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What is ITR and Income tax?
The ITR fulform is Income Tax Return ,Income tax is a compulsory tax levied by the government on the income of individuals and businesses. The income tax rate in India varies depending on the taxpayer’s income and filing status. For individuals, the income tax rate ranges from 5% to 30%. For businesses, the income tax rate ranges from 25% to 35%.
An income tax return (ITR) is a document that taxpayers are required to file with the Income Tax Department (ITD) every year. The ITR provides information about the taxpayer’s income, deductions, and tax liability. The ITR form that a taxpayer must file depends on their income and filing status.
Documents Required to File Income Tax Return
For salaried employees
-
PAN Card
PAN card of the proprietor
-
Form 16
Form 16 issued by your employer
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Form 26AS
Statement of tax deducted at source
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Salary slips
Very essential for e-filing of ITR
-
Bank statement / passbook
Bank statement/passbook of the employee
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Annual Information Statement
Annual Information Statement (AIS)
-
Other Document
Any other documents pertaining to your income and deductions
For self-employed / Entrepreneur
-
PAN Card
PAN card of the business Owner
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Business registration certificate
Aadhaar card of the designated partner
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Trading Report
Partnership Deed of the registered firm
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Bank account details
Details of the Bank Account
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Profit and loss Statement
Passport-sized photograph of the designated partner
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Other Document
Any other documents pertaining to your income and deductions
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Tax Invoices and receipts
Passport-sized photograph of the designated partner
Additional documents required to file ITR
✔ Investment proofs (such as PPF, ELSS, NSC, LIC, etc.)
✔ Asset purchase/sale documents
✔ TDS certificates provided by banks
✔ Interest income statement
✔ Receipts regarding donations, medical expenses, etc.
✔ It is important to keep all of these documents safely for at least 6 years, as you may need them to support your ITR filing in case of an audit by the Income Tax Department.
Note:- Above listed are the Information and documents required for ITR filing.
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ITR Filing Process with Avery Biz Solutions
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Your ITR will be filed through the portal
ITR Filing Form selection
Update regarding amount payable
Your income tax return will be filed
Income Tax Rate Slab
| INCOME TAX SLAB | TAX RATE |
|---|---|
|
Up to Rs.3 lakh |
Nil |
|
Above Rs.3 lakh - Rs.6 lakh |
5% of the amount above Rs. 3,00,000
|
|
Above Rs.6 lakh - Rs.9 lakh |
Rs. 15,000 + 10% of the amount above Rs. 6,00,000 |
|
Above Rs.9 lakh - Rs.12 lakh
|
Rs. 45,000 + 15% of the amount above Rs. 9,00,000 |
|
Above Rs.12 lakh - Rs.15 lakh |
Rs. 90,000 + 20% of the amount above Rs. 12,00,000
|
|
Above Rs.15 lakh
|
Rs. 150,000 + 30% of the amount above Rs. 15,00,000 |
Income Tax Slabs for people between 60 to 80 years
| TAXABLE INCOME | TAX RATE |
|---|---|
|
Up to Rs. 3 lakhs |
Nil |
|
Rs. 3 lakhs - Rs. 5 lakhs |
5% of the amount above Rs. 3 lakhs |
|
Rs. 5 lakhs - Rs. 10 lakhs |
20% of the amount above Rs. 5 lakhs |
|
Above Rs. 10 lakhs
|
30% of the amount above Rs. 10 lakhs |
Income Tax Slab for senior citizens, (who are above 80 Years of age)
| TAXABLE INCOME | TAX RATE |
|---|---|
|
Up to Rs. 5 lakhs |
Nil |
|
Rs. 5 lakhs - Rs. 10 lakhs |
20% of the amount above Rs. 5 lakhs |
|
Above Rs. 10 lakhs |
30% of the amount above Rs. 10 lakhs |
Tax Slabs for Domestic Companies
| PARTICULAR | OLD TAX RATE | NEW TAX RATE |
|---|---|---|
|
Company that opts for section 115BAB and is registered on or after October 1, 2019 and has started its operations since 31st March 2023 |
Nil |
15% |
|
Company opting for Section 115BAA. Their income is calculated without any deductions. |
30% |
22% |
|
Company opts for section 115BA registered on or after March 1, 2016, and manufactures any article without deduction. |
30% |
25% |
|
Where a company’s Turnover is less than Rs. 400 crores in the previous year |
25% |
25% |
|
Any Domestic Company other than the above. |
30% |
30% |
Tax Rates for Individuals and HUFs under the New Tax Framework
| TAXABLE INCOME | OLD TAX RATE | NEW TAX RATE |
|---|---|---|
|
Up to Rs. 2,50,000 |
Nil |
Nil |
|
Rs. 2,50,000 - Rs. 3,00,000 |
5% |
Nil |
|
Rs. 3,00,000 - Rs. 5,00,000 |
5% |
5% |
|
Rs. 5,00,000 - Rs. 6,00,000 |
10% |
5% |
|
Rs. 6,00,000 - Rs. 7,50,000
|
10% |
10% |
|
Rs. 7,50,000 - Rs. 9,00,000 |
15% |
10% |
|
Rs. 9,00,000 - Rs. 10,00,000 |
15% |
15% |
|
Rs. 10,00,000 - Rs. 12,00,000 |
20% |
15% |
|
Rs. 12,00,000 - Rs. 12,50,000 |
20% |
20% |
|
Rs. 12,50,000 - Rs. 15,00,000
|
25% |
20% |
|
Above Rs. 15,00,000 |
30% |
30% |
How to file Income Tax return?
