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 2018-19

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 :-

Income Tax Slab Rate.jpg

Note:-

Currently Slab Rate for Financial Year 2018-19 (Assessment Year 2019-20) is applicable for filing ITR


Slab Rate 1.jpg


Example

Calculation of Tax on Income of Rs 340000

Calculation of Tax on Income of Rs 340000.jpg

Note:- Currently slab rate for Financial year 2018 - 19 (Assessment year 2019 - 20) is applicable 

  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 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.