WHAT IS ITR?

  • The Income Tax Return Filing is the process of declaring the total income of an individual or a firm to the Income Tax Department of India, at the end of each financial year.

  • The types of income include income from salary, commission, Interest on the bank account, dividend from shares, rent, royalties on which no tax is deducted, or any other part-time income. The summary of these incomes has to be provided in the prescribed form to the Government of India.

  • The Government of India has prescribed different “forms” (ITR-1, ITR-2, and so on) to file an income tax return according to the type of income made by a person. The form is duly signed and affirmed by the individual to ensure that the correct income statement is presented in the previous financial year. This particular statement is known as the “Return of Income” or “ The Income Tax Return.”

 

For Individuals and HUFs not having income from profits and gains of business or profession.

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For individuals and HUFs having income from profits and gains of business or profession.

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For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income up to Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

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For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

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For Companies other than companies claiming an exemption under section 11.

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For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

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Income tax slabs for resident individual below 60 years of age

Income Range
Tax rate
Tax to be paid
Up to Rs.2,50,000
0
No tax
Between Rs 2.5 lakhs and Rs 5 lakhs
5%
5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs
20%
Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs
30%
Rs 1,12,500+ 30% of income above Rs 10 lakhs

Income tax slabs for a resident individual between 60 and 80 years of age (Senior Citizen)

Taxable income slabs
Income tax rates and cess

 

Up to Rs 3 lakh
No tax
Rs 3,00,001 to Rs 5,00,000
5% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000
Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for resident individuals above 80 years of age (Super Senior Citizen)

Taxable income slabs
Income tax rates and cess
Up to Rs 5 lakh
No tax
Rs 5,00,001 to Rs 10,00,000
20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess