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Avoid Penalties! File Your Return and Claim Tax Benefits
Now file your ITR with the assistance of LAW SUVIDHA and get quality services at affordable prices.
During the relevant financial year, we pay income tax at the prescribed rates on the total income earned. An income tax return is a declaration of income received to calculate tax liabilities and remitting or refunding taxes to the government. Thus, the goal of submitting the return is to declare to the government our income and taxes paid on it. Individuals, NRIs, partnership businesses, LLPs, companies, and trusts must submit income tax forms each year. The income tax return form can be electronically or manually filed.
Individuals with income up to Rs. 50 lacs are required to file their Income Tax Returns. A working individual may have alternative sources of income besides wages that are Taxable under the laws.
Other sources of income include:
You can file your income tax returns with the assistance of Law Suvidha Experts.
The Income Tax to be paid by people falling under these Tax brackets are as follows.
Annual Income | Tax Rate (%) | Amount to be paid as Tax |
Less than Rs. 2.5 lacs | 0 | Zero (No Tax) |
Between Rs. 2.5 lacs to Rs. 5 lacs | 5 | 5% of income over Rs. 2.5 lacs |
Between Rs. 5 lacs to Rs. 10 lacs | 20 | Rs. 12,500 + 20% of income above Rs. 5 lacs |
Above Rs. 10 lacs | 30 | Rs. 1,12,500 + 30% of income above Rs. 10 lacs |
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Your company deducts tax from your paycheck and pays it to the Internal Revenue Service on your behalf. It’s known as TDS. TDS is tax deducted at the point of sale. Every month, your employer deducts a percentage of your salary and sends it to the Income Tax Department on your behalf.
Your employer decides how much TDS we must deduct from your income each month based on your overall earnings for the year and your investments in tax-saving goods.
TDS is a significant component of a salaried employee’s income tax payment. Your employer will provide you with a TDS certificate called Form 16 in June or July, indicating how much tax was deducted each month.
TDS certificates are issued in Form 16. The I-T Department requires your company to deduct TDS from your salary and deposit it with the government.
The Form 16 certificate provides information about your pay for the year and the TDS amount deducted.
It contains two parts:
Individuals can claim an income tax deduction for interest paid on house loans and housing renovation loans. Furthermore, in the case of self-occupied property, the maximum deduction for interest paid on a housing loan is Rs. 2 lakh. This deduction, however, is not accessible to those who choose the New Tax Regime.
| Particulars | Deductions | Amount |
| Section 80C | Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, etc | ₹1,50,000 |
| Section 80CCC | Annuity plan of LIC or another insurer towards Pension Scheme | |
| Section 80CCD | Pension Scheme of Central Government | |
| Section 80CCD(1b) | Investment in National Pension Scheme | ₹50,000 |
| Section 80D | Deduction towards payments made to Health Insurance Premium & Preventive Health check up | ₹25,000 / ₹50,000 |
| Section 80DDB | Deduction wrt medical treatment, etc. | ₹40,000 / ₹1,00,000 |
| Section 80DD | Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability | ₹75,000 / ₹1,25,000 |
| Section 80EE | Deduction towards interest payments made on loan for higher education of self or relative | Total amount paid towards interest on loan taken |
| Section 80EE/EEA | Deduction towards interest payments made on loan taken for acquisition of residential house property | ₹50,000 / ₹1,50,000 |
| Section 80EEB | Deduction towards interest payments made on loan for purchase of Electric Vehicle | ₹1,50,000 |
| Section 80G | Deduction towards Donations made to certain Funds, Charitable Institutions, etc. | ₹2,000 |
| Section 80GG | Deduction towards rent paid for house & applicable only where HRA is not part of Salary | Least of the following: Rent paid reduced by 10% of Total Income before deduction, ₹5,000 per month 25% of Total Income before deduction |
| Section 80GGA | Deduction towards Donations made for Scientific Research or Rural Development | ₹2,000 (cash) |
| Section 80GGC | Deduction towards Donations made to Political Party | Any amount other than cash |
| Section 80TTA | Deduction on interest received on saving bank accounts by Non-Senior Citizens | ₹10,000 |
| Section 80TTB | Deduction on interest received on deposits by Resident Senior Citizens | ₹50,000 |
| Section 80U | Deductions for an individual with Disability | ₹75,000 / ₹1,25,000 |
Note: Under the new tax regime, deductions only under Section 80CCD(2) and Section 80JJA are available.
While tax is paid monthly, it is computed annually. Individuals, corporations, and enterprises all pay income tax. While you may observe that the tax is taken periodically on your pay stub, it is computed yearly.
You may reduce your tax liability by investing in ELSS, FDs, insurance products, and PPFs. This strategy can save you up to 1.5 lakhs. Other tax-saving solutions are available under Section 80C of the Income Tax Act.
