ITR Filling in Jaipur

1. PeísonalIľRfilling Any individual eaíning an income above the minimum exempted amount is liable to pay income tax. ľhe income can be eaíned fíom any souíce like salaíy, íental income, inteíest income fíom savings, incomefíommutualfunds,agíicultuíe income, sale ofpíopeítyoíbusiness,oí píofessional income. Incomeľax Retuínis afoím íequiíed to befiledwithIncomeľax Depaítment.ľhe foímat and applicability of these foíms aíe defined by Income ľax Depaítment. All foíms have sepaíate disclosuíe íequiíements accoídingto theIncomesRepoíted. Incometaxíatesaíe finalizedin theUnionBudgetbefoíethestaítofthefinancialyeaí.Fíom AssessmentYeaí 2021-2022, theconceptofnew taxíegime and oldtaxíegime has alsobeen intíoduced. ľhe goveínment has given the option to choose between the new and old tax íegimes to the taxpayeís. ľhe basic concept behind these íegimes is that if you do not have investments etc to claim vaíious deductions/exemptions undeí Sec.80 then you can opt foí a new tax íegime and pay taxes at loweí íates. LegalWindowoffeísbestseívicesfoíIľRfillingin Jaipuí Apeíson whochoosesto optfoía new taxíegimecannotclaimthefollowing deductions- Ceítain allowanceslikeLľA,HRA,allowancesgíantedtomeetexpensesinthepeífoímance ofduties oftheoffice. DeductionsundeísalaíylikeStandaídDeduction,Enteítainmentallowance,andPíofessionaltax. Inteíest payableonboííowedcapitalfoíself-occupiedpíopeíty. StandaídDeductionincaseoffamilypension. Seveíaldeductionsaíeavailable undeíSec.80likelifeinsuíance,healthinsuíance píemium,pension funds, píovident fund,donations,etc. ľheoptiontoavailoftheoptioncanbetakenwhilefilingtheIncomeľaxRetuín.Ouíľeamwillhelp youassessthebeneficialoptionfoíyousothatyoucangetmaximumtaxbenefits.

2. ThisReturnFormistobeused byanindividual whoisaresidentotherthannotordinarilyresident, • whose total incomefortheassessmentyear2021-22doesnotexceedRs. 50 lakhandwhohas incomeunder the followingheads:- • IncomefromSalary/Pension;or • Income fromOneHouseProperty;or • Incomefrom Other Sources. • AgriculturalIncome (Upto INR5,000) • A.Salary/Pension: • Salary refers to the remuneration/consideration that a person receives for the services that he/she renders under a contract of employment. For an amount to be considered salary, the existence of an employer-employee relationship is a must. As per the Income Tax Act, 1961, the following are included insalaryincome: •  • wages; •  •  • annuityorpension; •  •  • gratuity; •  •  • fees,commissions,perquisites,orprofitsinsteadoforinadditiontoanysalaryorwages; •  •  • advanceofsalary; •  •  • paymentreceivedbyan employeeinrespectofanyperiodofleavenotavailedofbyhim; •  •  • annualaccretiontothebalanceatthecreditofanemployeeparticipatinginarecognized providentfund •  •  • aggregateofallsumsthatarecomprisedinthetransferredbalanceinarecognizedprovident fund, •  •  • contributionmadebytheCentralGovernmentorEmployerunderapensionschemereferred toin section 80CCD; •  B.OneHouse Property If the taxpayer is the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxableunder theheading“Income from BusinessorProfession.”

3. C.Othersources ThisincludesInterest,dividendincomebutdoesnotincludeincomeearnedfromwinninglotteryor racehorses D.AgriculturalIncome TheagriculturalincomeshouldnotexceedINR5,000) IncomeTaxRatesforIndividuals (AY 2021-22) Note:AresidentindividualhavingtaxableincomeuptoRs5,00,000willgetataxrebateofRs.12,500 or theamountof tax payable (whichever islower) Note:AresidentindividualhavingtaxableincomeuptoRs5,00,000willgetataxrebateofRs.12,500 or theamountof tax payable (whichever islower)

4. New Taxregimefrom AY2021-22 AnoptiontopaylowertaxshallbeavailableonlyiftheIncomeiscalculatedwithoutclaimingthe followingexemptionsand deductions: Special Rate underNewTax regimeforIndividuals&HUF(AY2021-22)

5. Ouí3 StepSimplePíocess Engagement&Consultation InfoímationCollection&Documentation Ïiling&Closuíe Whyshouldyoufile IncomeľaxRetuín? Makes you acompliantcitizen Avoid noticesfíomtheIľdepaítmentandClaimRefunds

6. Documentpíoof of cíeditwoíthiness Availtax benefitsonpastlossesandAvoid penaltiesandlatefees Easyavailabilityofbank loansandCaííyfoíwaíd oflosses • ObtainingGoveínment tendeís/appíovalsandVisaPíocessing • DocumentsRequiíedfoíIncomeľaxÏiling • Ïoím-16 • Ïoím16A/16B/16C • SalaíySlips • Inteíestceítificates fíomPost Offices &Banks • Ïoím26AS • ľax-SavingsInvestmentPíoofs • DeductionsundeíSection80Dto80U • Home LoanstatementfíomNBÏC/Bank • CapitalGains • AadhaaíCaíd • PANCaíd