Income Tax Return Filing Deadline To End In 15 Days: Here

Income Tax Return Filing Mandatory For These Individuals. Read Details

Category : Business

Author: Nob6 Team

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New Delhi: The deadline to file the Income Tax Returns (ITR) for the financial year 2021-22 (assessment year 2022-23) is just around the corner on July 31, 2022. The Income Tax (I-T) Department has recently removed several exemptions from the list of people who are mandatorily required to file their ITR, and people should check whether they are on the new list.Also Read – Income Tax Return Filing Deadline To End In 15 Days: Here’s How To File ITR Offline And Online

If the individual misses the deadline to file their ITR, it can lead them having to pay late charges. Criminal action can also be initiated against such individuals by the I-T Department. If you are a resident with individual income higher than the exemption limit set for the year, then you are required to file tax return. Also Read – Why Should Taxpayers Need to File Income Tax Returns Within Deadline? Check 5 Benefits

What Is The Exemption Limit?

For individuals filing the ITR under the new regime, then the exemption limit is Rs 2.5 lakh. Under the old regime, the I-T department provided the exemption limit upto Rs 2.5 lakh for those below the age of 60; Rs 3 lakh for those between the ages of 60 and 80 (senior citizens); and Rs 5 lakh for those above the age of 80 (super senior citizens). Also Read – ITR Filing: Lesser-Known Expenses That You Can Claim For Tax Exemption

Under the new regime, the I-T department has specified that individuals whose total TDS/TCS (tax deducted at source/tax collected at source) in the financial year are higher than Rs 25,000 and Rs 50,000 for senior citizens, also need to file their ITRs.

This is a change from earlier set of rules. Earlier senior citizens only needed to file ITR if they had any income from their business.

The mandatory filers list also include individuals who have deposited Rs 50 lakh or more in a single year in a savings bank account.

Income tax slabs under old income vs new income tax regime:

0 – 2,50,00000
2,50,000 – 5,00,00055
5,00,000 – 7,50,0002010
7,50,000 – 10,00,0002015
10,00,000 – 12,50,0003020
12,50,000 – 15,00,0003025
15,00,000 and Above3030

Exemptions and Deductions Not Available Under New Tax Regime:

  • Leave travel allowance (LTA)
  • House rent allowance (HRA)
  • Standard deduction of Rs 50,000 available to all salaried individuals and pensioners
  • Special deduction allowance under Rule 2BB (such as children education allowance, hostel allowance, transport allowance, per diem allowance, uniform allowance, among other)
  • Allowance for clubbing of income of minor
  • Exemption of SEZ under section 10 AA
  • Deduction for entertainment allowance and professional tax under Section 16
  • Tax benefit on interest paid on housing loan taken for a self-occupied or vacant house property which resulted in a loss from house property under Section 24
  • Various deductions under Sections 32AD, 33AB and 33ABA
  • Deductions for donation on or expenditure on scientific research under Section 35
  • Deduction under section 35AD or 35CCC
  • Deduction of Rs 15,000 allowed from family pension under clause (iia) of Section 57
  • Tax deduction claimed under chapter VI-A (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc.)It must be mentioned that deduction under sub-section (2) of section 80CCD (employer contribution on account of employee in notified pension scheme-mostly NPS) and section 80JJAA (for new employment) can still be claimed
  • Deductions under Section 80TTA or 80 TTB

Who Can Opt for Old Tax Regime and New Tax Regime?

Salaried individuals and pensioners can choose between the two regimes as per their convenience. However, taxpayers having business or professional income do not have the leeway to choose in every financial year. and have only one option to switch between the two regimes.

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income tax department, Income Tax Return, income tax return filing date, IT department, ITR

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