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Income Tax Returns

Efiling income tax is a convenient and hassle-free method of filing your income tax returns. Since it is ,mandatory to file income tax for any individual who falls under the taxable income slab under the Income Tax Act.

Benefits of ITR filing

  • The e filing website can be accessed 24x7

  • E filing income tax takes significantly less time as compared to manually filling the income tax

  • Manual filing of income tax poses the risk of data and identity theft. However e filing income tax is a highly secure method of filing income tax.

  • There is no possibility of human error while e filing income tax

  • The acknowledgement slip received after the income tax has been electronically filed, can be used as a proof that the income tax has been already filed

  • The history of e filing can be easily acquired through the e filing account

  • The e filing portal provides detailed instructions and guidelines linked with the filing of income tax

  • E-Banking is one of the essential features of the e-filing website. Electronic banking allows the users to make payments towards the Income Tax Department through the netbanking websites of their respective banks.

 

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Income Tax Slab

Normal tax rates applicable to a resident individual below the age of 60 years i.e. born on or after 1.4.1958

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5% of (total income minus Rs. 2,50,000) [*]

4% of income tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income tax

Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 3,00,000

Nil

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.3,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 10,000 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,10,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

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Normal tax rates applicable to a resident individual of the age of 80 years or above at any time during the year

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 5,00,000

Nil

Nil

Rs. 5,00,000 – Rs. 10,00,000

20%  of  (total  income  minus  Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

  Non-resident individual irrespective of age

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rate applicable to resident/non-resident Hindu Undivided Family (HUF)

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

 Normal tax rates applicable to every AOP/BOI/Artificial juridical person

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rates applicable to a Co-operative societies

Net income range

Rate of income-tax

Up to Rs. 10,000

10%

Rs. 10,000 - Rs. 20,000

20%

Above Rs. 20,000

30%

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Income Tax Returns: Explanation on the Forms

 

Form Name

Brief

ITR-1

Otherwise known as SAHAJ, deals with income of an individual with salary or pension or income from one house property or other sources (not including lotteries or race horses)

ITR-2

Applicable for individuals or Hindu Undivided Families having any income other than ‘Profits and gains of business or profession’

ITR-3

Applicable for individuals or Hindu Undivided Families having income sources from ‘Profits and gains of business or profession’

ITR-4S

Known as SUGAM, it is applicable to individuals and HUFs opting for presumptive taxation scheme under Section 44AD/44AE

ITR-4

Applicable for an individual or a HUF carrying out a proprietary business or profession

ITR-5

For entities being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. This, however, does not include trusts, political parties, institutions, colleges or entities who are required to file the return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)

ITR-6

Applicable to companies other than the ones which claim a deduction under section 11

ITR-7

Applicable to all entities who should furnish a return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)

ITR-V

The acknowledgement form of filing a return of income

How to file Income Tax Returns Online

Registration

An individual must register themselves on the e filing website to file their income tax returns. The process of registration is described below:

  1. Visit the official e filing website

  2. Click on the Register Yourself

  3. Select the User Type

  4. Click on Continue

  5. Enter the basic details like name, date of birth/date of incorporation, PAN details, email ID and mobile number.

  6. The details provided by you will be verified

  7. The registration form will open.

  8. Fill out all the mandatory details that need to be filled on the registration form such as  password, personal details/principal contact details, contact details, current address etc.

  9. Subscribe to emails, alerts, reminders and notifications

  10. Fill up the Captcha Code

  11. Click on the ‘Submit’

  12. ‘Registration Successful’ will show on the screen

  13. An activation link will be  sent to your email ID and OTP will be sent to your registered mobile number.

  14. Click on the activation link or use the OTP sent to your registered mobile number,  to complete your e-filing registration process.

E filing Income Tax Online

Now you’re ready to access your e-filing website.

For e-filing income tax online, you must follow the steps described below:

  • Login to e-filing website using your user ID, password, date of birth/date of incorporation and captcha

  • Go to e-file and click on ‘Prepare and Submit ITR online’

  • Select the ITR 1/ITR 4S form and the Assessment Year. You must note that only ITR 1 and ITR 4S can be e-filed online

  • Fill in the details and click on ‘Submit’ button

  • Upload Digital Signature certificate, if applicable.Please ensure that your DSC is linked with your e-filing.

  • Click on ‘Submit’ button

  • On successful submission, if the ITR is submitted along with the DSC, ITR-V will be displayed. Click on the link to download ITR-V. The ITR V form is also sent to your registered e-mail ID

If the ITR isn’t submitted along with DSC, then it should be printed, signed and sent to CPC within 120 days from the date of e-filing. The return will be processed only upon the receipt of signed ITR-V.

How to file Income Tax Return Offline?

You can follow these steps to e-file income tax offline:

  1. Download  the relevant form from the ITR Preparation Utilities section of the e filing website

  2. Prepare your tax return using the downloaded software

  3. Login to the e-filing portal by user ID and password

  4. Enter the Captcha

  5. Your profile will open on the screen.

  6. Go to e-file and click on ‘Upload Return ITR-V’

  7. Select the appropriate ITR, assessment year and the XML file which was saved previously in step 2

  8. Upload the Digital Signature certificate, if applicable. If you’re uploading DSC, then you should ensure that your DSC is registered with e-filing website)

  9. If you’re filing ITR V and you haven’t submitted the DSC along with the application form, then you must

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