A tax return hold reports of income, expenses and other pertinent tax information. An ITR is the tax form used to file income tax with the income tax department. Tax returns must be filed every year by individuals on or before 31st July of the next financial year. As per the income tax act, it is mandatory to file Income Tax Returns Filing in India If your gross income exceeds Rs. 2.5 Lakh in the financial year you must file income tax return.
Every individual whose Income exceeded the limit mentioned in income tax act are required to deposit tax before due date Otherwise, they will have to pay fine and interest to the tax authority.
Slab Rate of Income Tax Returns Filing (For Assessment Year 2019-2020) For Resident Individuals and Non Residents Individuals (age less than 60 years)
Income Threshold Tax rate applicable Up to - 2,50,000 NIL 2,50,000 to - 5,00,000 5% 5,00,000 to - 10,00,000 20% Over - 10,00,000 30% For Senior Citizens (Age more than 60 years but less than 80 years) Income Threshold Tax rate applicable Up to -3,00,000 Nil 3,00,000 to -5,00,000 5% 5,00,000 to -10,00,000 20% Over- 10,00,000 30% For Super Senior Citizens (For age 80 years and above) Income Threshold Tax rate applicable Up to - 5,00,000 No tax -5,00,000 to -10,00,000 20% Over 10,00,000 30%