Income Tax Return
Income Tax Return
Every individual whose income exceeds the basic exemption limit has to compulsorily file Income Tax Return. Every company on the other hand has to file its Income Tax Return irrespective of its Total Income. Those individuals whose total income includes any income generated from foreign assets or who are beneficial owners of a foreign asset or has any interest in an entity located outside India also has to file their return of income irrespective of their basic exemption limit.
Income Tax Rates & Slab for Indivisuals & HUF for FY 2021-22 / AY 2022-23 :
Old Scheme :
| Income Slab | Individuals(Aged below 60 years) | Senior Citizens (Aged 60 years and above but below 80 years) | Super Senior Citizens (Aged 80 years and above) |
|---|---|---|---|
Upto Rs.2,50,000 | Nil | Nil | Nil |
Rs.2,50,001 to Rs.3,00,000 | 5% | Nil | Nil |
Rs.3,00,001 to Rs.5,00,000 | 5% | 5% | Nil |
Rs.5,00,001 to Rs.10,00,000 | 20% | 20% | 20% |
Rs.10,00,001 and above | 30% | 30% | 30% |
New scheme:
| Income Slab | Individuals (Applicable for all Individuals & HUF) |
|---|---|
Upto Rs.2,50,000 | Nil |
Rs.2,50,000 to Rs.5,00,000 | 5% (with tax rebate under Sec.87A) |
Rs.5,00,001 to Rs.7,50,000 | 10% |
Rs.7,50,001 to Rs.10,00,000 | 15% |
Rs.10,00,001 to Rs. 12,50,000 | 20% |
Rs. 12,50,001 to Rs.15,00,000 | 25% |
15,00,001 and above | 30% |
Documents required for Income Tax Return :
A) BASIC KYC AND OTHER DOCUMENTS
Pan Card
Aadhar Card
Copy of all Bank Statements including savings, current, post office bank a/c
B) INCOME RELATED DOCUMENTS AGAINST BELOW 5 HEADS OF INCOME
- SALARIED PERSON-
- Copy of Form-16 -salary certificate issued by employer
Salary slips of the employee
Employer details including Name, Full address details of employer.
Professional tax receipt if applicable and paid.
HOUSE PROPERTY INCOME- (In case of rental income)
Rental details
CAPITAL GAIN INCOME
In case of sale of property
Property sale deed
Property purchase deed
Any property/municipal tax paid receipts
In case of sale of shares/ units of mutual funds
Capital gain statement/Stock trading statement issued by broker which includes
following details-
Date of sale and purchase
Amount of sale and purchase
Quantity of sale and purchase
In case of sale of any long term or short-term assets as per IT Rules
Give details for the same.
INCOME FROM BUSINESS AND PROFESSION
In case person carrying on any business or profession business related documents should be provided including
Nature of business or profession carried by the owner.
Related documents and details of the business relevant for the Income tax return should be provided.
OTHER INCOME -APART FROM ABOVE
Provide respective document of such other income.
C) INVESTMENT and DEDUCTION RELATED DOCUMENTS
Provide respective document of such tax saving investments proofs Like LIC, Mutual fund/SIP investment, Tuition/school fees paid receipts
Documents supporting the deductions claimed u/s 80D TO 80U
D) OTHER DOCUMENTS
Interest certificate against any Loan facility (if any) is obtained by the person from Banks or financial institutions also including NBFC.
Any other documents as required and seems relatable to Income tax return.
Various types of ITRs:
- ITR 1– Resident individuals having income <= 50 lacs from Salary/Pension/Other sources/ one House property/ Agriculture Income up to Rs. 5,000 and not holding directorship in a company or holding unlisted equity shares
- ITR 2– Every Income from ITR 1 > 50 lacs + Capital gains/ More than one House Property/ Foreign Income or Foreign asset/ Holding directorship in a company/ Holding unlisted equity shares
- ITR 3– Income from ITR 2 + Profits and gains from Business or Profession/ Partner in a firm/ Presumptive income > 50 lacs
- ITR 4– Individuals/HUFs/Firms (except LLP) having Presumptive income under Business or Profession with upto 50 lacs
- ITR 5-Firms / LLPs / AOPs / BOIs
- ITR 6-Companies not claiming deduction under section 11
- ITR 7-Trust
Due date for filing Income Tax Return:
| Category of Tax Payer | Due Date for filing ITR |
|---|---|
Individuals, BOI, HUF, AOP (not liable to tax audit) | 31st July |
Companies and those assesses liable to tax audit and working partner of such firm | 30th September |
Assessee liable to Transfer Pricing | 30th November |
Late filing fee is payable on filing ITR after the due date which is charged as follows:
| Due of Filing ITR | Amount (Rs.) |
|---|---|
After due date but before 31st December | 5,000 |
After 31st December but before 31st March | 10,000 |
However, the maximum late fee applicable for those tax payers having Total Income up to 5,00,000 is Rs.1,000.