Income Tax Return Filing

Income Tax Return individual

What is Income Tax Return individual?

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.

Why Need to Income Tax Returns Filing

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.

Advantages of filing Income Tax Return (ITR)

  • Claim for Refund
  • Processing of Documents
  • Carry-forward of losses
  • Self-employed
  • Government tender
  • Avoid additional interest rates
  • Avoid Penalties
  • Processing Credit Card applications
  • Refund of TDS

Disadvantages of Non-filing ITR

  • Loss in interest on refund
  • Penalty
  • Do not carry forward of losses
  • Reduce time for revising your income tax returns

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%	 

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Income Tax Return individual


Rs 1000 Rs 799 per

  • ITR , Computatione
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