The most important source of revenue for the Indian government is the income tax. It has been created in order to collect revenue for the country's growth and defence needs. Taxes on income, purchases, sales, and property assist the government in operating various government organizations and machinery. The first Income Tax Act was passed in India in 1860. In India, the Income Tax Act of 1961 is now in effect. This guide explains everything that a taxpayer must know about income tax in detail, such as what is income tax, how to file income tax, types of income, income tax login, etc. Read on to delve into learning everything about income taxes so that you can plan your tax saving more efficiently for AY 2023-24.
Individuals and corporations pay income tax, which is a sort of direct tax levied by the government on their earnings over the course of a year. It is determined using the tax slabs established by the Income Tax Department.
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In the following conditions, one must file the Income Tax Return and pay taxes if leviable.
Once the income is categorized under specific income heads, the gross taxable income is evaluated. Taxpayers can avail of tax exemptions and standard deductions (wherever applicable) on the taxable income for a financial year. In other words, the net taxable income is, then, subject to the calculation of tax liability. There are income tax slabs that specify the tax payable on the net taxable income. In India, income tax is charged on a progressive basis meaning as the income increases, so does the tax liability. Hope you’ve understood what is income tax. Next, read on how to file income tax, & income tax login.
The income tax slab rates can be changed by the Government of India if felt necessary. Currently, the income tax slab rates are as follows –
Income Tax Slab Rates for FY 2020-21 (AY 2021-22), FY 2021-22 (AY 2022-23) & FY 2022-23 (AY 2023-24
If Person is Resident Individual or HUF: -
| Income of the assessee | Rate of Tax under Existing Regime for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) | New Regime Slab Rates for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) | ||
|---|---|---|---|---|
| Individuals with age less than 60 years or HUF | Individuals with age 60 years or more but less than 80 years | Individuals with age 80 years or more | Applicable for All Individuals or HUF | |
| Rs 0.0 to Rs 2.5 Lakhs | NIL | NIL | NIL | NIL |
| Rs 2,50,001 to Rs 3.00 Lakhs | 5% (tax rebate u/s 87A is available) | NIL | NIL | 5% (tax rebate u/s 87a is available) |
| Rs. 3,00,001 to Rs 5.00 Lakhs | 5% (tax rebate u/s 87A is available) | NIL | ||
| Rs. 5,00,001 to Rs 7.5 Lakhs | 20% | 20% | 20% | 10% |
| Rs 7,50,001 to Rs 10.00 Lakhs | 20% | 20% | 20% | 15% |
| Rs 10,00,001 to Rs. 12.50 Lakhs | 30% | 30% | 30% | 20% |
| Rs. 12,50,001 to Rs. 15.00 Lakhs | 30% | 30% | 30% | 25% |
| Exceeding Rs. 15 Lakhs | 30% | 30% | 30% | 30% |
Note:
1. In Addition to basic Income Tax as discussed above, the followings are also to be taken care of:-
- Surcharge: Surcharge is levied on the amount of income tax at the following rates if the taxable income of an assessee exceeds specified limits:-
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | More Than 5 Crores |
| 10% | 15% | 25% | 37% |
- Health & Education Cess @4%
- Rebate u/s 87A (no tax will be payable on total income up to Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like sections 80C, 80D, 80TTB, HRA, etc. are available in the OLD tax regime but will not be available under the new tax regime. Know it all before filing your ITR.
