All you need to know about income tax return filling: slabs, limits, exemptions and rates

Guwahati: Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs. The government made no changes in the income tax structure in the recent Budget.

There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age). Individuals having an annual income of Rs. 2.5 lakh or more are mandatorily required to file income tax returns. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs. 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs. 5 lakh, according to the taxman.

It is to be noted that for the assessment year 2019-20 (the financial year 2018-19), July 31, 2019, is the deadline for individuals to file an income tax return, the Income Tax Department mentioned on its official website- incometaxindiaefiling.gov.in.

Here are the latest income tax slabs in case of an individual whose age is below 60 years:

Net income range Actual tax rate

Up to Rs. 2,50,000 Nil

Rs. 2,50,001 to Rs. 5,00,000 5.20%

Rs. 5,00,001 to Rs. 10,00,000 20.80%

Rs. 10,00,001 to Rs. 50,00,000 31.20%

Rs. 50,00,001 to Rs. 1,00,00,000 34.32%

Rs. 1,00,00,001 to Rs. 2,00,00,000 35.88%

Rs. 2,00,00,001 to Rs. 5,00,00,000 39%

Above Rs. 5,00,00,000 42.74%

Forms available

There are seven ITR forms available to file returns- ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.

Here is how to check the status of ITR online

The Income Tax Department enables income tax assessees to check the status of their ITR (income tax return) online through its e-filing portal, incometaxindiaefiling.gov.in. Using this facility, individuals who had filed their income tax online (through the e-filing process) can find information on the status of their submission.

Also Read: Mistakes to avoid while filing Income Tax returns before July 31