How To File Income Tax Returns? Read Here As Deadline Approaching

It is now easy to file income tax returns from confines of one’s home Every salaried individual whose pay is beyond a particular income slab, needs to pay tax to the Government annually. Income tax is levied on the basis of a slab system. This means, different tax rates are prescribed for different ranges of income.

It means the tax rates keep increasing with a rise in the income of the taxpayer. This type of taxation enables progressive and fair tax systems in the country. Such income tax slabs tend to undergo a change during every budget.

These slab rates are different for different categories of taxpayers. Income tax has classified three categories of “individual “taxpayers such as: 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 to the income tax slab for financial year 2020-21 and carry it on it the new FY 2021-22. However, there was an exemption made towards the new slab.

According to this, senior citizens over the age of 75 who are largely dependent on their pension as well as income interests have been exempted from having to fill out tax returns. In their cases, TDS (Tax Deducted of Source) will automatically be deducted by banks. Difference of Tax Slab Rates between New Tax Regime and Old Tax Regime for FY 21-22 & AY 22-23 Income Tax Slab Tax Rates as per New Regime Tax Rates as per Old Regime ₹0 – ₹2,50,000 Nil Nil ₹2,50,001 – ₹ 5,00,000 5% 5% ₹5,00,001 – ₹ 7,50,000 ₹12500 + 10% of total income exceeding ₹5,00,000 ₹12500 + 20% of total income exceeding ₹5,00,000 ₹7,50,001 – ₹ 10,00,000 ₹37500 + 15% of total income exceeding ₹7,50,000 ₹62500 + 20% of total income exceeding ₹7,50,000 ₹10,00,001 – ₹12,50,000 ₹75000 + 20% of total income exceeding ₹10,00,000 ₹112500 + 30% of total income exceeding ₹10,00,000 ₹12,50,001 – ₹15,00,000 ₹125000 + 25% of total income exceeding ₹12,50,000 ₹187500 + 30% of total income exceeding ₹12,50,000 Above ₹ 15,00,000 ₹187500 + 30% of total income exceeding ₹15,00,000 ₹262500 + 30% of total income exceeding ₹15,00,000 How To File Income Tax Return? Filing income tax returns is no longer the hassle it used to be.

Gone are the long queues and endless anxiety of meeting the tax-filing deadline. Mentioned below are the broad steps to file your income tax returns online: Sr No. Step Guide To File ITR Online Step 1 Log on to the portal Log on to the Income Tax Department portal ( www.

incometaxindiaefiling. gov. in ) for filing returns online.

Register using your Permanent Account Number (PAN), which will serve as the user ID. Step 2 Download appropriate ITR form Under ‘Download’, go to e-filing under the relevant assessment year and select the appropriate Income Tax Return (ITR) form. Download ITR-1’s (Sahaj) return preparation software if you are a salaried individual.

Step 3 Enter details in Form 16 Open the Return Preparation Software (excel utility) that you have downloaded, follow the instructions and enter all details from your Form 16. Step 4 Compute all relevant tax details Compute tax payable, pay tax and enter relevant challan details in the tax return. If you do not have a tax liability, you can skip this step.

Step 5 Confirm the above details Confirm the details entered by you and generate an XML file, which is automatically saved on your computer. Step 6 Submit return Go the ‘Submit Return’ section and upload the XML file. Step 7 Digital signature You can digitally sign the file on being 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 is flashed on your screen. The acknowledgement form – ITR-Verification is generated and the same can be downloaded. It is also emailed to your registered email id.

Step 9 E-verify Return You can e-verify the return through any one of the below six modes: 1) Netbanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Registered Mobile Number & E-mail id. E-verification eliminates the need to send a physical copy of the ITR-5 acknowledgement to CPC, Bengaluru How to Download Income Tax Return? It is important to how to file ITR on time, to avoid last minute stress and penalties. Once you have filed your ITR, the income tax verification form is generated by the IT department so that taxpayers can verify the validity and legitimacy of e-filing.

These are applicable only if you have filed your returns without a digital signature. The income tax return verification form can be downloaded in easy steps. 1.

Log in to the 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 Returns/ Forms’ option.