Suppose Mr Khan is running a proprietorship firm in name of STAR EXPORTS
For both,Single ITR to be filed (as proprietorship is same as INDIVIDUAL)
ITR will be in name of Mr Khan which will contain his different incomes (including Income from Star Exports)
Also,there will not be separate PAN No in name of STAR EXPORTS

Slab Rate Applicable for individuals for F.Y 2017-18

INCOME TAX
UPTO 250000 0
250001-500000 5%*(INCOME-250000)
500000-1000000 20%*(INCOME-500000)+12500
>1000000 30%*(INCOME-1000000)+112500

 

There is Rebate of 2500 also if income is between 250000-350000

Income Tax Slab Rate is as follows :-

Old Slab rate.jpg


Slab Rate 1.jpg


Example

Calculation of Tax on Income of Rs 340000

Income Tax New Slab rate.jpg

 

  1. Practical Income Tax
  2. Income Tax for Small Business

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .