Income tax return filing for an individual with salary income of less than Rs.5 lakhs.

Complete By* : 05-APR-2023


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Income Tax Return (ITR) 1 Filing Form In Erode

ITR 1 filing in Erode is to be done by the individuals whose income is not more than Rs.50 Lakh in a financial year. Taxpayers filing ITR 1 in Erode can opt for Existing as well as New Tax regime. The taxpayers can now choose between the old and the new tax regime. The decision has to be taken at the beginning of the financial year.

Income tax rates according for ITR 1 return filing in Erode under the old tax regime are

For individuals up to the age of 60 years

Taxable Income Income Tax Rate
Up to INR 2,50,000 Nil
Rs. 2,50,000- Rs. 5,00,000 5%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs.10,00,000 30%

For Individuals ageing between 60-80 years (Senior Citizen)

Taxable Income Income Tax Rate
Up to INR 3,00,000 Nil
INR 3,00,000 - INR5,00,000 5%
INR 5,00,000 – INR 10,00,000 20%
Above INR 10,00,000 30%

For individuals above 80 years of age (Super Senior Citizen)

Taxable Income Income Tax Rate
Up to INR 5,00,000 Nil
INR 5,00,000 – INR 10,00,000 20%
Above INR 10,00,000 30%

Under the new tax regime, the taxpayer has an option to choose either to file the ITR in Erode at a lower interest rate under the New Tax Regime on a condition that they are forgoing certain permissible exemptions and deductions that are available under the current Income tax regime. Or pay taxes under the current tax regime and avail the rebates and the benefits.

The Income tax rates under the New Tax Regime for ITR 1 filing by individuals and HUFs is as follows:

Income Slab New regime tax slab rate(Applicable for all individuals and HUF)
Up to INR 2,50,000 Nil
INR 2,50,000 - 3,00,000 5% (Tax rebate u/s 87 a is available)
INR 3,00,000 - 5,00,000 5% (Tax rebate u/s 87 a is available)
INR 5,00,000 - 7,50,000 10%
INR 7,50,000 - 10,00,000 15%
INR 10,00,000 - 12,50,000 20%
INR 12,50,000 - 15,00,000 25%
More than INR 15,00,000 30%

Conditions for Option New Tax Regime in Erode

The taxpayer that is opting for the concessional rates in the new tax regimes will have to give up the exemptions and the deduction that can be availed in the existing old tax regime. In total there are 70 deductions and exemptions that are not allowed. Here we have listed some of them below:

  • Leave Travel Allowance (LTA)
  • House Rent Allowance (HRA)
  • Conveyance Allowance
  • Daily expenses in the course of employment
  • Relocation allowance
  • Helper allowance
  • Children education allowance
  • Other special allowances
  • Standard deduction on the Salary
  • Professional Tax
  • Interest on housing loans (Section 24)
  • Deduction under Chapter VI-A deduction ( 80C, 80D, 80 E and so on) (Except Section 80 CCD (2))

FAQ's

Yes, Form ITR 1 can be filed in Erode in case an individual has a house loan.
ITR 1 form filing in Erode is done for agricultural income if the income is not exceeding Rs. 50,000.
Yes, ITR 1 form filing in Erode is an annexure less, there is no need to attach any documents such as Form 16 and Form 26 AS with the ITR 1 form.
While filing the ITR form in Erode there is no requirement for attaching documents with Form ITR 1. But it is always advisable to retain the documents as the tax authorities may ask for the documents at any time.

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