To file tax returns, taxpayers also need other important documents like Form 26AS, Tax Information Statement (TIS), Annual Information Statement (AIS), bank details and interest certificate along with Form 16. 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 pay tax online, if you want to know, let us first tell you some basics of tax. In India, the government has created a slab system to make the methods of collecting income tax easy and fair. 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 in every year’s budget.
Currently, Income Tax covers three categories of “individual” taxpayers, namely, resident and non-resident people below 60 years of age, resident senior citizens between 60 and 80 years of age, and resident super senior citizens above 80 years of age.
The income tax rates in India for Financial Year (FY) 2023-24 and Assessment Year (AY) 2024-25 are as follows:-
Old Regime
Individuals (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 from 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 from 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 from Rs 3,00,001 to Rs 6,00,000 (with tax exemption under section 87A)
- 10% tax on income from 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 returns has now become very easy. The long queues and countless hassles of meeting the tax-filing deadline have gone away. 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 on ‘LoginClick on ‘.
- Enter your PAN in the User ID section and click on ‘ContinueClick on ‘.
- Now enter your password and then ‘ContinueClick on ‘.
Start the return filing process
- Now ‘File Income Tax Return‘ Go to options.
- Here ‘e-FileClick on ‘ and then ‘Income Tax ReturnsGo to ‘.
- Now ‘File Income Tax ReturnClick on ‘.
- After this, your correct ‘Assessment YearSelect ‘. If you are filing tax return for Financial Year (FY) 2023-2024, then select ‘AY 2024-25Select ‘.
- Now click on ‘ to select the mode of filingOnlineSelect ‘.
- Here you will find the ‘Status‘, which includes Individual, HUF or Others. Most employed people choose ‘Individual’.
- Now according to your incomeITR TypeSelect ‘.
- Here you have to select a reason for filing ITR, which means why you are filing tax return.
- Now carefully verify all your details appearing on the screen and make sure that no information is incorrect.
- After checking all the detailsSubmit‘ do it.
After filing the tax return, you can verify your return within a 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.