According to sec 139, every person whose annual total taxable income is more than the given exemption limits as per old tax regime or as per new tax regime needs to file Income tax return.
Tax Regime | New Tax Regime | ||
Tax Slab | Tax Rates | Tax Slab | Tax Rates |
Up to Rs. 2,50,000 | Nill | Up to Rs. 3,00,000 | Nill |
Rs. 2,50,001- 5,00,000 | 5% | Rs. 3,00,001-6,00,000 | 5% |
Rs. 5,00,001- 10,00,000 | 20% | Rs. 6,00,001- 9,00,000 | 10% |
Rs.10,00,000 & above | 30% | Rs. 9,00,001- 12,00,000 | 15% |
|
| Rs.12,00,001-15,00,000 | 20% |
|
| Rs. 15,00,000 & above | 30% |
Basic Exemption Limits for senior citizens i.e. Resident Individual, 60 years or more but less than 80 years of age at any time during the previous year:
Old Tax Regime | New Tax Regime | ||
Tax Slab | Tax Rates | Tax Slab | Tax Rates |
Up to Rs. 3,00,000 | Nil | Up to Rs. 2,50,000 | Nil |
Rs.3,00,001-5,00,000 | 5% | Rs. 2,50,001-5,00,000 | 5% |
Rs. 5,00,001 – 10,00,000 | 20% | Rs. 5,00,001- 7,50,000 | 10% |
10 lakh & above | 30% | Rs. 7,50,001-10,00,000 | 15% |
|
| Rs. 10,00,001-12,50,000 | 20% |
|
| Rs. 12,50,001-15,00,000 | 25% |
|
| Above Rs. 15,00,000 | 30% |
Basic Exemption Limits for super senior citizens i.e. Resident Individual 80 years or more in age:
Old Tax Regime | New Tax Regime | ||
Tax Slab | Tax Rates | Tax Slab | Tax Rates |
Up to Rs. 5,00,000 | Nil | Up to Rs. 2,50,000 | Nil |
Rs. 5,00,001- 10,00,000 | 20% | Rs. 2,50,001- 5,00,000 | 5% |
Above Rs. 10,00,000 | 30% | Rs. 5,00,001- 7,50,000 | 10% |
|
| Rs. 7,50,001- 10,00,000 | 15% |
|
| Rs. 10,00,001- 12,50,000 | 20% |
|
| Rs. 12,00,001- 15,00,000 | 25% |
|
| Above Rs. 15,00,000 | 30% |
The Income tax department has notified seven different Income Tax Return Forms.
Income Tax Return Forms
Income Tax Return (ITR) 1(SAHAJ)
For individuals being a resident (Other than not ordinary resident) having total income up to Rs. 50 lakh, having income from:
- Salaries
- One house property
- Other sources (Interest etc.)
- Agricultural income up to 5 thousand.
Non Applicability of Income Tax Return (ITR)-1 in following cases
- Brought forward loss or loss to be carried forward
- Taxpayer in whose case the tax has been deducted on cash withdrawal under Section 194N
- Tax has been deferred in respect of ESOPs allotted by an eligible startup
Income Tax Return (ITR) 2
For individuals and HUFs not having income from profits and gains of business or profession. Having total income more than Rs. 50 Lakh, having income from:
- Salaries.
- Income from House property (more than one house property).
- Agricultural income more than 5000/-
- Income from Capital gain.
- Income foreign assets/ foreign income.
- Income from other sources (Lottery, Online Gaming, bets on horses, and other gambling).
- Director in a company
- Holding unlisted equity shares.
Income Tax Return (ITR) 3
For individuals and HUfs having income from profits and gains of business and profession (PGBP). Having income from:
- Business or Profession.
- Share trading income or Crypto.
- Director in a company.
- Partner in a firm.
- Other than ITR-1, ITR-2, or ITR-4.
Income Tax Return (ITR) 4 (SUGAM)
For individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs. 50 lakhs and having income from:
- Business income under sec 44AD/44AE.
- Income from professionals as per section 44ADA.
- Income from Salary/ Pension.
- Income from 1 house property.
- Income from other sources.
- Agricultural income up to 5000.
- Freelancer if the income does not exceed 50 Lakh.
