As you know, the Union Budget 2023 was announced on 1st February 2023, and the Finance Minister announced specific revisions in e-filing income tax returns.
[toc]
Defination of Income Tax in India?
Income Tax is the tax charged on the annual income of the ones earned. Individuals must pay the tax on the financial year statement as per their earnings.
As the Income tax for 2023-24 has the rule applies to those who earn more than Rs 3 lakh p.a, The new tax regime on the IT has increased from Rs 5 lakh to Rs 7 lakh, while the surcharge rate on income of Rs 5 crore has been decreased from 37% to 25%.
One should pay the IT through TDS/TCS and Non-TDS/TCS payments online.
Who should file Income Tax Return?
The return of IT is mandatory for people with a total income over Rs. 3 Lakh as per the Taxation in India. If the citizen has more than Rs 3 Lakh, they must file an ITR in India.
Income Tax Slab Rates and Taxpayers:
| Income Tax Slab | Tax Rate |
| Up to Rs 3 Lakh | Nil |
| Above Rs 3 lakh to Rs 6 Lakh | 5% |
| Above Rs 6 lakh to Rs 9 Lakh | 10% |
| Above Rs 9 lakh to Rs 12 Lakh | 15% |
| Above Rs 12 lakh to Rs 15 Lakh | 20% |
| Above Rs 15 lakh | 30% |
Income Tax old Regime for the People who are less than 60 years old.
| IT Slab | Tax Rate |
| Up to Rs 2,50,000 | Nil |
| From Rs 2,50,001 to Rs 5,00,000 | 5% |
| From Rs 5,00,000 to Rs 10,00,000 | 20% of the amount exceeding Rs 5 lakh |
| More than Rs 10,00,000 | 30% of the amount exceeding Rs 10 lakh |
Advance Tax
This is the calculation of the liability before paying the taxes to the government according is called advance tax.
| Due Date | Advance Tax Payable |
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
Comparison between Financial Year 2023-24 to 2022-23
| Income Tax Rates | Financial Year 2022-23 | Financial Year 2023-24 |
| NIL | Rs 0 – Rs 2.5 lakh | Rs 0 – Rs 3 lakh |
| 5% | Rs 2.5 lakh – Rs 5 lakh | Rs 3 lakh – Rs 6 lakh |
| 10% | Rs 5 lakh – Rs 7.5 lakh | Rs 6 lakh – Rs 9 lakh |
| 15% | Rs 7.5 lakh – Rs 10 lakh | Rs 9 lakh – Rs 12 lakh |
| 20% | Rs 10 lakh – Rs 12.5 lakh | Rs 12 lakh – Rs 15 lakh |
| 25% | Rs 12.5 lakh – Rs 15 lakh | – |
| 30% | Above Rs 15 lakhs | Above Rs 15 lakhs |
How to File Income Tax Return – ITR Login
ITR is the process in which the taxpayer has to give the total report or file the total income earned in the Financial year.
For filing an ITR, individuals have to compete for the filling of returns that is in various forms – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
ITR Login
The process of online e-filing of ITR can help to save you money. Let’s see how to register for it.
Step 1: Visit the e-filling website of ITR.
Step 2: Register or Log in to e- file your returns.
Step 3: Click on Taxpayer and then give the details of your PAN card and validate.
Step 4: Provide details such as name, address, gender, residential status, etc.
Step 5: Provide Email ID
Step 6: Your ITR file form has been filled up, then click on continue.
Step 7: You have to verify with a 6-digit OTP for filing an ITR.
Step 8: You have been registered.
How to e-file ITR on the Portal
As per the IT liability provision of the IT laws, one has to file the ITR determined by their category.
Step 1: Visit the official site of IT e-filling and log in.
Step 2: After login, click on the assessment year for which you want to file your income returns.
Step 3: Then it will ask you to file your ITR online or offline, which is recommended online; click on that.
Step 4: Choose if you want to file your IT as an individual or Hindu Undivided Family (HUF), and click on the individual.
Step 5: Choose the ITR you want to file. Click on the ITR 1 or ITR 4.
Step 6: Then, fill in the details of the bank and pre-validate it.
Income Tax Calculator 2023
The Income Tax calculator is an online tool that is used to calculate the income tax that you are liable to pay in the financial year. It provides you with the approximate figure of your liability, such as tax deduction, HRA exemption, etc.
Income Tax Deadlines 2023
| Due Date | Task |
| Before January 31 | Individuals must submit their proof of investment. |
| Before March 31 | It is deadline before which any investments. |
| Before July 31 | Due to date to file ITR |
| Between October and November | Tax returns must be verified. |
ITR File
| ITR Form Name | Applicability |
| ITR 1 or Sahaj | The form must be used by individuals who make an annual income of less than Rs.50 lakh via pension or salary and from only one house property. |
| ITR 2 | Shareholder can fill this who is Directors of Companies, Non-Resident Indians (NRIs), or individuals who make an income via capital gains, from two or more house properties, and from foreign sources. However, the income of the individual must be more than Rs.50 lakh. |
| ITR 3 | Individuals who run a proprietorship or are professionals in India. |
| ITR 4 | Individuals who are under the presumptive taxation scheme, they must earn less than Rs.50 lakh from professional income or less than Rs.2 crore from business income. |
| ITR 5 | Individuals who has Limited Liability Partnerships (LLPs), and partnership firms to report their income and tax computation. |
| ITR 6 | Companies that are registered in India. |
| ITR 7 | Universities or colleges, scientific research institutions, political parties, and religious or charitable trusts. |
Conclusion
The e-filing of ITR in India in 2023 is an important step forward in the modernization of the Indian tax system. It will provide taxpayers with greater convenience, faster processing of returns, greater accuracy, and improved security.
The e-filing system will also simplify the entire process of filing and make it easier for taxpayers to stay on top of their tax obligations. With this new system, the Indian tax authorities will be able to process the returns more efficiently and accurately, leading to improved services and better compliance with the tax laws.
Frequently Asked Question
- Is it possible to file ITR without 16?
Yes, it is possible to file ITR.
- Can individuals file ITR?
Yes, an individual can file ITR.
3. How to Check the Status of ITR?
The status of the ITR can be checked on the official website of the IT Department of India. The status can be checked with the help of your Permanent Account Number and password.
