Income tax filing
An Overview
Income Tax Return filing is mandatory for every individual and businesses as per Income Tax Department rules and guidelines.
Income Tax regime generally changes every year depending on budget presented by ministry of finance every year.
For example, Government of India introduced a New Tax Regime in FY20-21 for individuals, however, have given a choice to an individual to chose whether they would like to opt for New Tax Regime or retain Old Tax Regime
| Slabs (income per annum) | Old Tax Regime | New Tax Regime |
| Upto 2.5 lakhs | NIL | NIL |
| 2.5-5 lakh | 5% | 5% |
| 5-7.5 lakh | 20% | 10% |
| 7.5-10 lakh | 20% | 15% |
| 10-12.5 lakh | 30% | 20% |
| 12.5-15 lakh | 30% | 25% |
| Above 15 lakh | 30% | 30% |
New Tax Regime: New Tax Regime looks good at lower tax rates upto 15 lakhs income per annum, however, this comes at a cost of giving away many tax saving investments and deductions under Sec 80 and Sec 10.
For details on the tax regimes, please click here
So, individuals need to be careful while choosing tax regimes, certainly old tax regime seems better for high income individuals and business
STARTR can help you file the Income Tax returns hassle free at very affordable fee starting at Rs. 299*
*for salaried individuals whose salary is Upto 5 lakhs