Easy Income Tax Return (ITR) Filing
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Online Income Tax Return Filing
- Income Tax Return Filing for Individuals
- Eligibility for ITR return for Individuals
- Old Income Tax Slab for FY 2022 – 2023
- New Income Tax Slab for FY 2023 – 2024
- Documents Required For Income Tax Return (ITR) Filing for Individuals
- Advantages of Filing income tax return on Time
- FAQs on ITR Filing For Individuals
Income Tax Return Filing for Individuals
Income tax return filing for individuals in India is a process of submitting information about an individual’s income and taxes paid to the Income Tax Department. It is mandatory for individuals whose total income exceeds the limit set for not being chargeable to tax.
Filing income tax returns in India through the official website requires the use of specific forms, such as ITR 1 for individuals and ITR form for salaried individuals. It’s important to be aware that there are different forms, each with a specific purpose and intended for a particular category. Failing to complete a single field or making errors can result in delayed filing of income tax. To avoid this, expert guidance is recommended. We, Advisource, can assist with filing income tax returns for both individuals and institutions by providing the necessary documents.
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Eligibility for ITR return for Individuals
As per Section 139 (1) of the Income-tax Act 1961, any individual whose total income exceeds the limit set for not being chargeable to tax is required to file their income tax returns.
The basic exemption limit has been increased to INR 3 lakh from the current limit of INR 2.5 lakh under the new income tax system outlined in the 2023 Budget. Additionally, the income tax brackets have been altered, with 5 income tax slabs being introduced for the financial year 2023-24, instead of the current 6. The rebate under Section 87A has also been increased in the new tax system, from the current income limit of INR 5 lakh to INR 7 lakh. As a result, individuals who choose the new tax system and earn up to INR 7 lakh will not owe any taxes.
Old Income Tax Slab for FY 2022 – 2023
| Income Tax Slab | Tax Rate as Per Old Regime (Applicable for All Individuals & HUF) |
|---|---|
| Up to Rs.2.5 lakh | Nil |
| Above Rs.2.50 – Rs.5 lakh | 5% of the total income that is more than Rs.2.5 lakh |
| Above Rs.5 lakh – Rs.7.50 lakh | 10% of the total income that is more than Rs.5 lakh + Rs.12,500 |
| Above Rs.7.50 lakh – Rs.10 lakh | 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500 |
| Above Rs.10 lakh – Rs.12.50 lakh | 20% of the total income that is more than Rs.10 lakh + Rs.75,000 |
| Above Rs.12.50 – Rs.15 lakh | 25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000 |
| Above Rs.15 lakh | 30% of the total income that is more than Rs.15 lakh + Rs.1,87,500 |
New Income Tax Slab for FY 2023 – 2024
| Income Tax Slab | Tax Rate as Per New Regime (Applicable for All Individuals & HUF) |
|---|---|
| Up to Rs. 3 lakh | Nil |
| Above Rs. 3 – Rs. 6 lakh | 5% of the total income |
| Above Rs. 6 lakh – Rs. 9 lakh | 10% of the total income |
| Above Rs. 9 lakh – Rs.12 lakh | 15% of the total income |
| Above Rs.12 lakh – Rs.15 lakh | 20% of the total income |
| Above Rs.15 lakh | 30% of the total income |
Documents Required For Income Tax Return (ITR) Filing for Individuals
If you are an employee, you need to submit the following documents:
For business owners:
Additional Documents You can submit:
Advantages of Filing income tax return on Time
Filing income tax returns on time for individuals in India is a crucial step to ensure compliance with the Income Tax Department. Furthermore, it has many benefits.
Firstly, by filing returns on time, individuals can avoid late filing fees and penalties imposed by the department. Additionally, timely filing of returns allows individuals to carry forward certain losses, such as capital losses, to set off against future gains. Furthermore, it can help expedite the process of getting refunds from the Income Tax Department. Moreover, it helps in maintaining a good credit score. Additionally, many government departments and financial institutions require individuals to provide proof of timely filing of income tax returns as a pre-requisite for issuing various licenses and loans. Additionally, it can help individuals avoid notices and penalties from the Income Tax Department for non-compliance. Lastly, filing income tax returns on time helps individuals maintain a good compliance track record which can be beneficial in the long run.