Hello friends, today we will talk about what is Income Tax (IT). How to calculate income tax. What is Income Tax Calculator, Login, Slab & Registration Process? We will know about all these in today’s article if you want to know why the government takes tax from us.
So for all this, you must have to port from beginning to end. First of all, I would like to ask you that all of you have liked our previous post-Mutual Fund and Stock Market. I sincerely hope that you all must have liked the post like every time.
Whatever country is there in the world, the government takes tax from the people of all the countries. All the money that the government spends in running the country, all that money comes from taxes. If the government does not take taxes from the public, then the government cannot run. Because the people to whom the government gives salary, bonus, and pension, all that money comes from tax.
If you all do any business or are a contractor then you should know about IT. Because it is mandatory for all the people to fill the IT. The government of every country has the right to how much tax it wants to take from the people in its country. Tax is levied on all the products in the country. More on one product, less on another product.
If you invest in post office and SIP, then you are not taxed on the money invested. But there is a limit inside them too if you invest more money than the limit. So you have to pay tax on the invested peso. Now we will get information about Income Tax Calculator, login, Slab & Registration process.
What is Income Tax?
Income Tax Department is that which the government takes income on the income of the people. According to the law, all people are eligible to pay tax and withdraw the tax. All those people have to return the IT file every year. IT is taken because the income of the government comes from taxes. Which the government uses to fund its activities and serve the public.
The tax has to be paid to all those people who earn above the limit incomes and if that person is not from that country. Even then he has to pay taxes and those who earn above the limit income have to pay it every year.
If you bring money from another country, then you have to pay tax on that too. A person who has come from another country and does not have citizenship of that country. So it is necessary to pay the IT department the amount earned as salary. If that person earns above the limit income then he has to pay tax.
ITR Website / Income Tax Website: https://www.incometax.gov.in/iec/foportal
All of you people have seen and heard on TV or smartphone that the date of filling INCOME TAX has been extended. You keep hearing all this on TV and smartphone but have you ever wondered what it is.
People who do business and jobs are aware of this. But those who do not do business and jobs, do not know about it. If someone works as a laborer, then he does not need it, that person does not have information about tax.
What is ITR?
ITR means Income Tax Return. ITR is a legal document in which a person gives complete details of his earnings to the government. In this, the person tells the government how much money he earned, how much he spent, and how much tax he has paid. Just like ITR, there is RTR as well. The full form of RTR is Repayment Track Record. RTR means keeping a statement of interest for the month, and the rest of the tax.
In ITR, we have to pay some money of our incomes to the government in the form of tax. Which is taken for the development and administration of the country. Along with income taxes, all people are required to fill the form of ITR. Even if your income is less than the limit, then you should fill the form of ITR. Because by filling the form of ITR, there is no loss for you but it will be beneficial.
ITR Full Form
Now we know what is the full form of ITR. If you use ITR then you should know its full form. But those who are new users do not know about it. You can see the full form of ITR below.
The full form of ITR is “Income Tax Return”.
Mutual Fund: Benefits, Types & How to Invest in Mutual Funds
Income Tax Calculator [2022-2023]
Now we know what is Income Tax Calculator is and what is its use for us. If you come in the list of paying taxes, then you can know how much tax you have to pay. The work of income tax calculator is that you can calculate tax from it. With the help of this, any taxpayer can estimate the tax calculation.
The earnings of all of you people are not the same every year. With the help of this, you can know how much tax you have to pay this year. and With the help of this calculator, you can easily file your IT return. With the help of this, you can calculate about tax. Now you all must have understood what is ITR calculator.
How to Use Income Tax Calculator
If you pay all taxes then you must know about Income Tax Calculator. If you do not know how to calculate tax at the calculator. Now we know how to calculate income tax calculators. If your income is more than the specified amount then you need this calculator.
- First of all, you have to select the assessment year for which you want to calculate income tax.
- After that, you have to select the age because age is very important in the calculation of income tax.
- After that, you have to select your income that how much money you earn.
- Now you have to deduct HRA, LTA, and standard deduction from your income.
- After that you have to pay the Basic salary received per annum, Total rent paid per annum, HRA received per annum and Dearness allowance (DA) received per annum.
- After that, you have to give information about the investment made under Section 80D, 80G, 80C, 80E, and 80TTA of IT.
- By following all these steps, you can use Income Tax Calculator.
Income Tax Login [Income Tax Department]
If you want to file an IT return online, then for that you have to login to its official website. You have to click on the Income Tax Login link to login. After login, you can fill online income tax return. Online tax filing saves you time and you can pay tax easily.
You can take advantage of the quick e-filing facility after logging into the income official website. You can login to it only if you have already registered in it. First, you have to do IT registration, after that you can login. Now all of you must have understood that how to login into IT.
