Masterbrains

Blog
Do it your self – DIY – Filing income tax returns

Do it your self – DIY – Filing income tax returns

Forget the days of staying in line… boss this is the time to go ON line!!
When shopping is online, recharge is online, then why not tax payment?
Go trendy and learn to pay tax online by following simple easy to go steps

  • Go to the Income Tax e-Filing portal, Portal
  • Log into the e-Filing portal by entering your user ID (PAN) and password.
  • Click on the ‘e-File’ menu and click the ‘Income Tax Return’ link.

On Income Tax Return Page:

  • PAN will be auto-populated
  • Select ‘Assessment Year’
  • Select ‘ITR Form Number’
  • Select ‘Filing Type’ as ‘Original/Revised Return’
  • Select ‘Submission Mode’ as ‘Prepare and Submit Online
  • Read the instructions and fill all the mandatory fields of the Online ITR Form.
  • Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab.
  • EVC generated through bank ATM or Generate EVC option under My Account

Feel the Ease of filing Taxes online…!

Do it your self - DIY - Filing income tax returns

Don’t be confused between the old tax regime and the new tax regime. The answer is simple – Use our Tax Calculator at –  Tax Calculator
to see which regime leads to lower tax for you and choose the most beneficial option. (Note: Please remember this option of choosing between old tax regime and new tax regime each year is not available for taxpayers with business/profession. Please contact a professional for the same).

The new income tax regime enumerates the following tax slab rates for FY 2021-22 (AY 2022-23) for resident individuals of any age:

Income RangeTax Rate
Up to Rs.2.5 lakhNil
Rs.250001 to 5lakh5%of the total income that is exceeding Rs. 2.5 lakh
Rs.500001 to 7.5lakh10% of the total income that is exceeding Rs. 5 lakh
Rs.750001 to 10lakh15% of total income that is exceeding Rs.7.5lakh
Rs.1000001 to 12.5lakh20% of the total income that is exceeding Rs.10 lakh
Rs.1250001 to 15lakh25% of the total income that is exceeding. 12.5lakh
Income exceeding Rs.150000130% of the total income that is exceeding Rs.15 lakh

Now let us have a glance at the earlier one….

The old income tax regime enumerates the following tax slab rates for FY 2021-22 (AY 2022-23)

For resident individuals below 60 years of age:

Income RangeTax Rate
Up to Rs.2.5 lakhNil
Rs.250001 to Rs.5 lakh5% of the total income above Rs.2.5 Lakh
Rs.500001 to Rs. 10 lakh12500+20% of the total income above Rs.5 lakh
Income exceeds Rs.10 lakhRs.112500+30 % of their total income above Rs.10 lakh

For resident individuals above the age of 60 years but below 80 years i.e. SENIOR CITIZEN:

Income RangeTax Rate
Up to Rs.3 lakhNil
Rs.300001 to Rs. 5 lakh5% of total income which exceeds Rs. 3Lakh
Rs.500001 to Rs. 10 lakh10,000+20% of total income which exceeds Rs. 5 Lakh
Income exceeds Rs. 10 lakh1,10,000+30% of total income which exceeds Rs. 10 Lakh

For resident individual above 80 years of age i.e. SUPER SENIOR CITIZEN:

Income RangeTax Rate
Up to Rs.5 lakhNil
Rs.500001 to Rs.10 lakh20% of total income which exceeds Rs.5 Lakh
Income exceeds Rs.10 lakh100000+30% of total income which exceeds Rs.10 Lakh

In addition to the tax rates given above a health and education cess of 4% is also applicable in both the schemes to all taxpayers and surcharge in specified cases.

Is pension also taxable under Income Tax?

Pension earners getting ‘Uncommuted Pension’ that is when pension is received periodically by the

  • Employee on his retirement is – fully taxable u/h ‘Salaries’ as per applicable slab rate;
  • If received by family members/ legal heir of the employee, on death of the employee – it is fully taxable to the legal heir u/h ‘Other Sources’.

If pension earners or their family members are getting Commuted pension i.e. receiving a lump sum amount by surrendering a portion of pension then:

  • It is fully exempt u/s 10(10A) for Employees of Governments, Local Authorities and Statutory Corporations.
  • However, commuted value of ½ of the pension is exempt if gratuity is not received and 1/3rd of the pension if gratuity is also received. (u/s 10(10A))

Do you know there is another such exemption for salary received in arrears or advance. Get in touch with Master Brains Consultants to understand more about the deductions, exemptions and benefits available to income taxpayers.

Master Brains’ consultants shall guide you in one of the most crucial aspects of Income Tax i.e., Preparation, Filing and Review of Income Tax Return, so that you do not miss out on any Deductions or Tax benefits and do not violate the provisions of the Income Tax Act like mandatory tax audits for certain taxpayers before filing the return, filing of form 67 for certain taxpayers before filing the return, etc. In addition, our consultants will suggest ways for better tax planning, investment planning, retirement planning and succession planning based on your goals.

Leave a Reply

Your email address will not be published. Required fields are marked *