|Income Tax Slab||Tax Rate|
|Up to Rs 2.5 lakh||NIL|
|Rs 2.5 lakh to Rs 5 lakh||5% (Tax rebate of Rs 12,500 available under section 87A)|
|Rs 5 lakh to Rs 7.5 lakh||10%|
|Rs 7.5 lakh to Rs 10 lakh||15%|
|Rs 10 lakh to Rs 12.5 lakh||20%|
|Rs 12.5 lakh to Rs 15 lakh||25%|
|Rs 15 lakh and above||30%|
|ITR 1||For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)|
|ITR 2||For Individuals and HUFs not having income from profits and gains of business or profession|
|ITR 3||For individuals and HUFs having income from profits and gains of business or profession|
|ITR 4||For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
|ITR 5||For persons other than :-
(iii) Company and
(iv) Person filing Form ITR-7
|ITR 6||For Companies other than companies claiming exemption under section 11|
|ITR 7||For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)|
• The tax calculated on the basis of such rates will be subject to health and education cess of 4%.
• Any individual opting to be taxed under the new tax regime from F.Y. 2020-21 onwards will have to give up certain exemptions and deductions, mentioned below:1. Leave Travel Allowance (LTA)
• Points to remember while opting for the new tax regime:1. Option to be exercised on or before the due date of filing return of income for A.Y. 2021-22
Major tax deductions available if you opt to pay tax as per old tax rates:
Government of India allows various benefits and exemptions to individuals to save Income Tax. Most common options available are listed below.
1. Under section 80C, you are allowed to avail tax exemption of up to Rs.1.50 Lakhs. Various available options under 80C are as under:• Tax Saving Fixed Deposits
2. Under section 80D, you can claim maximum deduction of up to Rs.60,000/-• You can claim deduction of medical insurance premium from Rs.25,000/- to Rs.60,000/-, based on contributions towards self/ family/ parents/ senior citizen parents.
3. Under section 80EE, you can claim deduction of up to Rs.50,000/- on home loan interest
4. Under section 80TTA, interest earned in Savings Account is tax free up to income of Rs.10,000/-
Minor’s income is added to parent’s income and taxed in the parent’s file. Parent can claim deduction of upto Rs.1,500/- in minor’s income.
1. If both the mother and father are earning, the income of the minor is added to the income of that parent whose income is greater.
2. If the parents are divorced, the minor's income is added to the parent's income who has the custody of the child.
3. If both the parents are not alive, the income of the minor is not clubbed with the guardian, but instead a separate income tax return is filed.
4. When a child earns an income by way of any work or from an activity for which he uses special talent or knowledge, the minor is required to file an income tax return separately.
5. Income of a child suffering from any disability specified under Section 80U will not be clubbed with the income of the parent. A person is considered differently-abled when he is suffering from more than 40% of any of these - blindness, poor vision, hearing impairment, loco motor disability and mental illness.
3) Bank Account Details
4) Form 16 (if issued by employer)
5) Income Tax log-in password (if available)
6) Details of investments if any (inc. those eligible for tax benefits)
3) Bank account details
4) Income Tax log-in password (if available)
5) Details of investments if any (inc. those eligible for tax benefits)
6) Income details (our representative will get in touch with you)
7) Complete books of accounts (if required, our representative will get in touch with you)
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