TAX PRESENTATION

Topic to be covered
1. Brief background of taxes.
2. Types of Taxes in India.
3. Income Tax Slab Rates for both old and new regime and
conditions.
4. What is Income Tax return ?
5. Who are required to file Income Tax Return?
6. Documents required to file income tax return.
7. Various types of Income Tax Return forms.
8. Changes in ITR form 3 with effect from AY 2023-24(FY 2022-23).
9. ITR U form.
10.Due date of filing of Income Tax Return for various assessee.
11.Tax Saving Tips.
 What is Tax?
Taxes are termed as a mandatory contribution made by persons
falling under different tax slab, to Government. Taxes are
applicable at every levels and are considered to primary sources
of income for the Government.
The government levies taxes to generate which can be utilised
for
• increasing standard of living of the people,
• infrastructure projects or business projects, and
• Increase the country’s economy.
The Constitution of India has given power to both Central and
State Government to levy tax. All the taxes levied by both Centra
and State are in line with the law passed by the Parliament and/or
State Legislature.
 Types of Taxes in India
In a broader term, there are two types of taxes namely,
• Direct taxes and
• Indirect taxes.
The implementation of both taxes differs. In case of direct tax, the same is levied directly on
the persons. For example, Income Tax, Corporate Tax, Wealth Tax, Security Transaction Tax,
Gift Tax etc. In case of Indirect taxes, the same is levied indirectly on the persons. For example,
sales tax, service tax, excise duty, Octroi duty, custom duty, value added and Goods and
Service Tax(GST).
In addition to the above some of the other taxes are levied by both Centra and State
Governments are
Property Tax,
Professional Tax,
Entertainment Tax,
Toll Tax,
Education cess,
Registration Charges.
90% of revenue is received from GST and Income Tax. 57% of revenue is received from GST
and 33% revenue received from Income Tax. Balance 10% of revenue is from other sources.
Earlier before introduction of GST the revenue received from Income tax was 51.3%.
 Income Tax Slabs
Income Tax Slab rate for individuals and HUF both for old and new regime
S. No. Income Tax Slab Old Regime New regime

1 Rs.0-2.5lakhs Nil NIL

2 Rs.2.5-3 lakhs 5%(87A Rebate is available) 5%(87A Rebate is available)

3 Rs.3-5 lakhs 5%(87A Rebate is available) 5%(87A Rebate is available)

4 Rs.5-7.5 lakhs 20% 10%

5 Rs.7.5-10 lakhs 20% 15%

6 Rs.10-12.5 lakhs 30% 20%

7 Rs.12.5-15 lakhs 30% 25%

8 >Rs.15 lakhs 30% 30%

 Income Tax Slabs-continued
The tax rates in the New tax regime is the same for all categories of Individuals, i.e
• Individuals & HUF up to 60 years of age,
• Senior citizens above 60 years up to 79 years , and
• Super senior citizens above 80 years and exemption limit is Rs.2.5 lakhs for all.
In case of old regime, the exemption limit is Rs.2.5 lakhs till the
• age of 60 years,
• Rs.3 lakhs from 61 to 80 years and
• Rs.5 lakhs for >80 years.
Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for
tax rebate u/s 87A i.e., tax liability will be nil of such individual in both – New and
old/existing tax regimes.
Additional Health and Education cess at the rate of 4 % will be added to the income
tax liability in all cases.
Surcharge applicable as per tax rates below in all categories mentioned above:
10% of Income tax if total income > Rs.50 lakh
15% of Income tax if total income > Rs.1 crore
25% of Income tax if total income > Rs.2 crore
37% of Income tax if total income > Rs.5 crore
 Conditions for opting New Tax regime

The taxpayer opting for concessional rates are not entitled to get following exemptions and deductions.
• Leave Travel Allowance (LTA)
• House Rent Allowance (HRA)
• Conveyance allowance
• Daily expenses in the course of employment
• Relocation allowance
• Helper allowance
• Children education allowance
• Other special allowances [Section 10(14)]
• Standard deduction on salary
• Professional tax
• Interest on housing loan (Section 24)
• Deduction under Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2))
List of deductions “allowed” under new Tax rate regime 
• Transport allowance for specially, abled people
• Conveyance allowance for expenditure incurred for travelling to work
• Investment in Notified Pension Scheme under section 80CCD(2)
• Deduction for employment of new employees under section 80JJAA
• Depreciation u/s 32 of the Income-tax act except additional depreciation.
• Any allowance for travelling for employment or on transfer
 Time of Selection of option of old vs new regime

