Types of Income Tax Return Forms : - To file tax returns Income Tax Department had issued a series of forms applicable to different type of assesses:
ITR 1 : For Individuals having Income from Salaries, one house property, other sources (interest etc.) and having total income up to Rs.50 lakh.
ITR 2 : This form is applicable For Individual & HUFs not carrying out business or profession under any proprietorship.
ITR 3 : This form is applicable For Individuals & HUFs having income from a proprietary business or profession.
ITR 4 : This form is applicable For presumptive income from Business & Profession.
ITR 5 : This form is applicable for a For persons other than – (i) individual,(ii)HUF, (iii) company, and (iv)person filling ITR-7
ITR 6 : This form is applicable For Companies other than companies claiming exemption under section 11
ITR 7 : This form is applicable For persons including companies required to furnish return under section 139(A) or section (1394B) or section 139(4C) or section 139(4D) or section 139(4E)
Required Details : -
1. Your Full Name (Last Name is compulsory)
2. Date of Birth
Required Your Details : -
1. Pan No.
2. Assessment Year
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 2,50,000/-. | NIL |
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less. |
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iv. Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable).
Education Cess : 3% of the total of Income Tax and Surcharge.
Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 3,00,000/-. | NIL |
ii.Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- | 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less. |
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iv. Where the taxable income exceeds Rs. 10,00,000/- | Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 5,00,000/-. | NIL |
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-- | 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iii. Where the taxable income exceeds Rs. 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge.
Form 16 : Your employer will give you this form. It has information about the income earned and the tax deducted from your salary during the year.
Form 16A :This form is also called a TDS certificate and is for tax deducted at source on other income such as interest on bank deposit. It is given to you by financial institutions such as banks or companies, which deduct tax at source every month or year.
Summary of all bank accounts or passbooks: You need a summary of all bank transactions carried out during the financial year, which include income earned, investments made, expenses etc. Property details : If you have purchased or sold any property during the year, you will need the details. If the property bought is on loans, do keep a copy of the home loan details with you. If you sold your property then you may be eligible for capital gain tax.
Interest certificate : You need this certificate if you have taken a loan from a bank or financial institution, to buy a house.
Broker contract notes : Bills for sale and purchase of shares and dividends.
Investment details that have not been disclosed in form 16. For example if you have invested in tax-saving tools such as life insurance, Public Provident Fund and it is not mentioned in form 16 issued by your employer, you need the proof of investment.
Tax payment challan, if any: If you have paid advance tax, you need to attach the proof.
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 2,50,000/-. | NIL |
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less. |
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iv. Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable).
Education Cess : 3% of the total of Income Tax and Surcharge.
Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 3,00,000/-. | NIL |
ii.Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- | 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less. |
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iv. Where the taxable income exceeds Rs. 10,00,000/- | Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 5,00,000/-. | NIL |
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-- | 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
iii. Where the taxable income exceeds Rs. 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge.
Income Slabs | Tax Rates |
---|---|
i. Where the taxable income does not exceed Rs. 10,000/-. | 10% of the income. |
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. | Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-. |
iii. Where the taxable income exceeds Rs. 20,000/-. | Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-. |
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Surcharge :The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge
Surcharge :Domestic Company - Turnover exceeding Rs. 5 crores
Surcharge :The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge