![]() ![]() You can simply log on to the secure website and e-file your return. E-filing your return has obvious advantages like the fact that you won’t have to deal with the hassle of paperwork and waste time sorting through it all. E-Filing Income TaxĮ-Filing Income Tax Return, TDS return, AIR return, and Wealth Tax Return can be completed online on. Once you have all the documents ready, you can start the Income tax return filing process. You can download the IT preparation software from the IT department’s website. Using that you can compute the tax payable and refunds, if any, for the year. Before you file your taxes, you will need your Form 16, provided by your employer, and any proof of investment. Here is all you need to know about how to file ITR online. Individuals and HUF more than 80 years old Individuals and HUF more than 60 years but less than 80 years old Individuals and HUF less than the age of 60 years and NRIs Income Tax Slab Rates for FY 2021-22 – New and Old Regime Income Tax slab under New tax regime for FY 2022-23 & AY 2023-24 ![]() However, the new income tax regime is optional, and individuals can either opt for the new regime or file their taxes as per the old regime. In the Union Budget 2020, the Finance Minister of India has announced a new income tax slab. The entities listed below are required to pay tax and file their income tax returns. This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. It is mandatory to file ITR for individuals If the gross total income is over Rs.2,50,000 in a financial year. The highest amount of tax an individual could pay is 30% of their income plus cess at 4% if their income is more than Rs.10 lakh p.a. Income tax for FY 2021-22 applies to all residents whose annual income exceeds Rs.2.5 lakh p.a. The entire process becomes simple and quick. All taxpayers must fill in the relevant details to make these payments. One can proceed with Income tax payment, TDS/TCS payment, and Non-TDS/TCS payments online. The amount of tax paid will depend on how much money you earn as income over a financial year. Income tax is a tax charged on the annual income earned by an individual. Table of Contents about Income Tax Basics in India: ![]()
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