S. No. Nature of Income Selection of option of old vs new regime

1
Income from Salary An employee if wants to opt for new regime need to
or any other head of intimate the their, employer at the beginning of
income attracting financial year. Employee may change the tax regime
TDS but not income from new to old at the time of filing of return, but
covering under the employer shall deduct tax as per new regime if it
head business and received intimation from employee for new regime.
profession
2
Income from In case of Business or profession income , the option
Business & to choose between the tax regimes is available only
Profession once for a particular business
 New Tax regime Slab rates for domestic companies – FY 2021-22(AY 2022-23)

S. No. Particulars Existing / Old New Regime

regime Tax rates Tax rates
1 Company opts for section 115BAB (not covered in   15%
section 115BA and 115BAA) & is registered on or
after October 1, 2019, and has commenced
manufacturing on or before 31st March 2023.
2 Company opts for Section 115BAA , wherein the   22%
total income of a company has been calculated
without claiming specified deductions, incentives,
exemptions and additional depreciation
3 Company opts for section 115BA registered on or   25%
after 1st March 2016 and engaged in manufacture
of any article or thing and does not claim
deduction as specified in the section clause.
4 Turnover or gross receipt of the company is less 25% 25%
than Rs.400 cores in the previous FY 2018-19

5 Any other Domestic Company 30% 30%

 New Tax regime Slab rates for domestic companies – FY 2021-22-Contd.

• Additional Health and Education cess at the rate of

4 % will be added to the income tax liability in all
cases.
• Surcharge applicable for companies is as below:
7% of Income tax where total income > Rs 1 crore
12% of Income tax where total income > Rs.10 crore
10% of income tax where domestic company opted for
section 115BAA and 115BAB
 Income tax rate for Partnership firm or LLP as per old/ new regime.

A partnership firm/ LLP is taxable at 30%.

* 12% Surcharge is levied on incomes above
Rs 1 crore. Health and Education cess at the
rate of 4 %
Note- There are no concessional rates
introduced for firms / LLPs in new tax
regime.
 What is Income Tax Return(ITR) ?

• An  ITR is a form which is required to file information

about your income and tax to the Income Tax Department
every year on or before the date specified by Income Tax
department based on income from salary, House Property,
Business and/or profession, Capital gain and other sources.
• The tax liability of a taxpayer is calculated based on his or
her income and in case excess tax has been paid during a
year, then the person will be eligible to receive tax refund
and in case of shortfall tax is required to be paid.
• If a taxpayer fails to abide by the deadline, he or she has to
pay a penalty and may face difficulty in getting loan or
getting visa for travel etc. 
• As per the tax laws, it is mandatory to file your income tax
returns if income is more than the basic exemption limit.
 Who should file Income Tax Returns?

According to the Income Tax Act, income tax has to be paid only by individuals or
businesses who fall within certain income brackets. Mentioned below are entities
or businesses that are required to compulsorily file their ITRs in India:
All individuals, up to the age of 59, whose total income for a financial year
exceeds
• Rs 2.5 lakh.
• For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and
• For super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs.

It is important to note that the income amount should be calculated before factoring
in the deductions allowed under Sections 80C to 80U and other exemptions under
section 10.
• All registered companies that generate income, regardless of whether they've
made any profit or not through the year.
• Those who wish to claim a refund on the excess tax deducted/income tax
they've paid.
• Individuals who have assets or financial interest entities that are located outside
India.
• Foreign companies that enjoy treaty benefits on transactions made in India.
• NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial
year.
 Documents required to fill ITR
It is important to have all the relevant documents handy before you start your e-filing
process.
 Bank and post office savings account passbook, PPF account passbook
 Salary slips
 Aadhar Card, PAN card
 Form-16- TDS certificate issued to you by your employer to provide details of the
salary paid to you and TDS deducted on it, if any
• Interest certificates from banks and post office
 Form-16A, if TDS is deducted on payments other than salaries such as interest
received from fixed deposits, recurring deposits etc. over the specified limits as per
the current tax laws
 Form-16B  from the buyer if you have sold a property, showing the TDS deducted on
the amount paid to you
 Form-16C  from your tenant, for providing the details of TDS deducted on the rent
received by you, if any
 Form 26AS - your consolidated annual tax statement. It has all the information about
the taxes deposited against your PAN
 a) TDS deducted by your employer
 b) TDS deducted by banks
 c)
 Documents required to fill ITR