Income tax slab for individuals aged up to 60 years (Applicable for FY 2021-22)
| Income bracket | Tax payable |
|---|---|
| Up to INR 250,000 | Nil |
| INR 250,001 to INR 500,000 | 5% of income exceeding INR 250,000 |
| INR 500,001 to INR 10,00,000 | INR 12,500 + 20% of the income exceeding INR 500,000 |
| INR 10,00,001 and above | INR 112,500 + 30% of the income exceeding INR 10,00,000 |
For senior citizens and very senior citizens, the tax slabs are different. They are as follows –Income tax slab for senior citizens (Applicable for FY 2021-22)
| Income bracket | Tax payable |
|---|---|
| Up to INR 300,000 | Nil |
| INR 300,001 to INR 500,000 | 5% of income exceeding INR 300,000 |
| INR 500,001 to INR 10,00,000 | INR 10,000 + 20% of the income exceeding INR 500,000 |
| INR 10,00,001 and above | INR 110,000 + 30% of the income exceeding INR 10,00,000 |
Income tax slab for very senior citizens aged 80 years and above (Applicable for FY 2021-22)
| Income bracket | Tax payable |
|---|---|
| Up to INR 500,000 | Nil |
| INR 500,001 to INR 10,00,000 | 20% of the income exceeding INR 500,000 |
| INR 10,00,001 and above | INR 100,000 + 30% of the income exceeding INR 10,00,000 |
Income Tax Slabs Under New Regime
| Tax Slab(₹) | New Tax Rates |
|---|---|
| 0 – 2,50,000 | 0% |
| 2,50,000 – 5,00,000 | 5% |
| 5,00,000 – 7,50,000 | 10% |
| 7,50,000 – 10,00,000 | 15% |
| 10,00,000 – 12,50,000 | 20% |
| 12,50,000 – 15,00,000 | 25% |
| 15,00,000 & above | 30% |
If Person is Resident Individual or HUF: -
| Income of the assesse | Rate of Tax under Existing Regime for FY 2022-23 (or AY 2023-24) | New Regime Slab Rates for FY 2022-23, (i.e, AY 2023-24) | ||
|---|---|---|---|---|
| Individuals with ages less than 60 years or HUF | Individuals with age 60years or more but less than 80 years | Individuals with age 80 years or more | Applicable for All Individuals or HUF | |
| Rs 0.0 to Rs 2.5 Lakhs | NIL | NIL | NIL | NIL |
| Rs 2,50,001 to Rs 3.00 Lakhs | 5% (tax rebate u/s 87a is available) | NIL | NIL | 5% (tax rebate u/s 87a is available) |
| Rs. 3,00,001 to Rs 5.00 Lakhs | 5% (tax rebate u/s 87a is available) | NIL | ||
| Rs. 5,00,001 to Rs 7.5 Lakhs | 20% | 20% | 20% | 10% |
| Rs 7,50,001 to Rs 10.00 Lakhs | 20% | 20% | 20% | 15% |
| Rs 10,00,001 to Rs. 12.50 Lakhs | 30% | 30% | 30% | 20% |
| Rs. 12,50,001 to Rs. 15.00 Lakhs | 30% | 30% | 30% | 25% |
| Exceeding Rs. 15 Lakhs | 30% | 30% | 30% | 30% |
Note:
1. In Addition to basic Income Tax as discussed above, the followings are also to be taken care of:-
- Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:-
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | More Than 5 Crores |
| 10% | 15% | 25% | 37% |
- Health & Education Cess @4%
- Rebate u/s 87A (no tax will be payable on total income up to Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like sections 80C, 80D, 80TTB, HRA, etc. are available in the OLD tax regime but will not be available under the new tax regime. Know it all before any income tax login.
The calculation of tax liability in advance and paying the taxes to the government before the actual filing date is called advance tax. There are specified deadlines for the advance tax payments, which are listed below:
| Due Date | Advance Tax Payable |
|---|---|
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
If Person is Resident Individual or HUF: -
| Income of the assesse | Rate of Tax under Existing Regime for FY 22-23, 21-22, and 20-21 (i.e, AY 23-24, 22-23 & 21-22) | New Regime Slab Rates for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23, & 21-22) | ||
|---|---|---|---|---|
| Individuals with ages less than 60 years or HUF | Individuals with age 60years or more but less than 80 years | Individuals with age 80 years or more | Applicable for All Individuals or HUF | |
| Rs 0.0 to Rs 2.5 Lakhs | NIL | NIL | NIL | NIL |
| Rs 2,50,001 to Rs 3.00 Lakhs | 5% (tax rebate u/s 87a is available) | NIL | NIL | 5% (tax rebate u/s 87a is available) |
| Rs. 3,00,001 to Rs 5.00 Lakhs | 5% (tax rebate u/s 87a is available) | NIL | ||
| Rs. 5,00,001 to Rs 7.5 Lakhs | 20% | 20% | 20% | 10% |
| Rs 7,50,001 to Rs 10.00 Lakhs | 20% | 20% | 20% | 15% |
| Rs 10,00,001 to Rs. 12.50 Lakhs | 30% | 30% | 30% | 20% |
| Rs. 12,50,001 to Rs. 15.00 Lakhs | 30% | 30% | 30% | 25% |
| Exceeding Rs. 15 Lakhs | 30% | 30% | 30% | 30% |
Note:
1. In Addition to basic Income Tax as discussed above, the followings are also to be taken care of:-
- Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:-
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | More Than 5 Crores |
| 10% | 15% | 25% | 37% |
- Health & Education Cess @4%
- Rebate u/s 87A (no tax will be payable on total income up to Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like sections 80C, 80D, 80TTB, HRA, etc. are available in the OLD tax regime but will not be available under the new tax regime. Learn it all before any income tax login.
