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 :-
Example
Calculation of Tax on Income of Rs 340000
