Buy a Life Insurance Plan in a few clicks
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Fortune Builder
A plan that offers guaranteed income for your future goals.
Thank you
Our representative will get in touch with you at the earliest.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Taxpayers can file their ITR online on the income tax department's official website and declare their income and expenses.
As you start earning money, you’ll likely come across the term “income tax.” So what exactly is it, and how to file ITR? Filing an ITR means submitting a detailed report of your income, expenses, liabilities, and deductions to the tax authorities. You can fill out your ITR using different forms like ITR-1, ITR-4, and others. This process ensures you are abiding the tax laws, helping you avoid penalties and interest for non-compliance. Timely ITR filing is recommended to confirm whether you owe any additional taxes or are eligible for a refund. It can also reflect on your creditworthiness and is often required for loans or visa applications.
Let’s discuss filing income tax return in India, the documents required, and everything you need to know while filing your taxes.
With the latest financial budget, a few changes were implemented on April 1, 2024, and new regulations were added to the existing ones. Before filing taxes for AY 2024-25, one must know about the changes in tax rates for various age brackets under the new tax regime. They are listed below:
Tax rates for individuals (resident or non-resident) less than 60 years of age at any time during the previous year are as under:
| New Tax Regime u/s 115BAC | |
| Income Tax Slab |
Income Tax Rate |
| Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 - ₹ 6,00,000 |
5% above ₹ 3,00,000 |
| ₹ 6,00,001 - ₹ 9,00,000 |
₹ 15,000 + 10% above ₹ 6,00,000 |
| ₹ 9,00,001 - ₹ 12,00,000 |
₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 - ₹ 15,00,000 |
₹ 90,000 + 20% above ₹ 12,00,000 |
| Above ₹ 15,00,000 |
₹ 1,50,000 + 30% above ₹ 15,00,000 |
Tax rates for individuals (resident or non-resident) 60 years or more but less than 80 years of age at any time during the previous year are as under:
| New Tax Regime u/s 115BAC | |
| Income Tax Slab |
Income Tax Rate |
| Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 - ₹ 6,00,000 |
5% above ₹ 3,00,000 |
| ₹ 6,00,001 - ₹ 9,00,000 |
₹ 15,000 + 10% above ₹ 6,00,000 |
| ₹ 9,00,001 - ₹ 12,00,000 |
₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 - ₹ 15,00,000 |
₹ 90,000 + 20% above ₹ 12,00,000 |
| Above ₹ 15,00,000 |
₹ 1,50,000 + 30% above ₹ 15,00,000 |
Tax rates for individuals (resident or non-resident) 80 years of age or more anytime during the previous year are as under:
| Income Tax Slab |
Income Tax Rate |
| Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 - ₹ 6,00,000 |
5% above ₹ 3,00,000 |
| ₹ 6,00,001 - ₹ 9,00,000 |
₹ 15,000 + 10% above ₹6,00,000 |
| ₹ 9,00,001 - ₹12,00,000 |
₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 - ₹15,00,000 |
₹ 90,000 + 20% above ₹12,00,000 |
| Above ₹ 15,00,000 |
₹ 1,50,000 + 30% above ₹ 15,00,000 |
Earlier, the rebate limit was ₹12,500 for income up to ₹5 lakhs. However, under the new tax regime, the rebate has increased to ₹25,000 if the taxable income is less than or equal to ₹7 lakhs.
Under the old tax regime, the standard deduction for salaried individuals was ₹50,000, this limit has been increased to ₹75,000 under the new regime.
From Financial 2023-24, the new tax regime has become the default tax regime. If you wish to choose the old tax regime, you must submit Form 10-IEA when filing your tax return.
Filing your Income Tax Return (ITR) online simplifies tax submission, streamlines the process, and ensures timely and accurate reporting. Follow these steps:
When filing an ITR online, you must fill out the following information; remember that the information must be true to your best knowledge:
The Income Tax Act includes certain provisions for claiming deductions, which reduces your tax liability. You must provide information about all your investments, such as life insurance premiums, Public Provident Fund, etc. Deductions are available under Section 80C for various investments. Section 80TTA allows deductions on interest earned during the year on your savings bank account.
During the financial year, super senior persons (those who are 80 or older) can file ITRs offline. If an individual or HUF has an income of less than ₹5 lakh and is not eligible for a refund, the ITR may also be filed offline.
This step-by-step procedure to file returns offline is mentioned below
You will need the following documents while filing ITR1:
Keep in mind the updates and changes in old and new regime while submitting ITR and double check to see which regime suits your income slab and saves you more on tax. Ensure timely ITR filling to avoid penalties and extra charges. Use the steps discussed above and information guide and file your income tax return on time.
1
The following people and businesses need to file an income tax return:
2
You can determine which ITR form to use with the following information:
3
The due date for filing an income tax return is 31st July for individuals and 31st October for taxpayers whose accounts are subject to audit.
4
You can file your income tax return online by following these steps:
5
Yes, you can file tax return after the deadline however, a late filing fee and interest will be applicable. Penalty regarding additional taxes is also applicable in case of updated return.
6
To check the status of your income tax return:
7
If you owe more than ₹25,000 to the government, you may face imprisonment for 6 months to 7 years. If you owe less than ₹25,000, you may face imprisonment for 3 months to 2 years and a fine.
8
Yes, you can claim deductions on tax returns for investments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), and life insurance premiums.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
