To fill tax returns, taxpayers also require other important documents like Form 26AS, Tax Information Statement (TIS), Annual Information Statement (AIS), bank details and interest certificate with Form 16. The Income Tax Department has issued a total of seven forms from ITR-1 to ITR-7 to file tax returns for the financial year 2023-24.
Before this, let us tell you how to pay online tax, if you want to know, then we tell you some basics of tax first. In India, the government has created a slab system to easier and justify ways to recover income tax. This means that tax rates also increase with the increase in the salary of tax payer. Changes are made in every year budget in this tax system or slab.
Currently, income tax consists of three categories of “individual” taxpayers, of which residents below 60 years and non -residents, senior citizens of 60 to 80 years of age, and super senior citizens over 80 years of age.
Income tax rates in India for the financial year (FY) 2023-24 and Assessment Year 2024-25 are as follows:-
Old regime
Person (less than 60 years):
- No tax up to Rs 2,50,000
- 5% tax on income ranging from Rs 2,50,001 to Rs 3,00,000
- 20% tax on income ranging from Rs 3,00,001 to Rs 5,00,000
- 30% tax on income of more than Rs 5,00,000
Resident Senior Citizen (60 years to 80 years):
- No tax up to Rs 2,50,000
- 5% tax on income ranging from Rs 2,50,001 to Rs 3,00,000
- 20% tax on income ranging from Rs 3,00,001 to Rs 5,00,000
- 30% tax on income of more than Rs 5,00,000
Resident Super Seamier Citizen (80 years and above):
- No tax up to Rs 2,50,000
- No tax on income ranging from Rs 2,50,001 to Rs 5,00,000
- 30% tax on income of more than Rs 5,00,000
New regime
- No tax up to Rs 3,00,000
- 5% tax on income ranging from Rs 3,00,001 to Rs 6,00,000 (with tax exemption under Section 87A)
- 10% tax on income ranging from Rs 6,00,001 to Rs 9,00,000 (with tax exemption up to Rs 7,00,000 under Section 87A)
- 15% tax on income ranging from Rs 9,00,001 to Rs 12,00,000
- 20% tax on income ranging from Rs 12,00,001 to Rs 15,00,000
- 30% tax on income of more than Rs 15,00,000
Now we tell you how to fight ITR online. It has become very easy to fill the income tax return. Long queues and countless troubles to complete the tax-filing deadline have gone away. Now people can also pay their income tax online, which is also called e-filing.
Follow your income tax return online by following the steps given below:
log in
- Go to the official income tax e-filing website and log in and 'LoginClick on '
- Enter your PAN in the User ID section andContinueClick on '
- Now enter your password and once againContinueClick on '
Start the process to fill the return
- Now 'File Income Tax Return'Go to the option.
- Here 'e-file'Click on and then'Income Tax Returns'Go to.
- Now 'File Income Tax ReturnClick on '
- After this your right 'Assessment year'Choose. If you are filing tax returns for the financial year (FY) 2023-2024, then 'Ay 2024-25'Choose.
- Now to choose the mode of filing 'Online'Select.
- Here you 'StatusYou have to choose, which includes individual, huff or other. Most people choose 'Individual'.
- Now according to your income 'ITR Type'Choose.
- Here you have to choose a reason to fill ITR, which means why you are filing tax returns.
- Now verify all your details appearing on the screen and keep in mind that no information is wrong.
- After checking all the details'Submit'Do it.
After filing tax returns, you can verify your return within a 30 -day deadline. For this, online options like Aadhaar OTP, EVC, NET Banking as well as offline option like sending ITR-V physical copy to CPC, Bengaluru are available.
