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Income Tax Guide - Laws, Slabs & Deductions, Rules, ITR Filing

Updated on: 20 May, 2024 05:09 PM

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.

What is Income Tax?

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.


Who Should Pay Income Tax?

There are many useful tax-saving tools that help common citizens to know hundreds of sections of the Income Tax Act of India and help taxpayers reduce their tax liabilities. Tax2win also launched one such tool - Tax Planning Optimizer. Tax experts find that it is the easiest solution for tax saving. Taxpayers of all ages find it a useful tool to reduce their tax burden. Click here to check your eligibility:
In the following conditions, one must file the Income Tax Return and pay taxes if leviable.

  1. If your total income exceeds the basic exemption limit If an individual's income exceeds the maximum exemption level, i.e., 2.5 Lakhs in case of an individual having age less than 60 years, 3 lakhs in case of resident senior citizen (age 60 years or more), 5 lakhs in case of resident super senior citizen (age 80 years or more), he or she must file a return. If you opt for the new tax regime, you are not eligible to claim the different exemptions available under the old tax regime.
  2. If you have assets outside India An individual must file a tax return if he/she:
    - has (as a beneficiary or otherwise) any asset (including any financial interest in any company) located outside of India
    - has signing authority in any account located outside India
    - is a beneficiary of any asset located outside of India (including any financial interest in any organization).
    This clause will apply to both residents and ordinary residents in India.
  3. If you deposit more than Rs 1 crore in a bank account If a person has deposited Rs 1 crore or more in one or more current accounts with a bank during the previous year, he/she must file his return.
    There has been no mention of the deposit placed in a Post Office current account. Thus, if a person deposits more than Rs 1 crore in a post office current account and his income is less than the basic exemption limit, he may not be obliged to file a return.
  4. If you spend Rs 2 lakh on international travel If an individual spent more than Rs 2 lakh on travel to a foreign nation for himself or for anybody else in the previous year, he must file a return.
  5. If your annual electricity bill is Rs 1 lakh If a person spent more than Rs 1 lakh on power consumption in the preceding year, he or she must file a return.
  6. If the gross receipts from a profession exceed Rs 10 lakh If a person's total gross receipts from his or her profession exceeded Rs 10 lakh in the preceding year, he or she must file a return.
  7. If the total amount of TDS and TCS is Rs 25,000 or more If the total amount of tax deducted at source (TDS) and tax collected at source (TCS) in his case during the previous year was Rs 25,000 or more, an individual (under 60 years of age) is required to file his return. In the event of a resident senior person, whose age is 60 years or more at any point during the preceding year, the Rs 25,000 threshold limit is increased to Rs 50,000.
  8. If the turnover of your business is more than Rs 60 lakh If a person's total sales, turnover, or gross receipts for the preceding year exceeded Rs 60 lakh, he or she must file a tax return.
  9. If you have a deposit of Rs 50 lakh or more in a savings bank account If an individual's total deposit in one or more savings bank accounts during the previous year was Rs 50 lakh or more, he or she must file a return.

Taxpayers and Income Tax Slab Rates

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.


Income Tax slab under New tax regime for FY 2022-23 & AY 2023-24

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%

Existing Income Tax Slabs for FY 2022-23

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.


Advance Tax

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

Income Tax Slab Rates for FY 2022-23 - New and Old Regime

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.


Income Tax Return

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.


How to File Income Tax Return online?

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.


How to Download Income Tax Return acknowledgement?

Click here to download Income Tax Return – verification acknowledgement.


Income Tax Calculation

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:

  • Visit the specific income tax login.
  • Enter personal and financial details such as annual salary business income, rental income, interest paid on a home loan, income from other sources, etc.
  • It also caters to the exemption details and standard deduction limits. Hence, enter the complete information with accuracy.
  • At last, it computes the net taxable income per the old and new regimes for the prospecting individual.

Documents required to fill ITR

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.


Form-16

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.


Form-10A

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).


Form-15G

It is a self-declaration form for individuals with an age <60 years to claim certain receipts without any deduction of tax under subdivisions (1) & (1A) of section 197A. Non-residents are not eligible for claiming relief.


Form-15H

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.


Form 26AS

Annual Tax Statement stating a taxpayer’s TDS/TCS details from various sources under section 203AA.

Add details regarding AIS and TIS


How to check ITR status online?

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):

  • All taxpayers who filed ITRs against their PAN
  • Authorized ERI, Signatory, and Representative Assessee who filed someone else ITRs in such a role

This service allowed the users to view the details of ITRs filed:

  • View && download the ITR-V Acknowledgement, uploading JSON and get PDF of complete ITR form, and intimation order
  • View the status of return(s) pending for verification

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).

Note:

  • Click Filter to view your filed returns based on different criteria (AY or Filing Type).
  • Click Export to Excel to export your returns data to excel format.

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.


Important Income Tax Dates - Calendar 2023-2024

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

July of 2023

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

Income Tax Payment Details

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.


About Income Tax Department India

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.


Income Tax Act

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.


Income Tax Forms List

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:

  1. If the individual is drawing Income from Salary or Pension; or
  2. If the individual is getting Income from One House Property (excluding some cases where loss is brought forward from previous years); or
  3. If the individual is generating Income from Other Sources such as Interest, Dividends, Family Pension, etc. (excluding Income from Winning the Lottery and Race Horses)
  4. Agricultural Income >= ₹ 5000.

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.


Income Tax Refund 2022-23

Click here to check ITR status online for FY 2022-23.