If Person is Non-Resident Individual: -
| Income of the assessee | Rate of Tax under Existing Regime for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) | New Regime Slab Rates for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) |
|---|---|---|
| Rs 0.0 to Rs 2.5 Lakhs | NIL | NIL |
| Rs 2,50,001 to Rs 5.00 Lakhs | 5% | 5% |
| Rs. 5,00,001 to Rs 7.5 Lakhs | 20% | 10% |
| Rs 7,50,001 to Rs 10.00 Lakhs | 20% | 15% |
| Rs 10,00,001 to Rs. 12.50 Lakhs | 30% | 20% |
| Rs. 12,50,001 to Rs. 15.00 Lakhs | 30% | 25% |
| Exceeding Rs. 15 Lakhs | 30% | 30% |
| Note: Surcharge & cess also applicable here as in case of resident. | ||
If Person is AOP/BOI/Artificial Judicial Person: -
| Income of the assessee | Rate of Tax under Existing Regime for FY 22-23 (i.e, AY 23-24) |
|---|---|
| Rs 0.0 to Rs 2.5 Lakhs | NIL |
| Rs 2,50,001 to Rs 5.00 Lakhs | 5% |
| Rs. 5,00,001 to Rs 10.00 Lakhs | 20% |
| Above 10.00 Lakhs | 30% |
In case of a Domestic Company: -
| Domestic Company | NORMAL TAX RATE | |
|---|---|---|
| Assessment Year 2022-23 | Assessment Year 2023-24 | |
| Where its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crores | 25% | NA |
| Where its total turnover or gross receipt during the previous year 2019-20 does not exceed Rs. 400 crore | NA | 25% |
| Any other domestic company | 30% | 30% |
Also, the Government introduced special tax rates for domestic companies under various sections, these can be summarized as:-
| Domestic Company | SPECIAL TAX RATES | |
|---|---|---|
| Assessment Year 2022-23 | Assessment Year 2023-24 | |
| Where it opted for section 115BA | 25% | 25% |
| Where it opted for Section 115BAA | 22% | 22% |
| Where it opted for Section 115BAB | 15% | 15% |
Note:
1. In Addition to basic Income Tax as discussed above, Followings are also to be taken care of:-
- Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-
| Rs. 1 Crore to 10 Crores | Above Rs. 10 Crore |
| 7% | 12% |
- The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of the amount of total income.
Health & Education Cess @4%
2. MAT Provisions as per section 115JB would also be applicable while calculating tax payable.
The domestic company that has opted for a special taxation regime under Section 115BAA & 115BAB is exempted from a provision of MAT. However, no exemption is available in cases where section 115BA has opted.
If Person is Foreign Company: -
| Nature of Income | Tax Rate |
|---|---|
| Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29 1964, but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
| Any other income | 40% |
Note:
1. In Addition to basic Income Tax as discussed above, Followings are also to be taken care of:-
- Surcharge: Surcharge is levied on the amount of the income tax at the following rates if total income of an assessee exceeds specified limits:-
| Rs. 1 Crore to 10 Crores | Above Rs. 10 Crore |
| 2% | 5% |
- Health & Education Cess @4%
2. MAT Provisions as per section 115JB would also be applicable while calculating tax payable.
An Income Tax Return is a form that is used to submit information about your income and tax to, the Income Tax Department of India. Using this form, taxpayers who have a PAN can declare their source of income under various heads. ITR-form pertains to the financial information for a particular financial year.
Note: A financial year starts on April 1 and ends on March 31. Every PAN cardholder must file ITR for a financial year.
The Challan 280 or ITNS 280 is a receipt that is used to pay Income tax. Here is the full guide, stating how to pay income tax online using challan 280.
Click here to download Income Tax Return – verification acknowledgement.
The taxable income computation and tax leviable on that income for employees, self-employed individuals, retirees, gig workers, and independent contractors is known as income tax calculation.
Income Tax Calculators are a convenient way to compute payable Income Tax. These are online tools easily available on the internet. In India, so many financial institutions bring their top-notch online income tax calculators for people living in India. These tools help taxpayers to enumerate their net taxable income as per the latest Union Budget projected.
