The deadline for filing ITR changes every time, but it is not a good thing to sit comfortably on it. If the deadline is not extended, you may have to pay a penalty for filing ITR. In such a situation, it is advisable to file ITR before the last date without delay. Currently, the deadline for filing ITR is 31 July 2022.
Once again the time has come for all the taxpayers to file Income Tax Return (ITR Filing). The deadline for filing Income Tax Return for the financial year 2021-22 (FY22) i.e. assessment year 2022-23 (AY23) is ending this month. At present, the ITR Filing Deadline is 31 July 2022. Although the deadline for filing ITR changes every time, but it is not a good thing to sit comfortably on it. If the deadline is not extended, you may have to pay a penalty for filing ITR. In such a situation, it is advisable to file ITR before the last date without delay. While filing ITR, the most important thing becomes how to find out the taxable income. Today we are going to tell you this…
ITR filing is easy for salaried people
In today’s time, there is an abundance of people who earn from more than one source. This includes salary, rental income, earnings from shares or mutual funds, etc. According to the Income Tax Act, taxable income i.e. total taxable income is divided into 5 parts. These include income from salary, income from house property, income from capital gains, income from business or profession and income from other sources. If your source of income is only salary, then there is no need to worry much in filing ITR. Salaried people can find out taxable income from Form-16 and fill ITR with ease. Form-16 gives details of tax deducted so far, total salary, tax exemption and deductions etc. In a way, Form-16 is also a document of TDS.
Calculate rental income like this
Apart from salary, the most important source of income for most people is rent. Real estate is the preferred investment avenue for Indian people. People buy a house and rent it out and earn money. Three things are important in this category. You need to check whether your property is self-occupied or within the scope of rental property or rentable property. Self-Occupied Property is the property which is in possession of the person himself. If you have more than one property, you can select any one of them as self-occupied property. Income from self-occupied property will not be considered. If the home loan is running on it, then up to Rs 2 lakh on interest and up to a maximum of Rs 1.5 lakh can be claimed under 80C on repayment of principal. The property given on rent is called rental property. Whereas such property
Tax is also to be paid on the earnings from the stock market
Income from the sale and purchase of houses, shops, mutual funds and shares etc. is also liable to be taxed. The profit made from their sale is called capital gain. The type of capital gain is determined by the amount of time you have sold them after holding them. There are two types of capital gains, which are called short term capital gains (STCG) and long term capital gains (LTCG). Different rates of tax are already fixed for both Short Term Capital Gain (STCG) and Long Term Capital Gain (LTCG). You have to pay tax accordingly.
Now taxpayers get these options to pay tax
There are many such people who are doing some side business along with the job. Such people who are earning income from business or any profession, they have to report the income from it in the category ‘Income from business or profession’. Income from other sources includes bank accounts, bank FDs, pensions from insurance companies, dividends from shares and mutual funds, etc.
In this way you can find out the total taxable income. After this, tax deductions can be availed under 80C, 80D etc. At present, taxpayers get the freedom to choose between the old tax regime and the new tax regime. About 70 types of tax exemptions and deductions have to be lost by opting for the new tax regime. You can find out which arrangement is beneficial for you on the basis of total taxable income.
