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INCOME TAX RETURN
INCOME TAX RETURN
Income Tax Return (ITR) is a form that a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year. Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax calculated on their tax profits, the individual, HUF, AOP, and BOI taxpayers are taxed based on the income slab they fall under.
Income can be of various forms such as :
- Income from salary
- Profits and gains from business and profession
- Income from house property
- Income from capital gains
- Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.
The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and the applicability of the form will depend on the nature and amount of income and the type of taxpayer.
Income Tax Slabs
From the FY 2020-21, a new tax regime is available for individuals and HUFs with lower tax rates and zero deductions/exemptions. Individuals and HUF have the option to choose the new regime or continue with the old regime. The new tax regime is optional and the choice should be made at the time of filing the ITR. If the old regime is continued then all the deductions/exemptions as available can be availed by the taxpayer.
New regime slab rates
- Income from 0 to Rs 2.5 lakh
- Income from Rs 2.5 lakh to Rs 5 lakh
- Income from Rs 5 lakh to Rs 7.5 lakh
- Income from Rs 7.5 lakh to Rs 10 lakh
- Income from Rs 10 lakh to Rs 12.5 lakh
- Income from Rs 12.5 lakh to Rs 15 lakh
- Income above Rs 15 lakh
- Nill
- 5%
- 10%
- 15%
- 20%
- 25%
- 30%
- Income from 0 to Rs 2.5 lakh
- Income from Rs 2.5 lakh to Rs 5 lakh
- Income from Rs 5 lakh to Rs 7.5 lakh
- Income from Rs 7.5 lakh to Rs 10 lakh
- Income from Rs 10 lakh to Rs 12.5 lakh
- Income from Rs 12.5 lakh to Rs 15 lakh
- Income above Rs 15 lakh
- Nill
- 5%
- 10%
- 15%
- 20%
- 25%
- 30%
Existing regime slab rates
- Income from 0 to Rs 2.5 lakh
- Income from Rs 2.5 lakh to Rs 5 lakh
- Income from Rs 5 lakh to Rs 10 lakh
- Income above Rs 10 lakh
- Nill
- 5%
- 20%
- 35%
Documents Required:
- Pan
- Aadhar
- Bank, Post office savings account passbook
- PPF & FD Details
- LIC, Tution Fees, Health Insurance details (if any)
- Form 16 (If Salaried)
- Investment Proofs (Investments and deductions that can be claimed under section 80C, 80D, 80E, 80TTA, etc.)
Time duration
It can take up to 2-3 working days to file an Income tax return.
Cost involved
Get File your Income-tax return on 799/- Only
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