Tax2win’s Income Tax Calculator is an easy-to-use online tool that evaluates income tax for FY 2022-23 with a lot of precision. In addition, it considers all tax benefits and standard deductions applicable to tax calculations.
Put a glance at the step-by-step process to use a one-stop Tax Solution, Tax2win’s Income Tax Calculator, below:
A number of documents are required to file your income tax such as PAN Card, Form-16, Bank Account Details, AADHAAR card, 26 AS and AIS/TIS etc. You can read a detailed guide here.
e-File Returns
The taxpayer must file his or her income tax return online using the IT department's e-filing portal. The taxpayer must first register on the government portal to file an income tax return. The taxpayer can then access the website and file his ITR. In addition, there is no need to manually send th acknowledgment of return (ITR V) to the Bangalore office. The income tax department now offers e-verification of ITRs in a variety of methods.
ITR-V
Document ITR-V is an income tax return verification form that is created after a taxpayer files and submits an income tax return to the Income Tax Department. So enable your income tax login, take in what is income tax, study how to file income tax, and likewise processes. The ITR-V must be e-verified or delivered to CPC Bangalore for verification at "Income Tax Department – CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560500, Karnataka." Only once the ITR has been verified will it be processed.
It is a certificate or acknowledgment (issued under Section 203 of the income tax TDS (tax deducted at source) of the Income-tax Act, 1961, for salaried individuals.
The Income Tax Department prescribes this form for provisional registration of a trust, NPOs, NGOs, or any charitable institution or religious foundation under section 12A(1)(aa).
It is a self-declaration form for individuals with an age
It is a self-declaration form for individuals with age >= 60 years to claim certain receipts without any Tax deduction under sub-section (1C) of section 197A.
Annual Tax Statement stating a taxpayer’s TDS/TCS details from various sources under section 203AA.
Add details regarding AIS and TIS
The individual taxpayer can check ITR Status online using the official website of the Income Tax Department. Register users can use this service (pre-login and post-login):
This service allowed the users to view the details of ITRs filed:
Step by step guide:
(Pre-login)
Step 1: Go to the e-Filing portal homepage.
Step 2: Click Income Tax Return (ITR) Status.
Step 3: On the Income Tax Return (ITR) Status page, enter your acknowledgement number and a valid mobile number and click Continue.
Step 4: Enter the 6-digit OTP received on your mobile number entered in and click Submit.
On successful validation, you will be able to view the ITR status
(Post-login)
Step 1: Log in to the e-Filing portal using your valid user ID and password.
Step 2: Click e-File > Income Tax Returns > View Filed Returns.
Step 3: On the View Filed Returns page, you will be able to view all the returns filed by you. You will be able to download the ITR-V Acknowledgement, uploaded JSON (from the offline utility), complete ITR form in PDF, and intimation order (by using the options on the right-hand side).
Click View Details to view the life cycle of the return and action items related to it (e.g., returns pending for e-Verification).
Due Date to file ITR for FY 2022-23
The last date to file an income tax return without penalty or late fee for AY 2023-24 (FY 2022-23) is 31st July, 2023.
April of 2023
| Due Date | Types of Compliance |
|---|---|
| April 7 | To deposit tax deducted for March 2023 by a Government office. |
| April 14 | For issuing of TDS Certificate under sections 194-IA, 194-IB, and 194M for tax deducted in February 2023 |
| April 30 | Furnishing of Form 24G by an office of the Government where TDS/TCS for March 2023 has been paid without the production of a Challan TDS Challan-cum-statement in March 2023, for Section 194IA, 194IB, and 194-M - Filling Form 15G or Form 15H for claiming certain receipts (without any deduction of tax) Due date for depositing the tax deducted in the month of March, 2023 by the assessee other than a government office. |
May of 2023
| Due Date | Types of Compliance |
|---|---|
| May 7 | For deposit deducted TDS and TCS amount for month of April, 2023 |
| May 15 | Issuing of TDS certificates under sections 194-IA, 194-IB, and 194M for Tax deducted in March of 2023 Furnishing statements by a stock exchange using Form no. 3BB for April 2023 Quarterly TCS return for quarter ending March 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for April 2023 has been paid without the production of a Challan Due date to deposit in PF/ ESI for April 2023 |
| May 30 | Furnishing TDS challan-cum-statement u/s 194IA, 194IB, & 194M - Issue of Quarterly TCS Certificates for the 4th quarter |
| May 31 | Furnishing Quarterly statement of TDS deposited for quarter ending -31st March 2023 Application for Allotment of PAN |
