Frequently Asked Questions for Individuals, HUF, AOP, BOI
Documents are to be enclosed along the Income Tax Return
There is no need to enclose any documents with the return of income. However, one should retain the documents to produce before any competent authority as and when required in future.
Disclose all my income in the Income Tax Return even if it is exempt
Income from every source including exempt income must be disclosed.
Income Tax slabs for Financial Year 2023-24
Click here to know slab rates under New Tax Regime
For Individual, HUF, AOP, BOI
Income Tax Slab Income Tax Rate
Upto Rs.2,50,000 Nil
Rs.2,50,001 Upto Rs.5,00,000 5%
Rs.500,001 Upto Rs.10,00,000 20%
Above Rs.10,00,000 30%
For Individual Resident Senior Citizens (Age 60 years or more in Previous Year)
Income Tax Slab Income Tax Rate
Upto Rs.3,00,000 Nil
Rs.3,00,001 Upto Rs5,00,000 5%
Rs.5,00,001 Upto Rs.10,00,000 20%
Above Rs.10,00,000 30%
For Individual Resident Super Senior Citizens (Age 80 years or more in Previous Year)
Income Tax Slab Income Tax Rate
Upto Rs.5,00,000 Nil
Rs.5,00,001 Upto Rs.10,00,000 20%
Above 10,00,000 30%
The rates of Surcharge under the two tax regimes are as under:
If Net Total Income Old Tax Regime New Tax Regime
> 50 Lakhs Upto 1 Crore 10% 10%
> 1 Crore Upto 2 Crore 15% 15%
> 2 Crore Upto 5 Crore 25% 25%
> 5 Crore 25% 37%
Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and Dividend Income. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%, except when the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.
Rebate u/s 87A
For Resident Individuals having Net Total Income upto Rs.5,00,000
Lower of Following
a) 100% of Tax Payable
b) Rs.12,500
Refund of Tax already deducted/collected (TDS/TCS)
When the TDS/TCS is over deducted (or) when eligible exemptions and deductions were not considered during TDS/TCS deduction
Discrepancies in actual TDS and TDS credit under Form 26AS
Often, mismatches and discrepancies in actual TDS and TCS credit under Form 26AS are attributed to wrong information provided in the TDS/TCS return. Approach your employer/deductor to file a revised TDS/TCS return for making the necessary corrections.
Whether Agriculture Income is Taxable?
Agriculture Income is exempt from Tax under Section 10(1). But for computation of Tax, it shall be considered if following conditions are satisfied and Rebate on Agriculture Income is also available in this regard
1. Assessee is Individual, HUF, AOP & BOI
2. Agriculture Income is more than Rs.5,000/-
3. Non-Agriculture Income more than Basic Exemption Limit
Illustrations:
1. Mr.A has only Agriculture Income of Rs.1 Crore. Entire Rs.1 Crore is exempt from Tax
2. Mr.B has Agriculture Income of Rs.1 Lakh & Other Taxable Income of Rs.2.5 Lakhs. Entire Agriculture Income of Rs.1 Lakh is exempt from Tax
3. Mr.C has Agriculture Income of Rs.1 Lakh & Other Taxable Income of Rs.5 Lakhs. Entire Rs.6 Lakhs is taxable and Agriculture Income is available in this regard
4. Mr.D has Agriculture Income of Rs.5,000/- & Other Taxable Income of Rs.6 Lakhs. Only Rs.6 Lakhs is Taxable because Agriculture Income is exempt from Tax if it is upto Rs.5,000/-
