10,000 – Rs. 20,000 | 20% | 20% | 20% | |||
| Above Rs. 20,000 | 30% | 30% | 30% | |||
| Add: Surcharge on tax, if taxable income > 1crore | 12% | 12% | 12% | |||
| Add: Education cess on tax and surcharge(applicable for all above points from A to G) | 3% | 3% | 3% | |||
