Introduction on Income Tax
Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax
Act, 1961, mandates that the central government collect this tax. The government can change the
income slabs and tax rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from house
property, profits from business, gains from profession (such as bonus), capital gains income,
and 'income from other sources'. The government also often provides certain leeway such that
various deductions are made from an individual's income before the tax to be levied is
calculated.
What is Income Tax Return (ITR)
Income Tax Returns (ITR) forms are the basis of calculating a person's income tax. It is a
statement showing the status of a person, all their sources of revenue, deductions and, lastly,
the tax payable or tax refund, if any. With Web Online CA , taxpayers can quickly, easily and
securely file their returns, have access to their tax return information also know how
to file income tax return, and make sure their taxes are accurate, up-to-date and
in compliance with the laws. With ITR Online, you can make sure you're maximizing your
deductions and getting the most out of your tax return.
Income Tax E-filing Due Date (ITR Return)
The due date for income tax return filing is an important date for taxpayers to
keep in mind. As the deadline for filing taxes for the year approaches, taxpayers should make
sure to take note of the due date for income tax e-filing in order to ensure that their taxes
are filed on time. The due date for filling income tax return is July 31 every financial year.
With the proper planning and preparation, it is possible to successfully file taxes before the
deadline.
Documents Required for Income Tax eFiling
Do you want to file your income tax returns but don’t know what documents you need? Filing income
tax returns can be a daunting task, but it doesn't have to be. Knowing what documents you need
to file your income tax returns can help make the process much smoother. Web Online CA will discuss the documents required for income tax eFiling and how to make sure
you have everything you need.
1. Aadhar Number
2. PAN Card Number
3. Bank Account details
4. Form 16
5. Form 16A
6. Form 26AS
7. Fixed deposit statements
8. Rent receipts for claiming house rent allowance
9. Bank Passbook
10. Investment details
11. Proof of investment
12. Medical expenses receipts, if any
13. Proof of home loan interest, if any
14. Share transaction statement, if any
Type of Income Tax Return Form
ITR 1
ITR 1 form is for resident individuals who have total income upto Rs. 50 lakh. You will
have
to provide break up of your salary and house property.
ITR 2
ITR 2 form is applicable for individuals and HUFs not having income from profits and
gains of business or profession.
ITR 3
ITR 3 Form is for individuals and HUFs having income from profits and gains of business
or profession.
ITR 4
ITR 4 Form is for presumptive income from business and profession.
ITR 5
ITR 5 Form is for persons other than individual HUF company i.e. Firms, association of
person and body of individuals.
ITR 6
The ITR 6 Form is for companies other than companies claiming exemption under
Section 11.
ITR 7
ITR 7 Form for person including companies which are required to furnish return under
Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of
the Income
Tax Act.
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Deductions under salary like Standard Deduction, Entertainment allowance and
Professional
tax.
What is Form 16?
Form 16 is a document issued by an employer to its employee, which serves as a certificate of TDS (Tax Deducted at
Source) on salary. It is also used as a proof of income for
filing one's Income Tax
Return (ITR). This document typically contains information such as the name of the employer, PAN
(Permanent Account Number) of the employee, TDS amount, deductions allowed, and total tax
payable. Thus, Form 16 serves as an important document for filing ITR
accurately and timely.
Income Tax slab rates
Individuals Person with an annual income of more than Rs. 5 lakhs or 7 lakhs (5 lakhs in old
regime
and 7 lakhs in new regime) are needed to pay income tax to the government on their earnings for
the
fiscal year from 1 April to 31 March.
The amount of Income tax you will be asked to pay is determined by your income tax. Currently,
the
maximum income tax rate is set at 30%, with a surcharge and education cess applied.
The table below Example the taxable income in India. Individuals (and Hindu Undivided Family-
HUF)
and Business Entities are the Two main income tax slab groups.
