The Buyt Desk
Every year the month of July is that time of the year when you file your income tax return. Though due to COVID 19 we saw an extension in the last dates of IT return filing but traditionally 31st July has been the last date for return filing. Pay your income tax as per your income tax slab and file your IT return on time to avoid late charges.
Every Indian who earns needs to pay tax based on income slab to the Indian Government annually. Income tax means different ranges of income are levied with different tax rates. Income tax rates increase with the rise in income. The government tries to have progressive and fair tax systems and hence tax slabs are altered regularly during the budget.
What are the different categories of taxpayers?
The income tax department has divided “individual “taxpayers into three categories –
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Individuals – who can be residents or non-residents aged less than 60 years
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Resident Senior citizens – who are aged between 60 to 80 years
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Resident Super senior citizens – who are aged more than 80 years
What are Income Tax slabs for Assessment Year 2022-23?
The Central Government has made a decision to not alter the income tax slab for the financial year 2020-21 because of the pandemic crisis in the country. And the same is applicable to the financial year 2021-22 i.e. the assessment year 2022-23. But there is a new exemption made for individuals over 75 years of age. Senior Citizens who are dependent on income from interests and pensions will be exempted from filing income tax returns.
What are the changes in tax rates in the New Tax Regime for Assessment Year 22-23?
How is an Income Tax Return filed?
Nowadays everything is online and self-explanatory. So filing tax returns is hassle-free and easy. You need not be anxious about the process anymore. E-filing is the thing and you may not need professional help if you know your income from all sources well and basic laws. And for salaried people, it is a cakewalk as compared to business people. Let us look into the steps to file online IT returns.
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Step 1 : Log on to the portal |
www.incometaxindiefiling.gov. Register here using your PAN (Permanent Account Number) |
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Step 2 : Download appropriate ITR form |
Under ‘Download’ tab, go to e-filing. Select the relevant assessment year and select the appropriate Income Tax Return (ITR) Form. If you are a salaried individual, download ITR-1 (Sahai ) return preparation software as it will be helpful. |
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Step 3 : Enter details in Form 16 |
Enter all details from your Form 16 in the Return Preparation Software (excel utility) that you have downloaded and follow the instructions. |
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Step 4 : Compute all relevant tax details |
Compute tax payable. Pay your tax and enter applicable challan details in the tax return. You can skip this step when you do not have a tax liability. |
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Step 5 : Confirm the above details |
Confirm the entered details and validate. Generate an XML file and it will be automatically saved on your computer. |
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Step 6 : Submit return |
Go to ‘Submit Return’ section. Here upload the XML file. |
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Step 7 : Digital signature |
You can digitally sign the file when prompted. You can skip this step when you do not have a digital signature. |
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Step 8 : Confirmation from ITR verification |
If filing is successful, a message is flashed on your screen. The acknowledgement form ITR- Verification is generated and the same can be downloaded. However the same is mailed to your registered email id. |
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Step 9 : E-verify Return |
You can e-verify the return through any one of the below six modes: Netbanbing, Bank ATM, Aadhaar OTP, Bank Account Number, Demat Account Number or Registered Mobile Number and Email id. E-verification eliminates the need to send a physical copy of the ITR-S acknowledgement to CPC, Bengaluru. |
How to download ITR after filing it?
Yes, now you have successfully filed your ITR and on time. By this you are eliminating penalties and last-minute stress. Now look into the income tax verification form generated by the IT department and verify the legitimacy of e-filing. This is validation for you that your ITR is successful. If you have not used a digital signature this is required. The ITR verification form can be downloaded by logging into the website of Income Tax India. An e-filed tax returns can be viewed under the ‘View Returns/ Forms’ option.
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