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How To File Income Tax Returns? Read Here As Deadline Approaching


It is now simple to file revenue tax returns from confines of 1’s residence

Every salaried particular person whose pay is past a selected revenue slab, must pay tax to the Government yearly.

Income tax is levied on the premise of a slab system. This means, completely different tax charges are prescribed for various ranges of revenue.

It means the tax charges preserve rising with an increase within the revenue of the taxpayer. This kind of taxation permits progressive and truthful tax methods within the nation. Such revenue tax slabs are likely to bear a change throughout each finances.

These slab charges are completely different for various classes of taxpayers. Income tax has labeled three classes of “particular person “taxpayers similar to:

  • Individuals (aged lower than of 60 years) together with residents and non-residents
  • Resident Senior residents (60 to 80 years of age)
  • Resident Super senior residents (aged greater than 80 years)

New Income Tax Slabs For Financial Year 2021-22 And Assessment Year 2022-23

Due to the disaster that the nation confronted throughout 2020, the Central Government had determined to not make any adjustments to the revenue tax slab for monetary 12 months 2020-21 and carry it on it the brand new FY 2021-22.

However, there was an exemption made in the direction of the brand new slab. According to this, senior residents over the age of 75 who’re largely depending on their pension in addition to revenue pursuits have been exempted from having to fill out tax returns.

In their circumstances, TDS (Tax Deducted of Source) will mechanically be deducted by banks.

Difference of Tax Slab Rates between New Tax Regime and Old Tax Regime for FY 21-22 & AY 22-23

Income Tax Slab

Tax Rates as per New Regime

Tax Rates as per Old Regime

₹0 – ₹2,50,000

Nil

Nil

₹2,50,001 – ₹ 5,00,000

5%

5%

₹5,00,001 – ₹ 7,50,000

₹12500 + 10% of complete revenue exceeding ₹5,00,000

₹12500 + 20% of complete revenue exceeding ₹5,00,000

₹7,50,001 – ₹ 10,00,000

₹37500 + 15% of complete revenue exceeding ₹7,50,000

₹62500 + 20% of complete revenue exceeding ₹7,50,000

₹10,00,001 – ₹12,50,000

₹75000 + 20% of complete revenue exceeding ₹10,00,000

₹112500 + 30% of complete revenue exceeding ₹10,00,000

₹12,50,001 – ₹15,00,000

₹125000 + 25% of complete revenue exceeding ₹12,50,000

₹187500 + 30% of complete revenue exceeding ₹12,50,000

Above ₹ 15,00,000

₹187500 + 30% of complete revenue exceeding ₹15,00,000

₹262500 + 30% of complete revenue exceeding ₹15,00,000

How To File Income Tax Return?

Filing revenue tax returns is not the effort it was. Gone are the lengthy queues and infinite nervousness of assembly the tax-filing deadline.

With on-line submitting, additionally known as e-filing, it’s handy to file returns from the confines of your property or workplace and at very brief discover.

Mentioned beneath are the broad steps to file your revenue tax returns on-line:

Sr No.

Step

Guide To File ITR Online

Step 1

Log on to the portal

Log on to the Income Tax Department portal (www.incometaxindiaefiling.gov.in) for submitting returns on-line. Register utilizing your Permanent Account Number (PAN), which is able to function the person ID.

Step 2

Download acceptable ITR kind

Under ‘Download’, go to e-filing beneath the related evaluation 12 months and choose the suitable Income Tax Return (ITR) kind. Download ITR-1’s (Sahaj) return preparation software program if you’re a salaried particular person.

Step 3

Enter particulars in Form 16

Open the Return Preparation Software (excel utility) that you’ve got downloaded, observe the directions and enter all particulars out of your Form 16.

Step 4

Compute all related tax particulars

Compute tax payable, pay tax and enter related challan particulars within the tax return. If you wouldn’t have a tax legal responsibility, you possibly can skip this step.

Step 5

Confirm the above particulars

Confirm the main points entered by you and generate an XML file, which is mechanically saved in your pc.

Step 6

Submit return

Go the ‘Submit Return’ part and add the XML file.

Step 7

Digital signature

You can digitally signal the file on being prompted. If you wouldn’t have a digital signature, you possibly can skip this step

Step 8

Confirmation from ITR verification

A message confirming profitable e-filing is flashed in your display screen. The acknowledgement kind – ITR-Verification is generated and the identical will be downloaded. It can be emailed to your registered electronic mail id.

Step 9

E-verify Return

You can e-verify the return via any one of many beneath six modes: 1) Netbanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Registered Mobile Number & E-mail id. E-verification eliminates the necessity to ship a bodily copy of the ITR-5 acknowledgement to CPC, Bengaluru
 

How to Download Income Tax Return?

It is vital to file ITR on time, to keep away from final minute stress and penalties. Once you’ve got filed your ITR, the revenue tax verification kind is generated by the IT division in order that taxpayers can confirm the validity and legitimacy of e-filing. These are relevant solely in case you have filed your returns with no digital signature.

The revenue tax return verification kind will be downloaded in simple steps.

1. Log in to the Income Tax India web site https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?lang=eng

2. View e-filed tax returns by clicking on ‘View Returns/ Forms’ possibility



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