June of 2023
| Due Date | Types of Compliance |
|---|---|
| June 7 | For deposit deducted TDS and TCS amount for month of May, 2023 |
| June 14 | Issuing TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in April of 2023 |
| June 15 | Furnishing of Form 24G by an office of the Government where TDS/TCS for May 2023 has been paid without the production of a Challan - Due date of issuing Form 16 to the employees in respect of salary paid and tax deducted during Financial Year 2022-23 Advance tax 1st installment for FY 2023-24 Issue Quarterly TDS certificates for the quarter ending March, 2022 Due date to deposit in PF/ ESI for May 2023 |
| June 30 | Furnishing TDS challan-cum-statement u/s 194IA, 194IB, & 194M |
| Due Date | Types of Compliance |
|---|---|
| July 7 | For deposit deducted TDS and TCS amount for month of June, 2023 |
| July 15 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in May of 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for June 2023 has been paid without the production of a Challan Quarterly TCS return for quarter ending June 2023 Deposit in PF/ ESI for June 2023 |
| July 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in June 2023 Issuing TCS certificates for quarter ending June 2023 |
| July 31 | Due date of furnishing TDS statement for quarter ending June 2023 Due date of filing the ITR -Non Audit assessees |
August of 2023
| Due Date | Types of Compliance |
|---|---|
| August 7 | For deposit deducted TDS and TCS amount for month of July, 2023 |
| August 14 | Issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in June 2023 |
| August 15 | Furnishing of Form 24G by an office of the Government where TDS/TCS for July 2023 has been paid without the production of a Challan Issuing Quarterly TDS certificates for quarter ending June 30th |
| August 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in July 2023 |
September of 2023
| Due Date | Types of Compliance |
|---|---|
| September 7 | For deposit deducted TDS and TCS amount for month of August, 2023 |
| September 14 | Issue of TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in July 2023 |
| September 15 | Advance tax 2nd installment for FY 2023-24 Furnishing of Form 24G by an office of the Government where TDS/TCS for August 2023 has been paid without the production of a Challan Deposit in PF/ ESI for August 2023 |
| September 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in August 2023 Due date of filing audit report under section 44AB of the Income Tax Act, 1961 for FY 2022-23 |
October of 2023
| Due Date | Types of Compliance |
|---|---|
| October 7 | For deposit deducted TDS and TCS amount for month of September, 2023 |
| October 15 | Issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in August 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for September 2023 has been paid without the production of a Challan Quarterly TCS return for quarter ending September 2023 Deposit in PF/ ESI for September 2023 |
| October 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in September 2023 Issuing TCS certificates for quarter ending September 2023 |
| October 31 | Quarterly TDS return for July to September 2023 (Salary and non-salary) Submit audit copy for avail of deduction as per section 35(2AB) Intimation in Form 10BBB, Form II (Sovereign Wealth Fund) Due date of filing the ITR of Audited and corporate assessees. Due date of furnishing the audit report of the assessee on whom transfer pricing is applicable |
November of 2023
| Due Date | Types of Compliance |
|---|---|
| November 7 | For deposit deducted TDS and TCS amount for month of October, 2023 |
| November 14 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in September 2023 |
| November 15 | Due date to deposit in PF/ ESI for October 2023 Issue Quarterly TDS certificate for quarter ending September 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for October 2023 has been paid without the production of a Challan |
| November 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in October 2023 Submit audit copy for avail of deduction as per section 35(2AB) TDS challan-cum-statement under section 194S in October, 2023 Due date of furnishing return on the assessee on whom transfer pricing is applicable |
December of 2023
| Due Date | Types of Compliance |
|---|---|
| December 7 | For deposit deducted TDS and TCS amount for month of November, 2023 |
| December 15 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in October 2023 Deposit in PF/ ESI for November 2023 Advance tax 3rd installment for FY 2023-24 Furnishing of Form 24G by an office of the Government where TDS/TCS for November 2023 has been paid without the production of a Challan |
| December 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in November 2023 |
| December 31 | Filing of Belated/revised return for AY 2023-24 |
January of 2024
| Due Date | Types of Compliance |
|---|---|
| January 7 | For deposit deducted TDS and TCS amount for month of December, 2023 |
