As per sec 139, each individual whose yearly complete available pay is more than the given exception limits according to old tax regime or as per new tax regime required to file Income tax return.

 

Basic Exemption Limits As per Old & New Regime:

 

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. Residents 60 years of age or older but under 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. Residents 80 years or older:

 

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%

 

 

Income Tax Return Forms

Form Income Tax Return (ITR) 1(SAHAJ):-

Individuals who are residents (other than ordinary residents) who have a total income of up to Rs. 50 lakh, with income from

• Salaries
• One house property
• Other sources (Interest etc.)
• Agricultural income up to 5 thousand.

 

In the following cases, Income Tax Return (ITR)-1 is inapplicable.

• 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

 

Form 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.

 

Form Income Tax Return (ITR) 3:-

for individuals and HUfs receiving PGBP (profits and gains of business and profession). 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.

 

Form Income Tax Return (ITR) 4 (SUGAM):-

For individuals, HUFs, and businesses (other than LLPs) that are residents and have total annual income up to Rs. 50 lakhs from the following sources:

• 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.

 

Form 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).

 

Form Income Tax Return (ITR) 6:-

For companies other than companies claiming exemption under section 11.

 

 Form 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.