Gear Up For New Ways to File Your Income Tax Returns, 2015

BENGALURU: Tax filing has now become a habit for all of us as we have been paying our taxes every year. We all pay taxes in the same way as we have been doing from several years but this year has brought new changes in income tax returns as well as filing norms. This e – filing season will certainly bring new experiences for tax payers this financial year 2014-15, according to rediff.com.

If The Exempt Income is more than Rs.5000, It is Applicable in Itr-1:

Earlier Taxpayers with income of more than Rs 5000 had to use ITR 2 or ITR 4 from the past two years which sparked a debate amongst the taxpayers about whether they need to file ITR 2 if their House Rent Allowance (HRA) is more than Rs 5000, something which is very common with each and every salaried individual. But this year the income tax department has relaxed the norms and has allowed people with any amount of exempt income to use ITR 1 or ITR 4S.

Newer Income Tax Slabs for Financial Year 2014-15:

All the taxpayers in this financial year have to keep in mind that new income tax slabs are applicable for income earned during this financial year only for people whose age is below 60. Tax is not applicable for a person if the income is less than Rs.2,50,000 per annum, if a person income is more than Rs.2,50,000 but less than Rs.5,00,000, then 10 percent of tax amount is applicable on him/her.

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