ITR Filing 2023 :Most of the salary person and self employed individuals are engaged to submit their Income tax return file for session 2022-23. But there is a lot of misunderstanding and miss conceptions about Income tax returns. More than 2.5 crore citizens have submitted their income tax return for this session. So there is a large amount of new taxpayers who have difficulties to submit their income tax return file. Today we are trying to answer your all the queries about Income tax returns, such as what is new text regime, What is 80TTA form in ITR, What is ITR 7 etc. So read our article where we have answered your questions regarding to filing Income tax return 2023.
Questions about ITR 80TTA from in Old and New Tax Regime
If you are want deductions in your income tax return then 80TTA form is very useful for you all. You can clam up to maximum 10000 rupees for refund using this 80TTA deduction form. This form will help you to refund your tax from the earnings which you have earned from saving account, post office and other banks. You can opt this form through online mode in both old tax regime and new tax regime.
What is tax Regime? How to opt for Tax Regimes Either Old or New
Income Tax Department of India has designed tax brackets for individuals who belong to various economical categories including low earning individuals and high earning individuals. The government will charge low tax from law earning individuals and charge high tax from high earning individuals. This setup is called Tax regime. The Government of India has two tax regimes which are known as old tax Regime and new tax regime. If you are paying your income tax return ITR from ITR 1 and ITR 2 then you need not to submit any additional form for opting new tax regime. Your data automatically submit under new tax regime if you opt this. However salary employees are usually used old tax regime. Because there is various deduction including HRA, DA, 80TTA Which are very suitable for individual who are getting their salaries. Because almost all taxes have been submitted from the employer under TDS.
Who is eligible to submit income tax return file ?
Any individual who want to pay the text to government can submit their income file. But Government of India has announced that individuals who are earning more than 2.5 lakh annually from the age group of under 60 had to pay the tax before last date 31st July 2023. Apart from this senior citizens from age group of 60 to 80 Who are earning more than 3 lakh rupees annually had to pay the tax and citizens who are earning more than 5 lakh rupees and belong to age group of above 80 had to pay the text to the Income Tax Department of India. If they did not submit their tax timely, then it is a punishable act.
Who can claim 80TTA deduction? Can NRIs claim a Deduction under 80TTA?
Section 80TTA deduction is available for the Individual as well as Hindu Undivided Families.
Yes, Non Resident Indians can also avail a deduction under section 80TTA. It is important to note that NRIs are permitted to open only two types of accounts in India. i.e. NRE and NRO accounts. However, only the NRO savings account holders can claim the benefit of Section 80TTA as the interest earned on NRE accounts are tax-free.
The full form of ITR is Income Tax Return .
The last date to file ITR for the session 2022-23 was 31 July, 2023.
Income Tax payers can clam up to maximum 10000 rupees for refund using this 80TTA deduction form.
only the NRO savings account holders can claim the benefit of Section 80TTA.
This form will help you to refund your tax from the earnings which you have earned from saving account, post office and other banks.
www.incometax.gov.in is the official website of ITR department of India.