Now it is easy to file income tax return from home
Every salaried person whose salary exceeds a particular income slab will have to pay tax annually to the government.
Income tax is levied on the basis of slab system. This means, different tax rates are prescribed for different categories of income.
This means that the tax rates keep on increasing with the increase in the income of the taxpayer. This type of taxation enables a progressive and fair tax system in the country. Such income tax slabs change during each budget.
These slab rates are different for different categories of taxpayers. Income Tax has classified three categories of “individual” taxpayers such as:
- Individuals (under 60 years of age) including residents and non-residents
- Resident Senior Citizen (60 to 80 years of age)
- Resident Super Senior Citizen (Above 80 years of age)
New Income Tax Slabs for Financial Year 2021-22 and Assessment Year 2022-23
Due to the crisis that the country faced during 2020, the central government had decided not to make any changes in the income tax slab for the financial year 2020-21 and implement it in the new financial year 2021-22.
However, relaxation was given in the new slab. According to this, senior citizens above the age of 75 years who are substantially dependent on their pension as well as income interests, are exempted from filing tax returns.
In their cases, TDS (Tax Deducted of Source) will be deducted automatically by the banks.
Difference of tax slab rates between new tax regime and old tax regime for FY 21-22 and Assessment year 22-23
|
income tax slab |
Tax rates as per the new system |
Tax rates as per old regime |
|
₹0 – ₹2,50,000 |
Zero |
Zero |
|
₹2,50,001 – ₹ 5,00,000 |
5% |
5% |
|
₹ 5,00,001 – ₹ 7,50,000 |
₹12500 + 10% of total income above ₹5,00,000 |
₹12500 + 20% of total income above ₹5,00,000 |
|
₹7,50,001 – ₹ 10,00,000 |
₹37500 + 15% of total income above ₹7,50,000 |
₹62500 + 20% of total income above ₹7,50,000 |
|
₹10,00,001 – ₹12,50,000 |
₹75000 + 20% of total income above ₹10,00,000 |
₹112500 + 30% of total income above ₹10,00,000 |
|
₹12,50,001 – ₹15,00,000 |
₹125000 + 25% of total income above ₹12,50,000 |
₹187500 + 30% of total income above ₹12,50,000 |
|
Above ₹ 15,00,000 |
₹187500 + 30% of total income above ₹15,00,000 |
₹262500 + 30% of total income above ₹15,00,000 |
How to file Income Tax Return?
Filing income tax returns is no longer the hassle it used to be. The long queues and endless worries of meeting the tax-filing deadline were gone.
The detailed steps to file your Income Tax Return online are given below:
|
serial number. |
Step |
Guide to File ITR Online |
|
step 1 |
Log on to the Portal |
Log on to the Income Tax Department’s portal (www.incometaxindiaefiling.gov.in) for online return filing. Register using your Permanent Account Number (PAN), which will act as the User ID. |
|
step 2 |
Download the appropriate ITR Form |
Under ‘Download’, go to e-filing under the relevant assessment year and select the appropriate Income Tax Return (ITR) form. If you are a salaried individual then download ITR-1 (Sahaj) return preparation software. |
|
step 3 |
Form 16. enter details in |
Open the Return Preparation Software (Excel Utility) you have downloaded, follow the instructions and enter all the details from your Form 16. |
|
step 4 |
Compute all relevant tax details |
Calculate tax payable, pay tax and enter relevant challan details in tax return. If you do not have tax liability, you can skip this step. |
|
Step 5 |
confirm the above details |
Confirm the details you have entered and generate an XML file, which is automatically saved on your computer. |
|
Step 6 |
submit return |
Go to the ‘Submit Return’ section and upload the XML file. |
|
Step 7 |
digital signature |
You can digitally sign the file when prompted. If you do not have a digital signature, you can skip this step |
|
Step 8 |
Confirmation from ITR verification |
A message confirming successful e-filing flashes on your screen. Acknowledgment Form – ITR-Verification is generated and can be downloaded. It is also emailed to your registered email id. |
|
Step 9 |
e-verification return |
You can e-verify the return through any one of the six methods given below: 1) NetBanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Registered mobile number and e-mail id. E-Verification eliminates the need to send a physical copy of ITR-5 acknowledgment to CPC, Bengaluru |
How to download Income Tax Return?
It is important to know how to file ITR on time to avoid last-minute stress and penalties. Once you have filed your ITR, Income Tax Verification Form is prepared by the Income Tax Department so that taxpayers can verify the validity and validity of e-filing. These are applicable only if you have filed your return without digital signature.
Income Tax Return Verification Form can be downloaded in easy steps.
1. Log on to Income Tax India website https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?lang=eng.
2. View e-filed tax returns by clicking on ‘View Return/Form’ option
