With July 31 approaching, the deadline to file an Income Tax Return (ITR) is close. Taxpayers are expected to pay their taxes online if their tax liability exceeds the TDS paid throughout the year. Filling of ITR can be done through the e-filling portal.
The Income Tax Department issued a reminder to taxpayers for filling their ITR before July 31 through a tweet.
The Income Tax Department’s official website is the most straightforward and secure method to file Income Tax Return. The department has permitted 28 banks for aking tax apyments including; Axis Bank, State Bank of India, Bandhan Bank, Bank of Maharashtra, Federal Bank, Canara Bank, DCB Bank, ICICI Bank, Bank of India, Bank of Baroda, and City Union Bank.
The Finance Act 2023 changed the provisions of Section 115BAC such that the new tax regime allows taxpayers to pay taxes at lower rate in return for deductions and exemptions.
Income of up to Rs. 2.5 lakhs is exempted for taxes for all age groups. The new tax regime which has now become the default tax regime allows taxpayers to pay as per the following table:
| Income Slabs | Tax Payable for Individuals of All Age Groups |
| Rs. 2.5 to 5 Lakhs | 5% |
| Rs. 5 to 7.5 Lakhs | 10% |
| Rs. 7.5 to 10 Lakhs | 15% |
| Rs. 10 to 12.5 Lakhs | 20% |
| Rs. 12.5 to 15 Lakhs | 25% |
| Rs. 15 Lakhs | 30% |
Tax rebate of up to Rs. 12500 is applicable if the total income of a tax payer is less than Rs. 5 lakhs.The rates increase to 15%, 20%, and 30% as the income increases, however, the rate of cess (4%) and the surcharge (10 to 37%) shall remain the same.
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