Hassle-Free Income Tax Filing
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It is mandatory to file ITR for individuals If the total Gross Income is over Rs.3,00,000 in a financial year (Including standard deduction). This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below must pay taxes and file their income tax returns.
What are the Different Types of Income
An individual in India who earns or receives a regular source of income is subject to income tax. The Revenue Tax Department has segmented income into five different categories:
Property Income
Renting a house is taxable under this type of income.
Salary Income
Income earned as a salary or pension is also taxable under this type of income.
Business or Professional Income
Profits generated by self- employed individuals, freelancers, businesses, or contractors, and income made by professionals like chartered accountants, life insurance agents, lawyers, and doctors who practice in their fields, including tuition teachers, are taxable under this type of tax.
Capital Gain Income
Surplus income generated from the sale of capital assets like stocks, mutual funds, or real estate is taxable under this type of income.
Income from Other Sources
Income earned as interest from savings bank account, fixed deposits, and lottery winning etc will be a part of income from other sources.
| Income Tax Slab | Tax Rate |
|---|---|
|
Up to Rs.3 lakh |
Nil |
|
Above Rs.3 lakh - Rs.6 lakh |
5% |
|
Above Rs.6 lakh - Rs.9 lakh |
10% |
|
Above Rs.9 lakh - Rs.12 lakh |
15% |
|
Above Rs.12 lakh - Rs.15 lakh |
20% |
|
Above Rs.15 lakh |
30% |
Note: New income tax rates are optional
Documents needed to File an Income Tax Return.
- Pan card
- AAdhar Card
- Form16A/FOrm16B/Form16C
- Bank account Details
- Bank Transactions/Passbook
- Form26As/AIS/TIS
- Home Loan Statement
- Rental Income
- Tax saving Instruments
- Capital Gain Details