Income Tax Return gives you a complete picture of your total income earned during a year and taxes paid on it. Those who earn or get an income in India are subject to file an income tax return on or before 31st August of the financial year. Generally, most of us have a question that is it compulsory to file an income tax return below 2.5 lakhs. The answer is No. Let’s see the exemption and tax slabs in detail.

For individuals aged above 60 years but less than 80 years, the exemption limit is Rs. 3 lakh. For individuals whose age is above 80 years, the exemption limit is Rs. 5 lakh. For these people, if the date is extended or not, it does not mean. The income might be at any source as follows:

As we know, it is compulsory to file income tax returns except for the super senior citizens i.e 80 and above 80 years. The following information will provide you for the income tax slab under 60 years:

Income Tax Return filing

To file ITR, one must be enrolled on the e-filing website of the income tax department. For filing the income tax return online, there are specific methods to fill from the website. After completing the form from the e-filing, follow the below 10 steps for ITR filing:

1.  Collect the required documents- such as TDS (Tax Deducted at Source), capital gains statements. The documents such as Form 16, salary slips, and interest certificates. These documents will help you compute your gross taxable income and will provide you with the details of the TDS from your income.
2. Download and analyze Form 26AS- It is your tax passbook which consists of all the details of the tax that has been deducted from your income and deposited against your PAN.
3. Rectify the errors in Form 26AS- If the amounts shown in the TDS certificates and Form 26AS do not match, then you must discuss with your deductor to get the errors rectified. The deductor can be your employer, bank or others and ask him to change the details.
4. Compute total income for the financial year- Total income is computed by adding incomes from five different heads and claiming all the relevant deductions allowed under the Income Tax Act and setting off losses if any.
5. Compute your tax liability- You have to calculate your tax liability by applying the tax rates as per your income slab.
6. Calculate final tax payable, if any- Once the above step is completed, deduct the taxes that have been already paid by you through TDS, TCS and Advance Tax during the year.
7. File income tax return– File ITR after all taxes are paid. While filing your ITR make sure that you are using the correct ITR form to file it.
8. Verification of ITR- There are 6 ways to verify your ITR. Out of this, 5 are electronic systems and one is physical verification. You have 120 days to verify it. If you do not verify your ITR, then it will be deemed as you have not filed ITR.
9. E- verification acknowledgement- You will be receiving an electronic method confirmation from the tax department regarding verification of your ITR.
10. IT department will process the return after verification- The income tax department will start processing your tax return. This is to assure you that all the details filled by you are correct as per the Income Tax Act.