resident taxpayer having total income not more than INR 5 lakhs, enjoy a tax rebate of INR 12,500, i.e. The taxes so computed would be increased by applicable surcharge (10% to 37%) and health and education cess at the rate of 4%. However, the choice once made is applicable for subsequent years with one time lifetime option to change. Freelancers and self-employed individuals are eligible to opt for simplified tax regime. Tax Rate: The tax rates for these employees would remain the same as for the salaried. The taxpayer can also file the tax return till 31st December 2023, with a late filing fee.ģ. However, the due date is in case of audit is 31st October 2023.

Due date to file the tax return: The due date to file the tax return for these clauses of individuals for FY 2022-23 would be 31st July 2023, if the taxpayer is not required to get his books of accounts audited. Other individuals not meeting the above criteria can also file the tax return voluntarily.Ģ. INR 2.5 lakhs for FY 2022-23, have an obligation to file tax returns. Income tax return filing obligation: Taxpayers with total income during the relevant financial year which is more than the basic exemption limit i.e.

The following points should be kept in mind while filing the tax return:ġ. If the taxpayer offers lesser profits than these for the relevant year, then he should maintain a proper book of accounts, get them audited and furnish an audit as prescribed in the Act.Īlso Read: Home Loan: Smart ways to manage a longer tenure loan Deductions under Chapter VI A of Income Tax Act: Know how much tax may be savedĪ resident individual who engaged in notified professions with total gross receipts less than INR 50 lakhs during the relevant tax year, can opt for presumptive taxation which provides that 50% or higher of the total gross receipts of the assessee in the previous year on account of such profession, shall be deemed to be the profits from such profession.

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