It’s now easy to file tax returns from home
Each salaried person whose salary exceeds a particular income bracket must pay a tax to the government each year.
Income tax is levied on the basis of a slab system. This means that different tax rates are prescribed for different income brackets.
This means that tax rates keep rising as the taxpayer’s income increases. This type of taxation allows for progressive and fair tax systems in the country. These income tax slabs tend to undergo a change with each budget.
These slab rates are different for different categories of taxpayers. The income tax has classified three categories of “natural person” taxpayers such as:
- Individuals (under 60) including residents and non-residents
- Resident Seniors (60 to 80 years old)
- Resident Super seniors (over 80 years old)
New income tax slabs for fiscal year 2021-22 and tax year 2022-23
Due to the crisis the country faced in 2020, the central government had decided not to make any changes to the income tax slab for the 2020-21 financial year and to carry it over to the new one. financial year 2021-22.
However, there was an exemption made towards the new slab. According to this, people over the age of 75 who are largely dependent on their pension and interest income have been exempted from the obligation to file tax returns.
In their case, the TDS (Tax Deducted at Source) will be automatically deducted by the banks.
Difference in tax slab rates between the new tax regime and the old tax regime for fiscal years 21-22 and AY 22-23
|
income tax slab |
Tax rate under the new regime |
Tax rate under the old regime |
|
0 ₹ – 2 50,000 ₹ |
None |
None |
|
₹2,50,001 – ₹5,00,000 |
5% |
5% |
|
₹5,00,001 – ₹7,50,000 |
₹12,500 + 10% of total income over ₹5,00,000 |
₹12,500 + 20% of total income above ₹5,00,000 |
|
₹7,50,001 – ₹10,00,000 |
₹37,500 + 15% of total income above ₹7,50,000 |
₹62,500 + 20% of total income above ₹7,50,000 |
|
₹10,00,001 – ₹12,50,000 |
₹75,000 + 20% of total income over ₹10,00,000 |
₹112,500 + 30% of total income over ₹10,00,000 |
|
₹12,50,001 – ₹15,00,000 |
₹125,000 + 25% of total income above ₹12,50,000 |
₹187,500 + 30% of total income above ₹12,50,000 |
|
Above ₹15,00,000 |
₹187,500 + 30% of total income above ₹15,00,000 |
₹262,500 + 30% of total income above ₹15,00,000 |
How do I file a tax return?
Filing tax returns is no longer the chore it used to be. No more long lines and endless anxiety about meeting tax filing deadlines.
Below are the main steps for filing your tax returns online:
|
Sr No. |
Walk |
Guide to filing an ITR online |
|
Step 1 |
Log in to the portal |
Log on to the Department of Income Tax portal (www.incometaxindiaefiling.gov.in) for online filing. Register using your permanent account number (PAN), which will serve as your user ID. |
|
2nd step |
Download the appropriate ITR form |
Under “Download”, navigate to e-filing under the relevant tax year and select the appropriate income tax return (ITR) form. Download the ITR-1 tax preparation software (Sahaj) if you are an employee. |
|
Step 3 |
Enter details in Form 16 |
Open the return preparation software (Excel utility) you downloaded, follow the instructions and enter all the details of your Form 16. |
|
Step 4 |
Calculate all relevant tax details |
Calculate tax payable, pay tax and enter relevant challan details in tax return. If you are not subject to tax, you can skip this step. |
|
Step 5 |
Confirm the above details |
Confirm the details you entered and generate an XML file, which is automatically saved to your computer. |
|
Step 6 |
Submit return |
Go to the “Submit Return” section and upload the XML file. |
|
Step 7 |
Digital signature |
You can digitally sign the file when prompted. If you don’t have a digital signature, you can skip this step |
|
Step 8 |
ITR Verification Confirmation |
A message confirming successful e-filing flashes on your screen. The Acknowledgment Form – ITR-Verification is generated and can be downloaded. It is also emailed to your registered email id. |
|
Step 9 |
E-check return |
You can electronically verify the return via one of the six modes below: 1) Netbanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Mobile Number registered and E-mail id. Electronic verification eliminates the need to send a physical copy of the ITR-5 acknowledgment to CPC, Bengaluru |
How do I download the tax return?
It is important to know how to file ITR on time, to avoid stress and last minute penalties. Once you file your ITR, the Income Tax Verification Form is generated by the IT department so taxpayers can verify the validity and legitimacy of the e-filing. These only apply if you filed your declarations without a digital signature.
The tax return verification form can be downloaded in a few easy steps.
1. Log on to the Income Tax India website https://portal. incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?lang=eng
2. View electronically filed tax returns by clicking on the “View Returns/Forms” option
.
