You should need to know things before filing ITR! So that doesn't miss anything for filing Income Tax Return.

You should need to know things before filing ITR:

The last date for filing Income Tax Return is near for taxpayers. Individual and salaried employers who do not require account audits. The last date for filing ITR for the financial year 2021-22 or assessment year 2022-23 for them is July 31, 2022. Filing ITR is quite easy. You can also fill this out by visiting the income tax website yourself.

But before filing an income tax return, a calculation of total taxable income is required so that you can be estimated the exact amount of tax to be paid. In today's blog, we will share information related to the tax return file with you. Total taxable income is calculated based on all sources of income of the individual.

Under the tax law, it is dividend into a total of five parts including salary house, property share, and investment in mutual funds. Like income from salary, income from house property, income from capital gains, income from business and profession, and income from other sources. First, let's talk about salary income. How to calculate tax on income from salary. If you tell on this, then the calculation of total taxable income can be done easily through Form-16.

All salaried individuals get Form-16, which is a certificate of their salary component and TDS deducted and deposited in the financial year. If a salaried individual opts for the old tax regime, he can also claim tax exemption by providing documentary proof. These exemptions and deductions include the standard deduction of ₹ 50,000, house rent allowance, and leave travel concession.

The people who do not get Form-16, can also calculate the taxable salary income from their salary slips. The taxable income of the pensioner is calculated under the head of income from Salary. At the same time, house property is divided into three categories for tax calculation. Like Self Occupied Property, Rental Property and Self Occupied Property means such property which you use for your living.

According to the rules, two properties are considered self-occupied properties. The income from these properties is considered to be zero. If you have a third property and whether you have let it out or not. It will be considered dimmed out. Then the income from this will be considered your income. Now let's talk about income from capital gains. Short or long-term capital gains tax is levied on the sale of capital assets such as homes, mutual funds, or shares.

These are calculated based on that period, where the capital asset was held by the individual during that period. There are different income tax rates for capital gains ranging from 10-12%, Talking about tax on income from business or profession, then these are those incomes which are earned by a people, tax filing or any other business or profession or like a lawyer or CA, all these come under someone's category, here individual property You can claim gain or loss.

Talking about income from other sources, such as interest received from bank account fixed deposits post office savings schemes, dividends or family pension comes under income from other sources. As far as tax calculation is concerned, then by calculating income from all sources, the person will get gross taxable income. 

Those people who are still following the old tax system. They can claim a tax deduction from gross taxable income under sections 80C, 80D, 80CCD, 80GG, etc. Net taxable income will be available after deducting the deduction, on which tax calculation will be done. 

We hope you like this ITR-filling information that is useful for you. If you have any questions, please comment on our site www.tradeipohub.co.in. Thanks for reading.