There are two ways showing how to file income tax return online for salaried employee:-
✔ Online: You can pay your income tax online through the Income Tax Department’s e-filing portal.
✔ Offline: You can pay your income tax offline by submitting a challan to the bank or post office.
To pay your income tax online, you will need to create an account on the Income Tax Department’s e-filing portal and provide your PAN number, Aadhaar number, and other details. You can then select the appropriate ITR form and fill out the details of your income and expenses. Once you have submitted your return, you can make the payment online using a debit card, credit card, or net banking
To pay your income tax offline, you will need to download a challan from the Income Tax Department’s website and fill out the details of your income and expenses. You can then submit the challan to the bank or post office along with the required amount of money.
Note:-The deadline for filing income tax returns in India is usually in July. However, it is advisable to start filing your return early to avoid last-minute rush.
What Are Some Strategies to Save Income Tax?
✔ Interest earned on savings accounts: Up to Rs. 10,000 of interest earned on savings accounts is tax-free.
✔ Interest received through NRE accounts: Interest earned on NRE accounts is also tax-free.
✔ Money received from life insurance policies: The maturity amount or bonus from life insurance policies is tax-free, as long as the premium paid was below a certain threshold.
✔ Scholarships for education: Scholarships for education are also tax-free.
✔ Long-term capital gains (LTCG) from equity mutual funds or shares: Long-term capital gains (LTCG) from equity mutual funds or shares are tax-free, as long as the shares or mutual funds have been held for more than one year.
✔ Wedding gifts: Wedding gifts from direct relatives are tax-free. Wedding gifts from friends or unrelated individuals are tax-free up to Rs. 50,000.
✔ Income from agriculture: Income from agriculture is tax-free.
✔ Amount received through inheritance: Amount received through inheritance is tax-free.
✔ Contributions to the National Pension Scheme (NPS): Contributions to the National Pension Scheme (NPS) are eligible for a tax deduction of up to Rs. 1,50,000.
✔ Interest earned on provident funds: Interest earned on provident funds is tax-free.
✔ Interest paid on education loans: Interest paid on education loans is tax-deductible.
✔ Health insurance premiums: Health insurance premiums are tax-deductible up to a certain limit.
✔ Expenses for treating disabled dependents: Expenses for treating disabled dependents are tax-deductible up to a certain limit.
✔ Expenses for treating specific diseases: Expenses for treating specific diseases are tax-deductible up to a certain limit.
✔ Donations to charity: Donations to charity are eligible for a tax deduction.
✔ Money spent on donations to political parties: Money spent on donations to political parties is eligible for a tax deduction.
✔ Tax savings for business owners: Business owners can claim travel expenses as a part of business costs.
What are different Types of ITR filing forms ?
There are different types of ITR forms available, each of which is designed for a specific type of taxpayer. The most common ITR forms are:
✔ ITR-1: For individuals with a total income of up to Rs. 5 lakh
✔ ITR-2: For individuals with a total income of more than Rs. 5 lakh
✔ ITR-3: For individuals who are engaged in business or profession
✔ ITR-4: For Hindu Undivided Families (HUFs)
✔ ITR-5: For companies
How to file income tax return online?
