ITR Filling in Jaipur

Personal ITR filling

Any individual earning an income above the minimum exempted amount is liable to pay income tax. The income can be earned from any source like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business, or professional income.

Income Tax Return is a form required to be filed with Income Tax Department. The format and applicability of these forms are defined by Income Tax Department. All forms have separate disclosure requirements according to the Incomes Reported.

Income tax rates are finalized in the Union Budget before the start of the financial year. From Assessment Year 2021-2022, the concept of new tax regime and old tax regime has also been introduced.

The government has given the option to choose between the new and old tax regimes to the taxpayers. The basic concept behind these regimes is that if you do not have investments etc to claim various deductions/exemptions under Sec.80 then you can opt for a new tax regime and pay taxes at lower rates.

Legal Window offers the best services for ITR filling in Jaipur

A person who chooses to opt for a new tax regime cannot claim the following deductions-

Certain allowances like LTA, HRA, allowances granted to meet expenses in the performance of duties of the office.

Deductions under salary like Standard Deduction, Entertainment allowance, and Professional tax.

Interest payable on borrowed capital for self-occupied property.

Standard Deduction in case of family pension.

Several deductions are available under Sec.80 like life insurance, health insurance premium, pension funds, provident fund, donations, etc.

The option to avail of the option can be taken while filing the Income Tax Return. Our Team will help you assess the beneficial option for you so that you can get maximum tax benefits.

This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the assessment year 2021-22 does not exceed Rs. 50 lakh and who has income under the following heads:-

(a) Income from Salary/ Pension; or

(b) Income from One House Property; or

(d) Agricultural Income (Up to INR 5,000)

A. Salary/Pension:

Salary refers to the remuneration/consideration that a person receives for the services that he/she renders under a contract of employment. For an amount to be considered salary, the existence of an employer-employee relationship is a must. As per the Income Tax Act, 1961, the following are included in salary income:

wages;
annuity or pension;
gratuity;
fees, commissions, perquisites, or profits instead of or in addition to any salary or wages;
advance of salary;
payment received by an employee in respect of any period of leave not availed of by him;
annual accretion to the balance at the credit of an employee participating in a recognized provident fund
aggregate of all sums that are comprised in the transferred balance in a recognized provident fund,
contribution made by the Central Government or Employer under a pension scheme referred to in section 80CCD;

B. One House Property

If the taxpayer is the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxable under the heading “Income from Business or Profession.”

C. Other sources

This includes Interest, dividend income but does not include income earned from winning lottery or racehorses

D. Agricultural Income

The agricultural income should not exceed INR 5,000)

Income Tax Rates for Individuals (AY 2021-22)

Income	Up to 60 years of age
Up to Rs 2.5 Lakhs	Nil
Rs 2.5 Lakhs – Rs 5 Lakhs	5%
Rs 5 Lakhs – Rs 10 Lakhs	20%
Above Rs 10 Lakhs	30%

Note: A resident individual having taxable income up to Rs 5,00,000 will get a tax rebate of Rs.12,500 or the amount of tax payable (whichever is lower)

Income	Between 60-80 years of age
Up to Rs 3.0 Lakhs	Nil
Rs 3.0 Lakhs – Rs 5 Lakhs	5%
Rs 5 Lakhs – Rs 10 Lakhs	20%
Above Rs 10 Lakhs	30%

Note: A resident individual having taxable income up to Rs 5,00,000 will get a tax rebate of Rs.12,500 or the amount of tax payable (whichever is lower)

Income	Above 80 years of age
Up to Rs 5 Lakhs	Nil
Rs 5 Lakhs – Rs 10 Lakhs	20%
Above Rs 10 Lakhs	30%

New Tax regime from AY 2021-22

An option to pay lower tax shall be available only if the Income is calculated without claiming the following exemptions and deductions:

Exemption & Deduction are not allowed exemption	Exemption & allowed
Leave Travel Allowance (LTA)	Transport Allowance in case of a specially-abled peruse house
House Rent Allowance (HRA)	Conveyance Allowance to meet the conveyance expenditure incurred as part of employment
Conveyance Allowance	Any compensation received to meet the cost of travel on tour children
Children Education Allowance	Deduction under 80CCD(2)
Standard Deduction on Salary	Deduction under section 80JJAA
Professional Tax
Interest on Housing Loan
Deduction under chapter VIA – 80C – Insurance premium etc 80D – Medical Insurance 80E – Education Loan

Special Rate under New Tax regime for Individuals & HUF (AY 2incorporate

incorporate	Rate of tax up
Up to Rs 2.5 Lakhs	Nil
Rs 2.5 Lakhs – Rs 5 Lakhs	5%
Rs 5 Lakhs – Rs 7.5 Lakhs	10%
Rs 7.5 Lakhs – Rs 10 Lakhs	15%
Rs 10 Lakhs – Rs 12.5 Lakhs	20%
Rs 12.5 Lakhs – Rs 15 Lakhs	25%
Above Rs 15 Lakhs	30%