Returns and Forms Applicable for Salaried Individuals for AY 2022-23
Disclaimer: The content on this page is only to give an overview and general guidance and is not exhaustive. For complete details and guidelines please refer Income Tax Act, Rules and Notifications. |
1. ITR-1 (SAHAJ) – Applicable for Individual | ||||||
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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
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2. ITR-2 - Applicable for Individual and HUF | ||
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This return is applicable for Individual and Hindu Undivided Family (HUF)
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3. ITR-3- Applicable for Individual and HUF | ||
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This return is applicable for Individual and Hindu Undivided Family (HUF)
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4. ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP) | ||||||
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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:
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Forms Applicable
1. Form 12BB - Particulars of claims by an employee for deduction of tax (u/s 192) | ||||
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2. Form 16 - Certificate of Tax Deducted at Source on Salary (U/s 203 of the Income Tax Act, 1961) | ||||
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3. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary | ||||
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4. Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit | ||||
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5. Form 26AS - Annual Information Statement | ||||
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6. Form 15G - Declaration by resident taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax | ||||
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7. Form 15H - Declaration to be made by a resident individual (who is sixty years age or more) claiming certain receipts without deduction of tax | ||||
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8. Form 10E - Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance | ||||
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Tax Slabs for AY 2022-23
Individuals and 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.
For Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
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For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
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For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
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Note: 1. The rates of Surcharge and Health & Education cess are same under both the tax regimes 2. Rebate u/s 87-A Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes |
Surcharge, Marginal Relief and Health & Education Cess
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Investments / Payments / Incomes on which I can get tax benefit
Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this deduction is not available for person opting for New Tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below
Nature of Property | When loan was taken | Purpose of loan | Allowable (Maximum limit) |
Self-Occupied | On or after 1/04/1999 |
Construction or purchase of house property |
₹ 2,00,000 |
On or after 1/04/1999 | For Repairs of house property | ₹ 30,000 | |
Before 1/04/1999 | Construction or purchase of house property | ₹ 30,000 | |
Before 1/04/1999 | For Repairs of house property | ₹ 30,000 | |
Let Out | Any time | Construction or purchase of house property | Actual value without any limit |
Tax deductions specified under Chapter VIA of the Income Tax Act
These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) which will be applicable for New Tax Regime as well
80C, 80CCC, 80CCD (1) | |||||||||
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Deduction towards payments made to
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80CCD(1B) | ||||
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Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1) |
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80CCD(2) | ||||||||||
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Deduction towards contribution made by an employer to the Pension Scheme of Central Government
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80D | ||||||||||||||||||||
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Deduction towards payments made to Health Insurance Premium & Preventive Health check up
Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage
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80DD | |||||
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Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme |
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80DDB | ||||
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Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases |
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80E | |||
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Deduction towards interest payments made on loan for higher education of Self or relative |
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80EE | |||
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Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017 |
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80EEA | |||
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Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE |
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80EEB | |||
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Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023 |
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80G | ||||||||||||
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Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc. Donation are eligible for deduction under the below categories
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/- |
80GG | |||
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Deduction towards rent paid for house & applicable to only those who are self-employed or for whom HRA is not part of Salary Least of the following shall be allowed as deduction
Note: Form 10BA to be filled for claiming this deduction. |
80GGA | |||||||
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Deduction towards Donations made for Scientific Research or Rural Development
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80GGC | ||||
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Deduction towards Donations made to Political Party or Electoral Trust |
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80TTA | ||||
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Deduction on interest received on saving bank accounts by Non-Senior Citizens |
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80TTB | ||||
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Deduction on interest received on deposits by Resident Senior Citizens |
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80U | ||||
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Deductions for a resident individual taxpayer with Disability |
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