| January 14 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in November 2023 |
| January 15 | Deposit in PF/ ESI for December 2023 Quarterly TCS return for quarter ending December 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for December 2023 has been paid without the production of a Challan Deposit in PF/ ESI for December 2023 |
| January 30 | Challan-cum-statement u/s 194IA, 194IB, and 194M for tax deducted in December 2023 Issue TCS certificates for quarter ending December 2023 |
| January 31 | Due date of furnishing TDS statement for the quarter ending December 2023 |
February of 2024
| Due Date | Types of Compliance |
|---|---|
| February 7 | For deposit deducted TDS and TCS amount for month of January, 2024 |
| February 14 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in December 2023 |
| February 15 | Deposit in PF/ ESI for January 2024 Quarterly TDS certificates for quarter ending December 2023 Furnishing of Form 24G by an office of the Government where TDS/TCS for January 2024 has been paid without the production of a Challan |
March of 2024
| March 1 | Furnishing TDS challan-cum-statement u/s 194IA, 194IB, & 194M for January 2024 |
| March 7 | For deposit deducted TDS and TCS amount for month of February, 2024 |
| March 15 | Advance tax 4th installment for FY 2023-24 Deposit in PF/ ESI for February 2024 Furnishing of Form 24G by an office of the Government where TDS/TCS for February 2024 has been paid without the production of a Challan |
| March 16 | To issue TDS certificates under sections 194-IA, 194-IB, and 194M for tax deducted in January 2024 |
| March 30 | Furnishing TDS challan-cum-statement u/s 194IA, 194IB, & 194M for February 2024 |
| March 31 | Due date of filing updated return of FY 2020-21 |
The e-filing of Income Tax Returns requires digital payment transactions after completing the KYC norms. Read the full guide - Self Assessment Income Tax: Payment & Computation of Self Assessment Tax to learn about Income Tax Payment Details.
The Income Tax Department is a government body that takes care of direct tax collection from taxpayers of India. It functions under the Ministry of Finance for revenue generation. CBDT or Central Board of Direct Taxes is an apex body that heads the Income Tax Department.
In addition, this government body enforces several other economic laws, for example, the Income Tax Act of 1961, the Black Money Act of 2015, and the Benami Transaction Act of 1988.
The Income Tax Department brought The Income-tax Act in the year 1961. This act is the charging statute for ITD. It serves for levy, collection, administration, and recovery of Income Tax in India. The Indian government introduces essential amendments to the Income Tax Act every year in the month of February. This year, Hon’ble Union Finance Minister, Ms. Nirmala Sitharaman will present the amendments in the Union Budget 2023 at the parliament of India on 1st February 2023.
As per Income-tax Act, Taxpayers, residents and non-residents declare the income annually to the Income Tax Department under five heads of income, i. e., (i) Salary, (ii) House Property, (iii) Business or Profession, (iv) Capital Gains and (v) Other Sources. Total gross income for a financial year is computed under these heads.
The Income Tax Department has introduced seven ITR forms for filing an income tax return for AY 2023-24 . The applicability of these forms rests on the taxpayer’s personal and financial details, for example: what is the source of Income, in which category the taxpayer lies, how much he earns in a year, and likewise.
Know more about these forms below:
Form: ITR-1 or Sahaj
It is a return form for resident individuals having total income upto 50 lakhs and who match any of the following:
Form: ITR-2
This form applies to HUFs and individuals who won’t generate Income under the “Profits and Gains of Business or Profession” head. Plus, for individuals who are not eligible to file the Sahaj Form.
Form: ITR-3
This form applies to HUFs and individuals who earn Income under the “Profits and Gains of Business or Profession” head. Plus, for individuals who are not eligible to use Form: ITR-1, ITR-2 & ITR-4.
Form: ITR-4 or Sugam
This form is applicable for HUFs, individuals, and Firms (excluding limited liability partnerships) generating Income >= ₹ 50 Lakhs from other sources like Interest, Dividend, Family Pension, etc., or any other businesses and professions lying computed under sections 44AD, 44ADA, or 44AE of the Income Tax Act, 1961.
It’s not applicable for an individual or HUF who owns any foreign asset, is either Director in an organization or has invested into unlisted equity shares, or has an agricultural Income of more than ₹ 5000.
Form: ITR-5
This form is applicable for an alternative corporate business- LLP.
Form: ITR-6
This form applies to registered companies not claiming exemption under Section 11 of the Income Tax Act of India.
Form: ITR-7
This form is applicable for furnishing the return of individuals and companies under sections 139(4A) or 139(4C) or 139(4B), or 139(4D) only.