Education Cess and Rebate under Section 87A

[Paul A]

Dear Experts,

I am filing income tax return for 1st time, would like to know.

1. My Income is ₹ 387,305.00 for the FY 2016-17 and tax on ₹ 137,305.00 Tax payable is 13,730.50 and Under Section 87A rebate available for they FY 2016-17, AY 2017-18 would it be ₹ 2000 or ₹ 5000.00 i can deduct from taxable income excluding Education Cess.

2. How much % of Education Cess I have to pay on ₹ 13,730.50, is it 2% or 3% for the FY 2016-17, AY 2017-18 or is it GST that I have to add in place of Cess, if it is GST, kindly advise how.

3. I have a carry forward loss of ₹ 118, 414.75, I am filing ITR-2, under which column should I put the carry forward loss in ITR-2.

4. Also, how to go about filing the returns online, is there a step by step instructions to file returns online.

Thanks in advance, Would humbly request experts to let me know so that I can file my income tax returns by 31st.

Regards,Paul

AI Summary

Guidance on First Income Tax Return: Section 87A Rebate, Education Cess, and Carry-Forward Loss Using ITR-2 An individual inquired about filing their first income tax return for FY 2016-17, seeking clarification on the rebate under Section 87A, the applicable education cess rate, and how to handle a carry-forward loss of 118,414.75 using ITR-2. They also requested guidance on filing returns online. A respondent clarified that GST is not applicable to income tax, and a 3% cess is payable on the tax amount. They advised that a loss cannot be set off in the first return and suggested consulting the Income Tax Department's website for online filing instructions.