3. INTRODUCTION
❑ Income Tax is imposed on anybody who earns income in India, whether they are resident or non-resident.
❑ Every individual person, HUF (Hindu Undivided Family),AOP (Association of Persons), BOI (Body of
Individuals), corporate firms, companies, local authorities and all other artificial juridical persons who/which
have earned income are required to pay Income tax in India.
❑ It is charged on the Total Income of a PreviousYear at the rates prescribed for the AssessmentYear.
❑ Those whose Income cross limit of 2,50,000 want to compulsory file Income Tax Return.
❑ Assessment Year: It is the period of 12 months commencing on April 1, every year. Simply, the year in which
income is charged to tax is known as Assessment year.
❑ Previous Year: It is the financial year immediately preceding the assessment year. Simply, the year in which
Income is earned in known as PreviousYear.
4. INCOME
As per [ Section 2(24)], Income includes :
▪ Profits or gains of business or profession.
▪ Dividend.
▪ Voluntary Contribution received by a Charitable / ReligiousTrust or University / Education Institution Or Hospital.
▪ Export Incentives, Like Duty Drawback, Cash Compensatory Support, Sale of licenses etc.
▪ Interest, salary, bonus, commission or remuneration earned by a partner by a partner of a Firm from such Firm.
▪ Capital Gains chargeable u/s 45.
▪ Deemed income u/s 41or 59.
▪ Winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or
from gambling or betting of any form or nature whatsoever.
5. INCOME TAX SLAB RATES FY 2021-22
• Surcharge
• 10% of income tax where total income exceeds Rs. 50,00,000
• 15% of income tax where total income exceeds Rs. 1,00,00,000
• 25% of income tax where total income exceeds Rs. 2,00,00,000
• 37% of income tax where total income exceeds Rs. 5,00,00,000
Income Slab (in Rs.) IncomeTax Rate
Up to 2,50,000 NIL
2,50,000- 5,00,000 5% of the amount exceeding Rs. 2,50,000
5,00,000- 10,00,000 20% of amount exceeding 5,00,000 + Rs. 12,500
1,000,000 & Above 30% of amount exceeding 1,000,000 + Rs. 1,12,500
6. INCOME TAX DEDUCTION
SECTION DEDUCTIONS
80C Life Insurance Premium, Contribution to PF, Subscription to certain equity shares or debentures
etc.
80CCD Contribution to Pension Scheme of CG
80CCC Contribution to certain Pension Fund
80CCG Investment made under equity saving scheme.
80D Medical Insurance Premium.
80DD Maintenance including medical treatment of dependent who is person with disability.
80DDB MedicalTreatment.
80U In case of person with disability.
80E Interest on loan taken for higher studies.
80EE Interest on loan taken from residential house property.
80GGA Certain donations for scientific research or research or rural development.
7. DEDUCTION
SECTION DEDUCTION
80GGA Certain donation for scientific research or rural development
80GGB Contribution given by companies to political parties or electoral trust.
80GGGC Contribution given by any person to political parties or electoral trust.
80JJAA Employment of new workmen.
80LA Certain incomes of offshore banking unit & International Financial Services centre.
80QQB Royalty Income etc of authors for certain book other than text books.
80RRB Royalty on Patents.
80TTA Interest on Deposits in Saving Accounts.
8. INCOME TAX ONLINE
SERVICES
➢Income tax department of India must know that you have paid correct tax.To find out
this, you e-file income tax return online.
➢e filing income tax return is an easy method rather than the manual income tax filing.
➢To avoid the penalty for late filing every taxpayer of India must file the income tax return
on or before IncomeTax due date.
9. INCOME TAX E-FILING
❑Step by step process to E-file income tax return on online.
➢Go to the IncomeTax e-Filing portal, https://www.incometax.gov.in/iec/foportal/
➢Login to e-Filing portal by entering user ID (PAN), Password and click 'Login’.
➢Navigate to e-file and click on ‘IncomeTax Return.’
➢From the drop-down menu, choose the ITR form number and AY.You have to select
“Original/Revised Return’ as the filing type, and ‘Prepare and Submit Online’ as the
submission mode.
➢Click on ‘Continue.’ Fill in the essential details demanded in that ITR form
10. ➢ Calculate the payable tax.
➢ Fill in the essential details demanded in that ITR form.
➢ Next, select ‘Preview and Submit.’
➢ Complete the verification process either by Aadhaar OTP, electronic
verification code (EVC) through details of bank account, bank ATM, details of
Dement account, or by dispatching a filled ITR-5 (either speed post or normal)
to the IT Department.
➢ For final submission, type OTP/EVC sent to your registered mobile number
within its validity period and follow such instructions to submit.
➢ After verification done download Acknowledgement.
