financial services · Income Tax

E-filing of Income Tax Return

E - File income tax

E-Filing of Income Tax Return is an important task for the citizens of India. Here are some of the detailed information about the efiling Income Tax Return and who is required to file it.

Generally, there are two ways by which a taxpayer can file Income Tax Return, they can either file the Income Tax Return manually or electronically. The taxpayers who are 80 years or older can file their ITR manually, but the other taxpayers are supposed to e-file Income Tax Return.

Who is required to e-file Income Tax Return?

  • Anyone who has a taxable income in India, as per the tax slab for the Financial Year 2019-20
Income Slab Tax Rate
Income up to Rs.2.5 lakh* No Tax
Income from Rs.2.5 lakh – Rs.5 lakh No Tax
Income from Rs.5 lakh – Rs.10 lakh 20%
Income more than Rs.10 lakh 30%
Surcharge 10% of income tax, where total income is between Rs. 50 lakh and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.
Cess  4% on total of income tax + surcharge.
  • Anyone who has income from salary, house property etc.
  • Who wants to get tax refund from the Income Tax Department?
  • Anyone who has earning from or has invested in Foreign Assets
  • Wish to apply for Visa or loan application
  • Anyone who runs a company or a firm, irrespective of their profit and loss

For more details about ITR Filling Visit @ http://www.allindiaitr.com

 

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