- Tax Rate as per old regime for Individuals (below 60
years) and Hindu Undivided Family
| S No. |
Tax Slabs |
Rates |
| 01 |
Rs. 2.5 lakhs |
Nill |
| 02 |
Rs. 2.5. lakhs - Rs. 5 lakhs |
10% |
| 03 |
Rs. 5 lakhs - Rs. 10 lakhs |
20% |
| 04 |
Rs. 10 lakhs and more |
30% |
Individuals People 60 years above
| S No. |
Tax Slabs |
Rates |
| 01 |
Rs. 3 lakhs |
Nill |
| 02 |
Rs. 3 lakhs - Rs. 5 lakhs |
10% |
| 03 |
Rs. 5 lakhs - Rs. 10 lakhs |
20% |
| 04 |
Rs. 10 lakhs and more |
30% |
Individuals People over 80 years
| S No. |
Tax Slabs |
Rates |
| 01 |
Rs. 5 lakhs |
Nill |
| 02 |
Rs. 5 lakhs - Rs. 10 lakhs |
20% |
| 03 |
Rs. 10 lakhs and more |
30% |
Tax slab rates as per new regime
| S No. |
Tax Slabs |
Rates |
| 01 |
Up to Rs. 3 lakh |
Nill |
| 02 |
Above Rs.3 lakh - Rs.6 lakh |
5% |
| 03 |
Above Rs.6 lakh - Rs.9 lakh |
10% |
| 04 |
Above Rs.9 lakh - Rs.12 lakh |
15% |
| 05 |
Above Rs.12 lakh - Rs.15 lakh |
20% |
| 06 |
Above Rs.15 lakh |
30% |
• If a person turns 60 or 80 during a fiscal year, their income for the
entire year is taxed at the
senior or super senior slab, accordingly.
• A surcharge of 10% is levied if an individual's income is more than Rs. 50 Lakhs
and a surcharge
of 15% is levied if the individual's income is more than Rs 1 crore The educational cess
is 2%,
and the SHEC (secondary and higher secondary education cess) is 1%.
Advantages of Income Tax Filing Returns
01 In Easy Loan Processing
Are you looking for an easy way to obtain a loan? Are you overwhelmed by the loan processing
process? If so, you may want to consider using your income tax return to facilitate the process.
With
income tax returns, you can easily apply for a loan without having to worry about tedious
paperwork or
long wait times. Income tax returns with Web Online CA
02. Proof of Income/Proof of Net worth (itr tax File)
Proof of income/net worth is an important document used to show the financial status of an
individual
or a business. It is usually provided in the form of an
Income Tax Return (ITR) file. This document
provides a comprehensive overview of the individual's or business's financial situation,
including
income, expenses, assets, and liabilities. The ITR file can help verify that the individual or
business
has the financial ability to take on a loan or other financial obligation. By providing proof of
income/net
worth, lenders and other financial institutions can be assured that the borrower is able to meet
their
obligations. It’s easy way File your Income tax file with Web Online CA
03 Income tax returns (ITR) avoids penalties
Income tax returns (ITR) are essential for ensuring compliance with tax regulations and avoiding
penalties. By filing ITRs on time, taxpayers can avoid costly penalties, allowing them to retain
more of
their hard-earned money. Additionally, filing ITRs helps to ensure that individuals and
businesses
accurately report their income, which in turn helps the government to collect revenue.
Ultimately, timely
filing of ITRs is essential for avoiding penalties and ensuring compliance with the tax laws. So
today
file your Income tax Returns (ITR) with Web Online CA.
04 Procedure for claiming refund TDS of tax
Claiming a refund of TDS of tax can be done easily and quickly with a few simple steps. Firstly,
the
individual must obtain a form 16A from the deductor and submit it to the IT
department. Secondly, they
must fill out the refund form on the IT website, providing all the necessary details. Lastly,
they must
submit their refund application online and track the status of the application until the refund
is
approved. With these three steps, an individual can easily obtain a refund of the TDS of tax,
quickly
and efficiently.
05 Income tax returns Required for VISA Application
Income tax returns are required for visa applications, as they provide important
financial information
that allows the visa applicant to be evaluated for their financial stability. Furthermore,
income tax
returns help to prove the applicant's bona fide intent for traveling to the desired country.
Thus,
conjointly, income tax returns are an important part of the visa application process.
Form 16
Form 16
