How to file Income Tax Return in India?

Income tax return filing is the foremost requirement for all registered taxpayers in India. With the help of the Income Tax online portal, income tax e filing has become easy via offline and online modes. E-filing is a new process for filing income tax returns and in this blog; we will discuss the e filing of income tax returns so that you can smoothly do it yourself. First of all, we need to understand the importance of filing income tax. The income tax act 1961 regulates certain eligible persons to file their income tax once a year. The tax is incurred for specific people who earn according to different slabs. Below mentioned is the new and old tax regime according to the income tax department.

Income Tax Slab

Tax Rates As Per New Regime

Tax Rates As Per Old Regime

₹0 - ₹2,50,000

Nil

Nil

₹2,50,001 - ₹ 5,00,000

5%

5%

₹5,00,001 - ₹ 7,50,000

₹12500 + 10% of total income exceeding ₹5,00,000

₹12500 + 20% of total income exceeding ₹5,00,000

₹7,50,001 - ₹ 10,00,000

₹37500 + 15% of total income exceeding ₹7,50,000

₹62500 + 20% of total income exceeding ₹7,50,000

₹10,00,001 - ₹12,50,000

₹75000 + 20% of total income exceeding ₹10,00,000

₹112500 + 30% of total income exceeding ₹10,00,000

₹12,50,001 - ₹15,00,000

₹125000 + 25% of total income exceeding ₹12,50,000

₹187500 + 30% of total income exceeding ₹12,50,000

Above ₹ 15,00,000

₹187500 + 30% of total income exceeding ₹15,00,000

₹262500 + 30% of total income exceeding ₹15,00,000

 

If the assessee doesn't disclose their income and earnings, the money earned by them will be considered black money. It is mandatory to disclose all the incomes, assets, savings, and liabilities to the income tax department as your pan attached details are reported directly to the IT department. With the onset of technology, income tax return filing has become easy for the assessee. Always remember that Income Tax Department is regularly monitoring every transaction you do online, even without using your PAN. So, it is always advisable to provide provable information to the department to avoid any future mishaps. If there is some refund on your income tax payment and you haven’t received it you need to contact the central processing center of the Income Tax Department on 1800 4250 0025 or 080-2650 0025 and raise the issue.

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