Time Limit for completion of Assessment u/s. 143 or 144 of the Income-tax Act, 1961: AY 2016-17  -  withing 21 months from the end of Assessment Year i.e. 31.12.2018 AY 2017-18  -  withing 21 months from the end of Assessment Year i.e. 31.12.2019 AY 2018-19  -  withing 18 months from the end of Assessment Year i.e. 30.09.2020 AY 2019-20  -  withing 12 months from the end of Assessment Year i.e. 31.03.2021 Period of Limitation Table  under the Income-tax Act, 1961

Individual: Up to Rs. 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 5% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% * Surcharge: 10% if total income exceeds Rs. 50 lacs and 15% if total income exceeds Rs. 1 Crore *  Health & Education cess at 4% of Income Tax & Surcharge *  Relief u/s 87A up to Rs. 2,500 for resident individuals having total income of up to Rs. 3,50,000 Senior Citizen: Up to Rs. 3,00,000 Nil Rs. 3,00,001 to Rs. 5,00,000 5% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% *  Surcharge: 10% if total income exceeds Rs. 50 lacs and 15% if total income exceeds Rs. 1 Crore *  Health & Education cess at 4% of Income Tax & Surcharge *  Relief u/s 87A up to Rs. 2,500 for resident individuals having total income of up to Rs. 3,50,000 Super Senior Citizen: Up to Rs. 5,00,000 Nil Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% *  Surcharge: 10% if total income ex...

Hon'able Finance Minister Shri Arun Jaitley presented Union Budget 2018 on February 01, 2018 Budget Glossary Key to Budget Documents Finance Bill 2018 Memorandum Explaining Provisions of Finance Bill  2018