Income Tax Saving Investments

Income Tax Saving Investments help taxpayers to reduce their taxable income up to 1.5 lakhs under Section 80C for a financial year. Other than Section 80C, hundreds of other provisions in the Income Tax Act of India help taxpayers to reduce their tax liabilities. Many tax saving schemes or investments are very popular in India, such as Fixed Deposits, PPF, NPS, ULIPs, Medical Insurance, etc.
The Indian marketplace is full of different tax-saving schemes or investment options. But before you start making any tax saving investment, please read the particular income tax sections under which these investment instruments offer tax deductions. These are given below:

Index Income Tax Saving Investments Option for 2023 Particular Income Tax Section Under Which It Offers Tax Deduction
1. PPF (Public Provident Fund) Section 80C and 10(11)
2. NPS (National Pension Scheme) Section 80CCD(1B), 80CCD(1)
3. ULIPs Section 80C
4. Tax-saving MF or ELSS Fund Section 80C
5. Health insurance Section 80D
6. Life Insurance Section 80C, 10(10D)
7. Pension Plans Section 80CCC
8. Senior Citizen Saving Scheme Section 80C
9. National Savings Certificate Section 80C
10. Tax Saving FDs Section 80C

Read the complete Income Tax Saving Investment guide here.


Investment options

Investment options or schemes are the financial products that help taxpayers to save income tax at the time of filing their ITRs. It ultimately helps them in reducing their financial stress. Furthermore, taxpayers end up reducing their tax burden via investing in any of such financial schemes. Salaried people find it very helpful and interesting. It lets them deduct a good amount of tax and avail the benefit of other exemptions when they file their income tax returns.
Read on: the top 10 tax-saving schemes for 2023. This guide highlights the 10 best-suited investment instruments that help to save more money.


Income Tax Deduction Section List

As mentioned earlier, there are some tax-free deductions and exemptions which are allowed under the Income Tax Act, -1961. These deductions reduce the gross taxable income and help in the calculation of the net taxable income. The more deductions that you claim, the lower would be your tax liability and vice-versa. The CA-assisted ITR filing is recommended to maximize benefits. The available deductions under Chapter VI-A of the Income Tax Act are as follows –

Income Tax section Deduction available
Section 80 C The deduction is available on eligible investments done and expenses incurred. The maximum deduction allowed under the section is INR 1.5 lakhs. It includes the following eligible investments and expenses –
  1. Life insurance premium
  2. Investment in five-year tax saving fixed deposits
  3. Investment in EPF
  4. Investment in PPF
  5. Investment in mutual fund ELSS
  6. Tuition fee paid for up to two dependent children
  7. Principal repayment of home loan
  8. Investment in Senior Citizen Saving Scheme
  9. Investment in National Saving Certificates, etc.
Section 80 CCD (1B) This section allows an additional deduction of INR 50,000 if you invest in the National Pension Scheme offered by the Government of India
Section 80 D Premiums paid for health insurance plans are allowed as a deduction under this section. The available limit of deduction is INR 25,000 which increases to INR 50,000 for senior citizens. Additionally, if premiums are paid for health insurance for parents, another INR 25,000 can be claimed as a deduction which also increases to INR 50,000 if parents are senior citizens
Section 80 DD Deduction for maintenance of a disabled family member. The amount of the deduction is fixed at INR 75,000 if the disability is 40% or more and INR 1.25 lakhs if the disability is 80% or more
Section 80 DDB Deduction for treatment of specified diseases. The amount of deduction ranges from INR 40,000 to INR 1,00,000 depending on the age of the assessee
Section 80 E Deduction for interest paid on an education loan. The entire amount of interest is allowed as a deduction
Section 80 EEA Deduction for interest paid on home loan if you are a first-time home buyer. To claim the deduction, the house should be up to INR 45 lakhs and the loan should be sanctioned between 1st April 2019 to 31st March 2022
Section 80 EEB Deduction on interest paid for a loan availed by the taxpayer to buy an electric vehicle. The deduction would be available if the loan is sanctioned between 1st April 2019 and 31st March 2023. The maximum limit of deduction which is available is INR 1.5 lakhs
Section 80G Deduction for donations made to charitable institutions. 50% or 100% of the donation can be claimed as a deduction depending on the charity donated to
Section 80 GG Deduction for house rent if HRA is not a part of the salary component of an employee. The deduction would be lower than INR 5000/month, 25% of the adjusted total income, or rent paid over 10% of your adjusted total income
Section 80 TTA Deduction for interest earned from savings accounts. The maximum limit is INR 10,000
Section 80 TTB Deduction for interest earned from savings accounts, fixed deposits, post-office deposits, etc. by senior citizens. The maximum limit of deduction is INR 50,000
Section 80 U If the taxpayer is disabled, this deduction can be claimed. The deduction would be INR 75,000 if a disability is 40% or more. For severe disabilities i.e. 80% or above, the deduction would be INR 1.25 lakhs

Other exemptions

Besides the above-mentioned popular deductions given in Chapter VI-A , there are other common exemptions that you can claim. These are as follows –

  • Exemption under Section 24 Section 24 of the Income Tax Act allows you an exemption on the home loan interest paid by you on a home loan that you have availed. The maximum exemption which you can claim under Section 24 is INR 2 lakhs.
  • Standard deduction Salaried employees can claim a standard deduction of INR 50,000 from their salary income.
  • Section 10 (10D) If you receive any benefit from a life insurance policy, such benefits would be tax-free under this section. There is no maximum limit of exemption. The entire benefit that you receive would be considered tax-free in your hands.
  • Add Points relating to HRA exemption from salary

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.