1 / 6

Personal ITR filling.docx

Any individual earning an income above the minimum exempted amount is liable to pay income tax. The income can be earned from any source like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business, or professional income.<br>Income Tax Return is a form required to be filed with Income Tax Department. The format and applicability of these forms are defined by Income Tax Department. All forms have separate disclosure requirements according to the Incomes Reported.<br>

legal8
Download Presentation

Personal ITR filling.docx

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Personal ITR filling Any individual earning an income above the minimum exempted amount is liable to pay income tax. The income can be earned from any source like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business, or professional income. Income Tax Return is a form required to be filed with Income Tax Department. The format and applicability of these forms are defined by Income Tax Department. All forms have separate disclosure requirements according to the Incomes Reported. Income tax rates are finalized in the Union Budget before the start of the financial year. From Assessment Year 2021-2022, the concept of new tax regime and old tax regime has also been introduced. The government has given the option to choose between the new and old tax regimes to the taxpayers. The basic concept behind these regimes is that if you do not have investments etc to claim various deductions/exemptions under Sec.80 then you can opt for a new tax regime and pay taxes at lower rates. Legal Window offers the best services for ITR filling in Jaipur A person who chooses to opt for a new tax regime cannot claim the following deductions- Certain allowances like LTA, HRA, allowances granted to meet expenses in the performance of duties of the office. Deductions under salary like Standard Deduction, Entertainment allowance, and Professional tax. Interest payable on borrowed capital for self-occupied property. Standard Deduction in case of family pension. Several deductions are available under Sec.80 like life insurance, health insurance premium, pension funds, provident fund, donations, etc. The option to avail of the option can be taken while filing the Income Tax Return. Our Team will help you assess the beneficial option for you so that you can get maximum tax benefits. This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the assessment year 2021-22 does not exceed Rs. 50 lakh and who has income under the following heads:- (a) Income from Salary/ Pension; or (b) Income from One House Property; or (c) Income from Other Sources. (d) Agricultural Income (Up to INR 5,000)     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 in salary income: ● ● wages; ●

  2. ● ● annuity or pension; ● ● ● gratuity; ● ● ● fees, commissions, perquisites, or profits instead of or in addition to any salary or wages; ● ● advance of salary; ● ● payment received by an employee in respect of any period of leave not availed of by him; ● ● annual accretion to the balance at the credit of an employee participating in a recognized provident fund ● ● aggregate of all sums that are comprised in the transferred balance in a recognized provident fund, ● ● contribution made by the Central Government or Employer under a pension scheme referred to in section 80CCD; ● ● ● ● ● ●       B. One House 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 taxable under the heading “Income from Business or Profession.”   C. Other sources This includes Interest, dividend income but does not include income earned from winning lottery or racehorses   D. Agricultural Income The agricultural income should not exceed INR 5,000) Income Tax Rates for Individuals (AY 2021-22) Income Up to 60 years of age Up to Rs 2.5 Lakhs Nil Rs 2.5 Lakhs – Rs 5 Lakhs 5% Rs 5 Lakhs – Rs 10 Lakhs 20% Above Rs 10 Lakhs 30% Note: A resident individual having taxable income up to Rs 5,00,000 will get a tax rebate of Rs.12,500 or the amount of tax payable (whichever is lower)

  3. Income Between age 60-80 years of Up to Rs 3.0 Lakhs Nil Rs 3.0 Lakhs – Rs 5 Lakhs 5% Rs 5 Lakhs – Rs 10 Lakhs 20% Above Rs 10 Lakhs 30% Note: A resident individual having taxable income up to Rs 5,00,000 will get a tax rebate of Rs.12,500 or the amount of tax payable (whichever is lower) Income Above age 80 years of Up to Rs 5 Lakhs Nil Rs 5 Lakhs – Rs 10 Lakhs 20% Above Rs 10 Lakhs 30% New Tax regime from AY 2021-22 An option to pay lower tax shall be available only if the Income is calculated without claiming the following exemptions and deductions: Exemption & Deduction are not allowed Exemption & Deduction allowed Leave Travel Allowance (LTA) Transport Allowance in case of a specially-abled person House Rent Allowance (HRA) Conveyance Allowance to meet the conveyance expenditure incurred as part of employment Conveyance Allowance Any compensation received to meet the cost of travel on tour or transfer Children Education Allowance Deduction under 80CCD(2) Standard Deduction on Salary Deduction under section 80JJAA Professional Tax

  4. Interest on Housing Loan Deduction under chapter VIA – 80C – Insurance premium etc 80D – Medical Insurance 80E – Education Loan Special Rate under New Tax regime for Individuals & HUF (AY 2021-22) Income Rate of Tax Up to Rs 2.5 Lakhs Nil Rs 2.5 Lakhs – Rs 5 Lakhs 5% Rs 5 Lakhs – Rs 7.5 Lakhs 10% Rs 7.5 Lakhs – Rs 10 Lakhs 15% Rs 10 Lakhs – Rs 12.5 Lakhs 20% Rs 12.5 Lakhs – Rs 15 Lakhs 25% 30% Above Rs 15 Lakhs   Our 3 Step Simple Process Engagement & Consultation Information Collection & Documentation

  5. Filing & Closure Why should you file Income Tax Return? Makes you a compliant citizen Avoid notices from the IT department and Claim Refunds Document proof of creditworthiness Avail tax benefits on past losses and Avoid penalties and late fees Easy availability of bank loans and Carry forward of losses Obtaining Government tenders/approvals and Visa Processing Documents Required for Income Tax Filing Form-16 ● Form 16A/16B/16C ● Salary Slips ●

  6. Interest certificates from Post Offices & Banks ● Form 26AS ● Tax-Savings Investment Proofs ● Deductions under Section 80D to 80U ● Home Loan statement from NBFC/Bank ● Capital Gains ● Aadhaar Card ● PAN Card ●

More Related