 TDS deducted by any other organisations from payments made to you

 d) Advance taxes deposited by you
 e) Self-assessment taxes paid by you
 Tax saving investment proofs
 Proofs to claim deductions under section 80D to 80U (health insurance premium
for self and family, interest on education loan)
 Home loan statement from bank
 Demat account statement
 TIS and AIS statement
 Any other income not cover under above categories
 Which ITR Form should you fill?

Following are the ITR forms and applicable following persons.

 ITR-1: Sahaj or ITR- 1 is to be filed individuals being a resident (other
than not ordinarily resident) having total income up to Rs.50 lakh,
having Income from Salaries, one house property, other sources (Interest
etc.), and agricultural income up to Rs.5 thousand.
 ITR-2: This form should be filed by Individuals and HUFs not having
income from profits and gains of business or profession. This form is
also required to be filed by NRIs.
 ITR-3:This form is for individuals and HUFs having income from profits
and gains of business or profession.
 ITR-4 : (Sugam): If your business attracts presumptive income for you,
then you need to fill this form. This form is to be filed by Individuals,
HUFs and Firms (other than LLP) being a resident having total income
up to Rs.50 lakh and having income from business and profession which
is computed under sections 44AD, 44ADA or 44AE.
 Which ITR Form should you fill? Continued

 ITR 5: This is applicable for Firms and LLPs, Association of persons(AOP),

Body of Individuals(BOI), Artificial Judicial Persons(AJP), Estate of
deceased and insolvents, Investment funds and Business Trusts having
income from Business and/or profession.
 ITR 6: All companies except companies claiming exemption under section
11 of Income Tax Act 1961
 ITR 7: Companies claiming exemption under section 11 of Income Tax Act,
1961, Registered Trusts and Societies and NGOs approved by income tax
department.
 What are the changes made in ITR-3 for AY 2023-24?

The assessment year 2023-24 brought about several key changes in ITR-
3.Here is a list of the major changes in this form:
•An assessee must disclose the following information when filing returns:
•Amount of cash deposits in excess of ₹1crore in the current account with any
bank
•Expenditure incurred by the individual on foreign travel exceeding₹2,00,000
•If the taxpayer incurs more than₹1,00,000 on electricity charges
•If a taxpayer holds the position of a company’s director or has unlisted equity
investments, the‘ Type of Company’ must be disclosed.
An individual earns short or long-term capital gains by selling a building and/or
land he/she must furnish some details of this sale. These details include a
taxpayer’s PAN or Aadhaar information, residential address, and percentage
share of ownership.
•Introduction of a separate schedule112A.It shall calculate long-term capital
gains on the sale units of a business liable to STT or equity shares.
•An individual must provide details of tax deduction claims for expenditures,
payments, or investments made between 1st April 2022 to 30th June 2023.
 Updated Tax Returns (ITR-U)

•Every person is required to file tax return within due date as

prescribed.
•Further, revision in the tax return can also be done, but before
31December of the year immediately after the relevant tax year or
completion of audit proceedings, whichever is earlier.
•The taxpayer shall now be enabled to file an updated tax return
within 36 months from the end of the relevant tax year,
irrespective of the filing status of the tax return i.e., original or
amended.
•For filing the updated tax return, the taxpayers would be required
to pay additional tax over and above the regular taxes & interest as
applicable; additional tax payable shall be 25% or 50% of
aggregate of tax and interest payable, depending on the time when
the updated tax return is filed.
 Due date of filing of Income Tax Return for various Assessee

Individuals/assessee whose accounts are not required be audited

including salaried person July 31

A company Oct.31

Individual or other entities whose accounts are Required to be audited Oct.31

A working partner of Partnership Firm whose accounts are required to be

audited Oct.31

In case of assessee who is required to file accountant report u/s 92E

(TP report) Nov.30

Note:-Due date can be extended by CBDT depending upon the circumstances of the
case.
 Tax Saving Tips