Income Tax Registration Process
If you want to file income tax online, then for that you have to register on its official website. Now we will know in very simple language how to register in IT. Follow the steps given below to register in ITR.
Website: First of all, you have to go to the Income Tax Department’s e-filing website https://www.incometaxindiaefiling.gov.in/home.
Registration: After going to the website, you will see the option of registration, after that, you have to click on the option of registration.
Information: After filling in all this information PAN Card Number, Surname, Middle Name, Name, Birth Date, Residential Status, click on continue.
Individuals Registration: After clicking on Continue, the Individuals Registration Form will open in front of you.
Detail: Password Detail, Confirm Password, Secret Questions, Contact Details, Current Address After filling in all these details click on the Continue button.
OTP: After clicking on Continue, two different OPTs will come to your mobile and E-mail address.
Registration Verification: In this, you will see two columns. In the first column, you have to enter the OTP received on the email address. And in the second column, you have to enter the OTP received on the mobile number.
Last Step: After filling both the OTPs, you have to click on the Validate button.
By following all these steps, you can easily do IT Registration for e-filing.
Income Tax Slab 2021, 2022 & 2023
The government never takes the same tax from all the people. Because everyone’s work is different and all people’s earnings are not the same. The more you earn, the more tax you have to pay. The rate of taxes is decided by your total earning which is called Income Tax Slab.
Income Tax Slab for FY 2020-21, 2021-22 & 2022-23
| Income Tax Slab | Old Tax Regime | New Tax Regime |
| Rs 0.0 – Rs 2.5 Lakhs | NIL | NIL |
| Rs. 2.5 lakhs – Rs 5.00 Lakhs | 5% | 5% |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 20% | 10% |
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 20% | 15% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 30% | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 30% | 25% |
| Above Rs.15.00 lakh | 30% | 30% |
Senior Citizens Income Tax Slab 2021-22, 2022-23 [60-80Year]
According to Income Tax Act, 1961. Those taxpayers whose age is more than 60 years and less than 80 years are considered senior citizens. Income Tax Slab for Senior citizens in 2020-21 & 2021-22
| Income Tax Slab | Old Tax Regime | New Tax Regime |
| Rs 0.0 – Rs 2.5 Lakhs | NIL | NIL |
| Rs. 2.5 lakhs – Rs 5.00 Lakhs | 5% | 5% |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 20% | 10% |
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 20% | 15% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 30% | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 30% | 25% |
| Above Rs.15.00 lakh | 30% | 30% |
Super Senior Citizens Income Tax Slab 2021-22, 2022-23[Above 80Year]
According to Income Tax Act, 1961, those whose age is more than 80 years are kept as super senior citizens. Income Tax Slab for Super Senior citizens in 2020-21, 2021-22 & Income Tax Slab 2020-21, 2021-22 for Super Senior Citizens.
| Income Tax Slab | Old Tax Regime | New Tax Regime |
| Rs 0.0 – Rs 2.5 Lakhs | NIL | NIL |
| Rs. 2.5 lakhs – Rs 5.00 Lakhs | NIL | 5% |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 20% | 10% |
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 20% | 15% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 30% | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 30% | 25% |
| Above Rs.15.00 lakh | 30% | 30% |
ITR File
File ITR The Income Tax Department analyzes your income. If there is any discrepancy in your file, then the Income Tax Department can inquire from you. This gives you proof of income tax and your money is called white money. With the help of the ITR file, you can easily take a loan from the bank. And the bank does not hesitate to give you a loan.
Now we know how to file ITR. For this, you have to follow the steps given below.
- First of all, you have to go to the Income Tax e-filing portal.
- After that, you have to click on ITR Preparation.
- Then you have to go to the menu and click on download.
- After that fill the ITR form completely.
- Validate all the information filled in the form and calculate tax.
- After that generate XML and click on save.
Also Read
Nifty: What is Nifty50? How Nifty are Calculated & Benefits
Sensex: What is Sensex & How Does it Work-NSE vs BSE
Zerodha: Kite Zerodha Login, Open Demat & Trading Account
Affiliate Marketing: How to Make Money from Affiliate Marketing 2022
Last Word
I sincerely hope that you all must have liked today’s post Income Tax. In today’s post, we have learned that ITR login, Income Tax Department, and IT have information about all these. Apart from this, how to register in it and how to use the income tax calculator. Tell all of you today’s post by commenting on it.
If you all have any doubt in today’s post then you can ask in the comment section. Our team will try our best to clear all your doubts. Do share it with all your friends, family, and relatives. You can use any social media platform to share.
To know daily updates, please turn on the notification given on the website Prokeeda. With this, you will get notifications about daily updates. And you can know about new information. If you use telegram then you can also follow us on telegram. For that, you have to join the prokeeda channel.