Income Tax Return (ITR) 5
Applicable to:
- A Firms
- A LLPs (Limited Liability Partnership)
- AOPs (Association of Persons)
- BOIs (Body of Individuals)
- Artificial juridical Person (AJP) referred in section 2 (31)(vii)
- The local authority referred in section 160(1) (ii) or 160(1) (iv)
- Cooperative society
- Societies registered under Societies Regulations Act 1860 or under any state law trust (Except the trusts that are eligible for ITR 7 form filing)
- Estate of deceased person
- Business trust referred in section 139 (4E) and investment fund referred in section 139 (4F).
Income Tax Return (ITR) 6
For companies other than companies claiming exemption under section 11.
Income Tax Return (ITR) 7
Person/ Company under:
- Section 139 (4A): Income of charitable and religious trust.
- Section 139 (4B): Political Parties.
- Section 139 (4C): Scientific research institutions.
- Section 139 (4D): University, College or other institutions.
FAQ's
For individuals being a resident (Other than not ordinary resident) having total income up to Rs. 50 lakh, having income from:-
- Salaries
- One house property
- Other sources (Interest etc.)
- Agricultural income up to 5 thousand.
For individuals and HUFs not having income from profits and gains of business or profession. Having total income more than Rs. 50 Lakh, having income from:-
- Salaries.
- Income from House property (more than one house property).
- Agricultural income more than 5000/-
- Income from Capital gain.
- Income foreign assets/ foreign income.
- Income from other sources (Lottery, Online Gaming, bets on horses, and other gambling).
- Director in a company
- Holding unlisted equity shares.
For individuals and HUfs having income from profits and gains of business and profession (PGBP). Having income from:-
- Business or Profession.
- Share trading income or Crypto.
- Director in a company.
- Partner in a firm.
- Other than ITR-1, ITR-2, or ITR-4.
For individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs. 50 lakhs and having income from:-
- Business income under sec 44AD/44AE.
- Income from professionals as per section 44ADA.
- Income from Salary/ Pension.
- Income from 1 house property.
- Income from other sources.
- Agricultural income up to 5000.
- Freelancer if the income does not exceed 50 Lakh.
Applicable to:-
- A Firms
- A LLPs (Limited Liability Partnership)
- AOPs (Association of Persons)
- BOIs (Body of Individuals).
- Artificial juridical Person (AJP) referred to in section 2 (31)(vii).
- The local authority referred to section 160(1) (ii) or 160(1) (iv).
- Cooperative society.
- Societies registered under Societies Regulations Act 1860 or under any state law trust (Except the trusts that are eligible for ITR 7 form filing).
- Estate of deceased person.
Business trust referred in section 139 (4E) and investment fund referred in section 139 (4F).
For companies other than companies claiming exemption under section 11.
Person/ Company under:
- Section 139 (4A): Income of charitable and religious trust.
- Section 139 (4B): Political Parties.
- Section 139 (4C): Scientific research institutions.
- Section 139 (4D): University, College or other institutions.
As per the old tax regime as follow:-
- Up to Rs. 2,50,000:- Nil
- Rs. 2,50,001-5,00,000:- 5%
- Rs. 5,00,001-10,00,000:-20%
- Rs. 10,00,000 & above:- 30%
As per the new tax regime as follow:-
- Up to Rs. 3,00,000:- Nil
- Rs. 3,00,001-6,00,000:- 5%
- Rs. 6,00,001-9,00,000- 10%
- Rs. 9,00,001- 12,00,000:- 15%
- Rs. 12,00,001-15,00,000:- 20%
- Rs. 15,00,000 & above:- 30%
Basic Exemption Limits for senior citizens i.e. Resident Individual, 60 years or more but less than 80 years of age at any time during the previous year:
Old Tax Regime | New Tax Regime | ||
Tax Slab | Tax Rates | Tax Slab | Tax Rates |
Up to Rs. 3,00,000 | Nil | Up to Rs. 2,50,000 | Nil |
Rs.3,00,001-5,00,000 | 5% | Rs. 2,50,001-5,00,000 | 5% |
Rs. 5,00,001 – 10,00,000 | 20% | Rs. 5,00,001- 7,50,000 | 10% |
10 lakh & above | 30% | Rs. 7,50,001-10,00,000 | 15% |
|
| Rs. 10,00,001-12,50,000 | 20% |
|
| Rs. 12,50,001-15,00,000 | 25% |
|
| Above Rs. 15,00,000 | 30% |
