To file tax return, taxpayers also need Form 16 along with other necessary documents like Form 26AS, Tax Information Statement (TIS), Annual Information Statement (AIS), bank details and interest certificate. The Income Tax Department has released a total of seven forms from ITR-1 to ITR-7 for filing tax returns for the financial year 2023-24.
Before we tell you how to file tax online, if you want to know, then let us first tell you some basics of tax. In India, the government has created the slab system to make the methods of collecting income tax easier and fairer. This means that with the increase in the salary of the taxpayer, the tax rates also keep increasing. Changes are made in this tax system or slab every year in the budget.
Currently, income tax falls under three categories of “individual” taxpayers, namely residents and non-residents below 60 years of age, senior citizens resident between 60 to 80 years of age, and super senior citizens resident above 80 years of age.
The income tax rates in India for the financial year (FY) 2023-24 and assessment year (AY) 2024-25 are as follows:-
Old Regime
Individual (below 60 years):
- No tax up to Rs 2,50,000
- 5% tax on income from Rs 2,50,001 to Rs 3,00,000
- 20% tax on income between Rs 3,00,001 to Rs 5,00,000
- 30% tax on income above Rs 5,00,000
Resident Senior Citizen (60 years to 80 years):
- No tax up to Rs 2,50,000
- 5% tax on income from Rs 2,50,001 to Rs 3,00,000
- 20% tax on income between Rs 3,00,001 to Rs 5,00,000
- 30% tax on income above Rs 5,00,000
Resident Super Senior Citizen (80 years and above):
- No tax up to Rs 2,50,000
- No tax on income from Rs 2,50,001 to Rs 5,00,000
- 30% tax on income above Rs 5,00,000
New Regime
- No tax up to Rs 3,00,000
- 5% tax on income between Rs 3,00,001 to Rs 6,00,000 (with tax exemption under section 87A)
- 10% tax on income between 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 from Rs 9,00,001 to Rs 12,00,000
- 20% tax on income from Rs 12,00,001 to Rs 15,00,000
- 30% tax on income above Rs 15,00,000
Now we tell you how to file ITR online. Filing income tax return has now become very easy. Long queues and countless hassles to meet tax-filing deadlines are gone. Now people can also file their income tax online, which is also called e-filing.
File your income tax return online by following the steps given below:
log in
- Visit the official Income Tax e-filing website and log in and click ‘LoginClick on ‘.
- Enter your PAN in the User ID section and ‘ContinueClick on ‘.
- Now enter your password and once again ‘ContinueClick on ‘.
Start the return filing process
- Now ‘File Income Tax ReturnGo to option.
- Here ‘e-fileClick on ‘ and then ‘Income Tax ReturnsGo to ‘.
- Now ‘File Income Tax ReturnClick on ‘.
- After this your right’Assessment YearSelect ‘. If you are filing tax return for financial year (FY) 2023-2024, ‘AY 2024-25Select ‘.
- Now to choose the filing mode ‘Online‘Select.
- Here you’llStatus‘ has to be selected, which includes Individual, HUF or Others. Most of the employed people choose ‘Individual’.
- Now according to your income’ITR TypeSelect ‘.
- Here you have to choose a reason for filing ITR, which means why you are filing the tax return.
- Now verify all your details visible on the screen thoroughly and ensure that no information is wrong.
- After checking all the details’Submit‘Do it.
After filing your tax return, you can verify your return within the time limit of 30 days. For this, online options like Aadhaar OTP, EVC, Net Banking as well as offline options like sending ITR-V physical copy to CPC, Bengaluru are available.
