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Income Tax Return (ITR)

income tax return

It is Direct Tax which governments impose on financial income generated by all entities within their jurisdiction in every financial year. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts.

In India, there is also prevailing a progressive income tax system. Where lower tax charge from lower income group & higher tax charge from higher income group.

Head of Income

  • Income from Salaries
  • Income from House Property
  • Income from Capital Gain
  • Income from Business or Profession
  • Income from Other Sources

Due Date of filing of Income Tax Return (ITR)- U/S 139(1)

  1. All Non-Corporate Assessee not required to get Tax Audit Report U/S 44AB – 31st July
  2. All Non-Corporate Assessee required to get Tax Audit Report U/S 44AB & Companies – 30th September

Advance Tax Payment Rule (If Tax Liability is more than 10000 in a year)

For Corporate Assessee

  • 15% on or before 15th June
  • 45% on or before 15th September
  • 75% on or before 15th December
  • 100% on or before 15th March

For Non-Corporate Assessee

  • 30% on or before 15th September
  • 60% on or before 15th December
  • 100% on or before 15th March

Interest – Late filing of ITR or Late deposit of tax

  • U/S-234A – Delay or default in filing of return of income U/S 139(1) or U/S 142(1)
  • U/s 234-B – Default in payment of advance tax (If Tax is not paid 90% of total tax liability)
  • U/s 234-C – Deferment of advance tax
  • Simple interest @ 1 % per month or part thereof up to date of payment
  • Simple interest @ 1 % per month or part thereof up to date of payment
  • Simple interest @ 1 % per month as per shortfall of tax liability as per slab rate for Corporate & Non-Corporate Assessee
Income Tax Rate
(A.Y. 2019-20)
(F.Y. 2018-19)
Resident Individual or HUF/NRI/AOP/BOI/AJP
Income Tax Slab A.Y 2019-20 & F.Y. 2018-19 
Others (Co-Operative Society, Firm, Corporate)
Income Tax Slab A.Y. 2019-20 & F.Y. 2018-19 
Income Tax Rate
(A.Y. 2019-20)
(F.Y. 2018-19)
Resident Individual or HUF/NRI/AOP/BOI/AJP
Income Tax Slab-A.Y 2019-20 & F.Y.2018-19 

Others (Co-Operative Society, Firm, Corporate)
Income Tax Slab-A.Y 2019-20 & F.Y.2018-19 

 

Net Taxable Income

New Tax Regime Income Tax Slab Rates FY 2022-23

Old Tax Regime Income Tax Slab Rates FY 2022-23

 

Up to Rs 2.5 lakh

 

Exempt

 

Exempt

 

Rs 2,50,001 to Rs 5 lakh

 

5%

 

5%

 

Rs 5,00,001 to Rs 7.5 lakh

 

10%

 

20%

 

Rs 7,50,001 to Rs 10 lakh

 

15%

 

Rs 10,00,001 to Rs 12.5 lakh

 

20%

 

30%

 

Rs 12,50,001 to Rs 15 lakh

 

25%

 

Over Rs. 15 lakh

 

30%