Individual Income Tax Filing with OneCallTax

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Income Tax Compliance Requirements

Form NameDescriptionDue DatePenalty for Late Filing
ITR-1 (Sahaj)For salaried individuals with income up to ₹50 lakh31st July₹5,000 (₹1,000 if income below ₹5 lakh)
ITR-2For individuals with capital gains, house property, etc.31st July₹5,000 (₹1,000 if income below ₹5 lakh)
ITR-3For professionals and business owners31st July₹5,000
ITR-4 (Sugam)Presumptive income scheme31st July₹5,000
Form 16TDS Certificate from Employer15th JuneNA
Form 26ASTax Credit StatementThroughout the YearNA
Form AISAnnual Information StatementThroughout the YearNA

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Income Tax Rules for Each Income Type (AoA)

1. Income from Salary

  • Components: Basic Salary, HRA, Special Allowance, PF, Bonus
  • Deductions: Standard Deduction (₹50,000), HRA Exemption, Professional Tax
  • Tax-Saving Provisions:
  • Section 80C (₹1.5 lakh limit – PPF, EPF, LIC, etc.)
  • Section 80D (Health Insurance Premiums)
  • Section 10(14) (LTA Exemption)

2. Income from House Property

  • Components: Rental Income, Self-Occupied Property
  • Tax-Saving Strategies:
  • Deduction of 30% on Net Rental Income
  • Home Loan Interest Deduction (Section 24(b)) up to ₹2 lakh
  • Principal Repayment under Section 80C

3. Income from Capital Gains

  • Types: Short-Term Capital Gain (STCG), Long-Term Capital Gain (LTCG)
  • Tax-Saving Methods:
  • Investment in Capital Gain Bonds (Section 54EC)
  • Reinvestment in Residential Property (Section 54 & 54F)
  • Indexation Benefits for LTCG

4. Income from Other Sources

  • Examples: Interest Income, Lottery, Gifts, Dividend
  • Tax-Saving Deductions:
  • Section 80TTA (Savings Account Interest up to ₹10,000)
  • Section 80TTB (Senior Citizens Interest Deduction up to ₹50,000)

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Total Income Calculation & Tax Regimes: Concept of Total Income

Total Income = Salary Income + House Property Income + Capital Gains + Other Sources - Deductions

Standard Deduction & Other Deductions

  • Standard Deduction: ₹50,000
  • 80C Deduction: ₹1.5 lakh
  • 80D Health Insurance: ₹25,000 (₹50,000 for senior citizens)
  • 80E Education Loan Interest Deduction: No limit

Tax Slabs & Regimes

  • Old Regime: Higher deductions but higher tax rates
  • New Regime: Lower tax rates but fewer deductions
Income SlabOld Regime Tax RateNew Regime Tax Rate
Up to ₹2.5LNilNil
₹2.5L – ₹5L5%5%
₹5L – ₹7.5L20%10%
₹7.5L – ₹10L20%15%
₹10L – ₹12.5L30%20%
₹12.5L – ₹15L30%25%
Above ₹15L30%30%

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How to File Tax Returns (Online & Offline)

Online:

  • Log in to incometax.gov.in
  • Select the appropriate ITR form
  • Fill in income details and claim deductions
  • Verify return via Aadhaar OTP, net banking, or DSC

Offline

  • Download ITR form from the portal
  • Fill in details and generate XML
  • Upload the XML file on the e-filing portal

Important Steps Before Filing

Tax Slabs & Regimes

  • Check Form 26AS for TDS credits
  • Verify AIS (Annual Information Statement) for transactions
  • Reconcile salary slips with Form 16

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Self-Assessment Tax Payment & Refund Tracking

Tax Slabs & Regimes


  • Income Tax Filing
  • OneCallTax Tax Filing
  • ITR Due Dates
  • Tax Savings
  • Online ITR Filing

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