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Here’s Everything You Need To Know About Filing Income Tax Return

If a person’s earnings exceeds the exempted restrict, s/he should file tax returns.

New Delhi:

The due date to file an Income Tax return (ITR) for the monetary yr 2021-22 is simply across the nook.

Salaried and incomes people whose accounts usually are not required to be audited should file their ITR newest by July 31.

Delay in submitting the tax return may end up in a penalty of as much as Rs 10,000 together with different authorized penalties, as per the I-T guidelines. 

The department, in response to the provisions of Section 234A of the Income Tax Act 1961, might also cost curiosity on the taxable earnings aside from the opposite fines.

If a person’s earnings exceeds the exempted restrict, s/he should file tax returns.

Under the brand new tax regime, the exemption restrict is about at Rs 2.5 lakh. Under the previous regime, the exemption restrict is Rs 2.5 lakh for these underneath the age of 60; Rs 3 lakh for these between the ages of 60 and 80 (senior residents); and Rs 5 lakh for these above the age of 80 (tremendous senior residents).

Earlier, senior residents have been exempted from submitting ITR if they didn’t have any enterprise earnings.

Income Tax Slabs for Financial Year 2021-22:

Individuals can select to file their Income Tax Returns on-line to keep away from the hassles of bodily paperwork. Here is how one can file your ITR by the e-filing portal

* Go to the e-filing web site,

* Log in to your account you probably have already registered or create a brand new registration by offering the required private and communication particulars.

* Once logged in to the portal, click on on the “e-file” tab after which on “File Income Tax Return.”

* Select the Assessment yr and click on on “Continue.”

* Submit your alternative whether or not you want to file your returns on-line or offline.

*  Select “Individual” within the standing relevant to your submitting after which select the earnings tax returns (ITR) you want to file. Most salaried people file their returns with ITR -1 kind.

* You will subsequent be requested to specify the explanation for submitting ITR among the many out there choices. Submit your alternative and transfer to the following step to offer your financial institution particulars or validate them.

* Declaration tab – Once the taxpayer fills all particulars within the ITR-1 kind, they’re required to fill in requisite data within the declarations verifying that every one particulars offered in return are right and full.

* Verify the submitted data to keep away from any error and click on on “Proceed to Validate.”

* Once the earnings tax return is filed, taxpayers will obtain an SMS/ electronic mail intimation verifying the ITR submitting.

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