• Avail a Home Loan and enjoy Tax benefits under Section 80C
Availing a home loan is associated with dual benefits, as it comes with reduced tax
liability, along with having own home.
• Many government-mandated schemes such as PMAY (Pradhan Mantri Awas
Yojana) and DDR (Delhi Development Authority) Housing scheme caters towards
making housing affordable in India, while Section 80C and 24(b) diminish
monetary liability through reduced tax burden.
• Total annual income spent towards repayment of the principal borrowed amount is
eligible for deductions of up to ₹1.5 Lakh under Section 80C. 
 Tax exemption on interest section of the home loan is available under Section
24(b), valued up to ₹2 Lakh annually.
 Additionally, if you let-out the newly acquired property on rent, the entire interest
component is exempt from annual income tax calculations.
 Individuals purchasing a property for home construction can also benefit from
section 24(b), provided the construction process is completed within five years.
 If you are a first-time homeowner, you can claim an additional reduction on your
annual tax liability under section 80EEA.
 Tax Saving Tips-Continued

 
 Claim Exemptions if you live on Rented Premises
Tax exemptions under House rent allowance (HRA) are granted under Section 10(13A). Your salary
break-up must include an HRA component to avail compensation against the same.
In case your monthly income does not include the HRA component, you can claim tax benefits on
yearly rental expenses under Section 80GG. The total deductions on income tax are calculated
against the minimum value of the following conditions.
 Donate to Charity
Donations made to specific organisations in cash are eligible for tax waiver amounting to ₹2,000
under Section 80G of the income tax act. Wire and bank transfers, on the other hand, enjoy complete
or partial tax exemptions, respectively.
If you are donating to an organisation facilitating scientific research or rural development, you are
eligible to enjoy deductions under Section 80GGA.
Partial waivers in case of cash donations are granted, while transfers made through cheque or draft
enjoy complete tax waiver. 
8. Support a Political Party
All donations made to political parties or contribution to electoral trusts are eligible for tax waivers,
under Section 80GGC of the Act of 1961.
The entire amount donated to your preferred political party is exempted from any income tax
calculations, provided the organisation is registered under Section 29A of the of People Act of
1951.
 Tax Saving Tips-Continued

 Total waiver of up to ₹1.5 Lakh [in addition to Section 24(B)] can be claimed,
providing the stamp duty value of the property is less than ₹45 Lakh. 
 Buy a Health Insurance Policy
With rising medical costs in India, coupled with deteriorating health quality owing to
multiple factors, availing health insurance is becoming a necessity. Such insurance policies
reduce the financial strain of individuals and their respective families at times of failing
health conditions.
Tax benefits are extended by the government to stimulate individuals to avail such
insurance policies, which allows them to get quality healthcare at premier medical
institutions for zero or low additional charges.
Individuals can claim tax deductions on the portion of their annual taxable income spent
towards premium payments under section 80D. Different amounts are exempted from such
income tax calculations, depending upon the age of the insured, respectively.
 Undertake Investments
Investments in the capital market and government-mandated schemes can lead to wealth
accumulation through higher returns, as well as tax-saving benefits.
Section 80C by investing in various instruments.
 Tax Saving Tips-Continued

Such donations have to be made through wired or banks transfers itself, cash deposits are not allowed.
 Under Section 80E, you can forego any tax payment on the interest component of education
loans. However, such benefits are only applicable for the first eight years of loan repayment.
 Expenditure incurred by individuals for medical treatment is exempted from any tax
calculations under Section 80DDB. Medical bills of up to ₹40,000 for treatment of specific
diseases can be submitted to receive tax waivers. Senior and super senior citizens get extended
benefit amounting to ₹1 Lakh. Nonetheless, treatment charges only cover neurological diseases,
malignant cancer, AIDS, renal failure, or haematological diseases.
 If you host a dependent family member who has a permanent disability, you can claim a tax
exemption on all expenses borne for funding the livelihood of that person under Section 80DD.
Similarly, tax exemption can be claimed for disabled members of a HUF.
 Up to ₹75,000 can be claimed to finance the expenses of individuals having 40% or higher
disability, while the exempted amount goes up to ₹1,25,000 for people who suffer from 80% or
higher disability.
 Proper documents have to be submitted for medical treatment costs, as well as proof of
disability, as explained in Section 2(i) of the Persons of Disabilities Act of 1955. 
 If you are disabled, you can avail tax waivers of the same accord under Section 80U respectively.
Thank You