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This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh
| Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
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If any excess tax has been deducted from your salary due non submission investment declaration in your working company, or working at two or more organization’s or due to any other reason our Tax expert will help you to get “ Income tax refund “ for the excess tax paid by you. We at Brainetics make sure that you have a dedicated Tax Manager. To get started, all you need to do is provide your Form 16 and bank statements to us.
Our expert will then prepare a computation for your approval, which will give you details of your income, losses, and refund. Your returns will be uploaded once you approve them, and you will be sent a confirmation. If you have any questions about taxes, our professional Tax Manager will be happy to you.
This return is applicable for Individual and Hindu Undivided Family (HUF)
| Not having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1 | Who is not eligible for filing ITR-1 |
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This return is applicable for Individual and Hindu Undivided Family (HUF) who is carrying any business or profession and Turnover not computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) including those who have gains or Losses in current year including any brought forward Loss from Share market Trading with options and Futures Trading.
| Having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1, 2 or 4 | Who is not eligible for filing ITR-1, 2 or 4 |
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This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:
| Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
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Individuals & HUFs can opt for the existing tax regime or the new tax regime (with lower rate of taxation) (u/s 115 BAC of the Income Tax Act).
The taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the existing tax regime. The option can be exercised for every previous year where the Individual or the HUF has no Business Income.
For a person having Business Income, once the option to be taxed under the new tax regime has been exercised for a previous year, shall be valid for that previous year and all subsequent years till the business continues to exist.
| Existing Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Nil | Up to ₹ 2,50,000 | NIL |
| ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 - ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | ₹ 5,00,001 - ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | ₹ 7,50,001 - ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 - ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 - ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 | ||
In India, Senior Citizen tax payers are individuals above 60 years of age but below 80 years of age. These tax payers enjoy a higher basic exemption limit of Rs. 3 lakh as compared to individuals aged below 60 years under the old tax regime. However, this benefit of higher exemption is not available for senior citizen tax payers opting for the new tax regime. The below table summarizes the Income Tax slab rates in AY 2023-24 (FY 2022-23) for senior citizens in India:
| Existing Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 3,00,000 | Nil | Up to ₹ 2,50,000 | NIL |
| ₹ 3,00,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 - ₹ 10,00,000 | ₹ 10,000 + 20% above ₹5,00,000 | ₹ 5,00,001 - ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹10,00,000 | ₹ 7,50,001 - ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 - ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 - ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 | ||
Under current tax rules, super senior citizen tax payers are individuals who are aged 80 years or more. Under the old tax regime, super senior citizens have a higher basic exemption limit of Rs. 5 lakh as per income tax slab rates for the financial year 2022-23. This benefit is however not applicable under the new tax regime even though the slab rates for AY 2023-24 are lower as compared to the old tax regime. The below table summarizes the income tax slab and rates applicable to super senior citizens in FY 2022-23:
| Existing Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 5,00,000 | Nil | Up to ₹ 2,50,000 | NIL |
| ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | ||
| ₹ 5,00,001 - ₹ 10,00,000 | 20% above ₹5,00,000 | ₹ 5,00,001 - ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,00,000 + 30% above ₹ 10,00,000 | ₹ 7,50,001 - ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 - ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 - ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 | ||
Beyond the income tax liability computed using the Income Tax slab rates for FY 2022-23, you also have to pay a 4% health and education cess as part of your overall tax outgo for the fiscal.