All you need to know about how to calculate Income Tax

The date for filing income tax returns is approaching. The JJ you have done in the last year will be accounted for. You have to give an account of what you have spent, where you have earned it. You have time till 31st July.

Many file income tax returns at the last minute. For this, the help of accountant or CA etc. is taken. They don't know what you have done or not, as much as you want. Due to this, the Income Tax department is going to provide two forms for you to pay your income tax yourself.

For this you have been issued ITR-1 (Simplified) and ITR-4 (Sugam) forms. You will be able to file ITR in few minutes from home. You don't need any expert for this. The Income Tax Department has also introduced a facility for this in Excel.

Forms for assessment year 2023-24 have not yet been made available by Income Tax. But if you want to file ITR offline then Excel facility will be good. It can be downloaded from Income Tax website. According to this, you should do the correct tax calculation and file the return.

Income Tax Department will provide other updated information regarding this soon. Importantly, for offline ITR filing, taxpayers have to download the relevant form from the website.

Income tax department has prepared different forms for each. They can be filled according to the details given in Form-16 or according to the income. Apart from income, you will have to fill the total savings and TDS information in the form.

After filling all the information, this form can be scanned and uploaded on the income tax portal.

ITR-1 (Easy): Required for income up to 50 lakhs; ITR-4 (Easy): For Hindu Undivided Families (HUF) and Firms (income up to Rs. 50 lakhs); ITR-2: For income from residential property.

ITR-3: Profit from business; ITR-5, 6: For Limited Liability Partnership (LLP) and Business; ITR-7.