Enlisted procedure will lead you to step-by-step process on how to fill ITR online .
Go to the Income Tax e-filing website at https://www.incometaxindia.gov.in/.
Click on the “Login” button.
If you are a first-time user, click on the “Register” button.
Enter your PAN details and click on “Validate”.
Provide your personal details like name, address, gender, etc
Provide your e-mail ID and registered mobile number.
Click on “Continue”.
Select the “Assessment Year” as 2023-24.
Select the “ITR Form” that you need to file.
Enter the details asked in the ITR form.
Verify the details carefully before submitting the ITR.
You can choose to e-verify your ITR using Aadhaar OTP, e-Sign, or by sending a physical copy of the ITR to CPC.
Once your ITR is submitted, you will receive a confirmation message.
Who needs to file ITR?
✔ Salaried individuals with gross income exceeding the exemption limit: File an ITR if your income is above the exemption limit.
✔ Every firm, regardless of profit or loss: File an ITR even if your firm makes no profit.
✔ Individuals who are directors or partners in a company or LLP: File an ITR even if you do not receive any income from the firm.
✔ Individuals who earn dividends, interest, or other sources: File an ITR if you earn any income from these sources.
✔ Individuals who receive income through charity or religious trusts: File an ITR if you receive any income through these channels.
✔ Individuals and businesses seeking tax refunds: File an ITR if you believe you are entitled to a tax refund.
✔ NRIs and tech professionals: File an ITR if you are an NRI or tech professional under certain circumstances.
Penalty for late filing of income tax return
Late filing penalty
✔ You may have to pay a penalty of up to Rs. 5,000 for late filing of your income tax return, if your annual income is more than Rs. 5 lakh. The penalty may go up to Rs. 10,000 if you file your return after the deadline.
✔ The late filing penalty is calculated on a per day basis, starting from the day after the due date for filing the return.
✔ The maximum late filing penalty that you can be charged is Rs. 5,000 for returns that are filed within three months of the due date, and Rs. 10,000 for returns that are filed after three months of the due date.
Interest on unpaid tax
✔ You may also have to pay interest on any unpaid tax due, at the rate of 1% per month or part of a month.
✔ Interest is calculated on the unpaid tax amount from the due date for filing the return until the date the tax is paid.
✔ The interest rate is compounded monthly, which means that the interest you owe will increase over time.
Penalty under Section 271H
✔ If you fail to file your TCS or TDS statements within the due date, you may have to pay a penalty of Rs. 10,000 to Rs. 1,00,000, in addition to the penalty for late filing of your income tax return.
✔ TCS and TDS are taxes that are collected by businesses from their customers or employees. Businesses are required to file TCS and TDS statements with the government on a regular basis.
✔ If a business fails to file its TCS or TDS statements within the due date, it may be liable for a penalty under Section 271H of the Income Tax Act.
Benefits of Income Tax Return Filing
01.
Maximize your tax savings
By filing your ITR on time, you can claim all eligible deductions and exemptions, which can significantly reduce your tax liability. For example, you may be able to deduct your medical expenses, home loan interest, or charitable donations.
02.
Helps build financial credibility
Filing your ITR regularly shows that you are a responsible taxpayer. This can be helpful when applying for loans, credit cards, or other financial products. It can also help you get a better job or a higher salary.
03.
Avoid penalties
The Income Tax Department levies penalties for late or incorrect filing of ITRs. These penalties can be steep, so it is important to file your ITR on time and accurately.
04.
Track your financial progress
Filing your ITR can help you track your income, expenses, and investments. This information can be helpful in making financial decisions, such as budgeting, saving, and investing.
05.
Expedite visa processing
Some countries require that you have a history of filing ITRs in order to be granted a visa. Filing your ITRs regularly can help you get a visa more quickly and easily.
Last date for filing Income Tax Return in India
The income tax return due date for the financial year 2023-2024 (assessment year 2024-2025) without incurring a late fee is 31st July 2024.
The financial year 2023-2024 runs from 1st April 2023 to 31st March 2024. The assessment year is the year in which the Income Tax Department assesses your income and taxes you accordingly. In this case, the assessment year for the financial year 2023-2024 is 2024-2025.
So, if you earned income during the financial year 2023-2024, you must file your ITR by 31st July 2024 to avoid paying a late fee.
How Avery Biz Solutions will help you with ITR Filing?
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